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The global UV curable resins market, valued at USD 3,825.04 million in 2021, is anticipated to witness substantial growth, reaching USD 8,331.31 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 9.45%. This expansion is predominantly attributed to the escalating demand for UV curable resins in industrial coatings, particularly within the automotive sector, where these resins offer remarkable attributes such as scratch resistance, robust adhesion, and chemical resistance. These features contribute to the creation of enduring, resilient coatings and markings. Comprising monomers, oligomers, photopolymerization catalysts, and other components, UV curable resins undergo a chemical process initiated by exposure to ultraviolet light, leading to the linkage of oligomers and monomers into intricate chains.
Acrylated urethane resins, known for their superior film hardness, elasticity, and rapid curing, are commonly utilized in various applications, including resilient floor coatings and coatings for flexible packaging. The global surge in the coating industry is a key driver propelling the demand for UV curable resins, poised to foster market growth throughout the forecast period.
In tandem with this growth, there is a notable shift toward sustainable and eco-friendly practices in the paints and coatings sector. Increasing consumer awareness regarding sustainable products and the implementation of stringent environmental regulations, particularly aimed at reducing volatile organic compound (VOC) emissions, have fueled the adoption of green chemistry. Coatings with minimal VOC emissions, achieved by eliminating solvents, are deemed environmentally friendly, offering reduced fire hazards during application and storage. This environmentally conscious approach aligns with the growing demand for sustainable products and is becoming a pivotal factor in the paints and coatings industry.
Notably, regional governmental agencies have revised regulations to minimize the release of toxic VOCs into the atmosphere, promoting the creation of a greener and more sustainable environment. In response, paint and coating manufacturers are incorporating bio-based raw materials into their products, aligning with the push toward greener alternatives. The adoption of low-polluting coating technologies is further catalyzed by stringent government restrictions, particularly evident in the United States and Western Europe, focusing on mitigating air pollution.
As the global market for UV curable resins experiences robust growth, driven by their diverse applications and the industry's increasing focus on sustainability, the forecasted CAGR underscores the enduring demand for these resins. Their pivotal role in addressing environmental concerns, coupled with their application versatility, positions UV curable resins as crucial components in the evolving landscape of industrial coatings and beyond.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 3.9 Billion |
| Market Size Value In 2023 | USD 4.44 Billion |
| Growth Rate | 14.00% (2023-2032) |
UV Curable Resins Formulated Products Market Highlights:
Global UV Curable Resins and Formulated Products Market Overview
UV Curable Resins and Formulated Products Market Size was valued at USD 4.44 billion in 2023. The UV Curable Resins and Formulated Products industry is projected to grow from USD 5.06 Billion in 2024 to USD 12.68 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.16% during the forecast period (2024 - 2032). The improved performance of curable resins and reduced VOC and reactive dilute the key market drivers contributing to the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
UV Curable Resins and Formulated Products Market Trends
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Growing demand for sustainable and eco-friendly products is driving the market growth
Market CAGR for UV curable resins and formulated products market is driven by the rising demand for UV Curable Resins and Eco-Friendly Products in various industries. UV curable resins and formulated products are gaining popularity due to their low VOC emissions, high energy efficiency, and reduced environmental impact. UV-curable coatings and inks can help companies reduce their carbon footprint and meet sustainability goals. The demand for usable and eco-friendly products is expected to increase further, driven by the growing awareness among consumers about the environmental impact of their purchases. The packaging industry, in particular, is under pressure to reduce its environmental footprint, and using UV-curable coatings and inks can help companies meet their sustainability goals while maintaining the performance properties of their products.
Additionally, the adoption of 3D printing technology is another major trend driving the growth of the UV curable resins and formulated products market. UV curable resins are widely used as printing materials in stereolithography (SLA) and digital light processing (DLP) 3D printing technologies. These resins offer several advantages over traditional 3D printing materials, such as faster curing time, better surface finish, and higher resolution. The demand for UV curable resins for 3D printing applications is expected to increase further, driven by the growing adoption of 3D printing technology across various industries, including healthcare, aerospace, automotive, and consumer goods. The ability of 3D printing technology to produce complex geometries and customized products with high accuracy and precision is driving its adoption across various industries.
One of the major trends driving the growth of the UV curable resins and formulated products market is the increasing demand from end-use industries. The coatings industry is the largest consumer of UV-curable resins and formulated products, accounting for over 50% of the market share. UV-curable coatings are widely used in various applications, including automotive, industrial, and consumer goods. The growing demand for UV-curable coatings can be attributed to their superior performance properties, such as high gloss, scratch resistance, and chemical resistance.
For instance, the UV curable resins and formulated products market is witnessing significant growth, driven by the increasing demand from end-use industries, rising adoption of 3D printing technology, and growing demand for sustainable and eco-friendly products. Companies operating in this market are concentrating on product innovation and development to cater to the evolving needs of their customers and gain a competitive edge in the market, driving the UV Curable Resins and Formulated Products market revenue.
