The market for UV-curable adhesives is expected to witness a CAGR of over 8% during the forecast period. The major factors driving the market studied are superior properties, like fast curing rates, high bond strength, and low VOC emissions, and rising demand for UV adhesives for flexible packaging applications. On the flip side, relatively high machinery cost compared to other adhesives and unfavorable conditions arising due to the COVID-19 outbreak is expected to hinder the growth of the market studied.
- The acrylic segment dominated the market and is expected to grow during the forecast period, owing to the increasing applications from the various end-user industries.
- Asia-Pacific region dominated the market worldwide, with the largest consumption from countries, such as China, Japan, and India.
Key Market Trends
Packaging Segment to Witness Strong Growth
- UV-curable adhesives find their applications in the packaging sector, owing to their ability to create quick bonds between different materials, such as plastic, rubber, metal, glass, and ceramic materials.
- Properties, such as superior strength and flexibility, ability to withstand the extreme environment, and excellent moisture resistance makes UV-curable adhesives suitable for packaging application.
- The demand for UV-curable adhesives from the plastic packaging industry is consistently increasing in Europe and North America regions, with the growing awareness about the benefits of using UV-curable adhesives. These adhesives are known to eliminate heat and Radio Frequency (RF) sealing of clamshell packages.
- The usage of UV-curable adhesives as laminating films, papers, and foils is increasing in product packaging applications where weather resistance is required.
- With the growing trend of e-commerce, e-retail, and online food orders and delivery services, the demand for packaging materials, especially flexible packaging has been increasing, which is likely to drive the demand for UV-curable adhesives during the forecast period.
- Asia-Pacific and North America dominate the demand for UV-curable adhesives for packaging applications.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the global market share. With growing investments in the packaging, medical industry and increasing electrical and electronics production in countries, such as China, India, and Japan, the usage of UV-curable adhesives is increasing in the region.
- China stands to be the largest market for UV-curable adhesives and is also expected to witness the highest CAGR during the forecast period. The use of UV-curable adhesives in the packaging sector is growing at a tremendous rate in the country, owing to their advantages over the usage of conventional adhesive systems used.
- The demand from industries, like consumer goods, food and beverage, and others for packing materials is increasing in China, owing to the increasing exports, as well as domestic consumption.
- Japan, on the other hand, is a hub for technological advancements and hosts an active R&D base for R&D of newer and efficient UV-curable adhesives. Owing to this, novel UV-curable adhesive products are finding their applications in the packaging, electrical, and automotive sectors in the country in recent times.
- India is also one of the major consumers of UV-curable adhesives in the region. Robust growth of packaging industry, increasing investments and production in the electronic and automotive industry are likely to drive the demand for UV-curable adhesives over the forecast period.
The UV-curable adhesives market is consolidated, where few players account for a significant portion of the market demand. Some of these major players include Dymax Corporation, 3M, H.B. Fuller, Henkel AG & Company KGaA, and DELO Industrial Adhesives amongst others.
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