UV Curable Resins and Formulated Products Market Segment Insights
UV Curable Resins and Formulated Products Application Insights
The UV Curable Resins and Formulated Products Market segmentation, based on application, includes wood & paper coatings, plastic coatings, metal coatings, printing inks, adhesives, and 3D printing. The wood & paper coatings segment generated the most revenue. The coatings offer high gloss, scratch resistance, and durability and are used in various automotive, aerospace, and electronics applications. The demand for UV-curable coatings is growing due to their superior performance properties and environmental benefits.
UV Curable Resins and Formulated Products Composition Insights
The UV Curable Resins and Formulated Products Market segmentation, based on composition, includes oligomers, monomers, photoinitiators, and additives. The oligomers category generated the most revenue. They are typically made of urethane, epoxy, or acrylic functional groups. Oligomers provide the bulk of the physical properties of the cured resin and are responsible for the mechanical and chemical properties of the final product.
Figure 1: UV Curable Resins and Formulated Products Market, by Composition, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
UV Curable Resins and Formulated Products Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American UV Curable Resins and Formulated Products market area is expected to have significant growth in the market, owing to the rising demand from several industries such as automotive, electronics, and printing. The increasing focus on environmental regulations and sustainable manufacturing processes is also expected to boost regional market growth.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: UV CURABLE RESINS AND FORMULATED PRODUCTS MARKET SHARE BY REGION 2022 (%) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's UV Curable Resins and Formulated Products market accounts for the second largest market share in the environmental market. The growth can be calculated to the rising demand from the packaging and automotive industries. The region's stringent regulations regarding VOC emissions are also expected to drive market growth. Further, the German UV Curable Resins and Formulated Products market held the largest market share and is expected to witness steady growth in the coming years due to the increasing use of UV Curable Resins and Formulated Products in the production of electric vehicles and the UK UV Curable Resins and Formulated Products market was the fastest growing market in the European region.
The Asia-Pacific UV Curable Resins and Formulated Products Market will dominate the UV Curable Resins and Formulated Products market. The growth can be calculated to the rising demand from various end-use industries such as electronics, printing, and automotive. The growing population, urbanization, and increasing disposable income are also expected to drive market growth. Moreover, China’s UV Curable Resins and Formulated Products market held the largest market share, and the Indian UV Curable Resins and Formulated Products market was the fastest-growing market in the Asia-Pacific region.
For instance, the UV curable resins and formulated products market is expected to grow significantly during the forecast period, driven by increasing demand from various industries such as automotive, electronics, printing, and packaging.
UV Curable Resins and Formulated Products Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the UV Curable Resins and Formulated Products market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To monitor and control environmental pollution and natural disasters, UV Curable Resins and Formulated Products industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the UV Curable Resins and Formulated Products industry to benefit clients and increase the market sector. In recent years, the UV Curable resin and Formulated Products industry has offered some of the most significant medical advantages. Major players in the UV Curable Resins and Formulated Products market, including IGM Resins, Alberdingk Boley GmbH, Showa Denko Materials Co., Miwok Specialty Chemical Co. Ltd., BASF SE, Wanhua Chemical Group Co., Covestro AG, Allnex Netherlands B.V, Alberdingk Boley GmbH, and others, are attempting to increase market demand by investing in research & development operations.
INX International Ink Co., founded in 1896, and located in Osaka, Japan, is a complete line of ink and coating solutions technology for commercial, packaging, and digital applications. It is a leading manufacturer of inkjet inks, providing a full palette of digital ink systems, advanced technologies, and integrated services. In October 2021, INX International Ink Co. introduced INXhrc RC, a high-performance, quality UV-curable ink system infused with renewable, sustainable, and clean ingredients. The UV-curable inks are Nestle-compliant and developed for printing on rigid, non-porous, and foam-based packaging. Allnex, a leader in energy-curable technology for industrial, graphics, consumer electronics, plastics, and special-purpose coatings and inks, today announced the launch of four high-performance, organo-tin and BPA-free solutions for lithographic, flexographic, screen, and direct or reverse roll UV/EB-curable inks applications.
Anycubic, founded in 2015, and located in Shenzhen, China, is a 3D Printer manufacturer which specializes in the manufacture and international sale of filament and resin printers and 3D printing accessories. In April 2021, Anycubic, a renowned 3D printer manufacturer, launched Wash & Cure Plus, a 3D printing post-processing UV-curable resin washing machine with new and innovative features for 3D printer users. It has been created to give consumers high productivity. The L-shaped and UV-light bar feature shows high flexibility, enough to guarantee 360 degrees of proper curing, which allow the 3D models to be effectively cured by UV light.
Panacol launches its first line of innovative black epoxy resin adhesives that are UV curable in 2024. Vitralit® BL UC 1101, Vitralit® BL UC 1102, and Vitralit® BL UC 1103 are “Black&Light” adhesives that can cure in larger layers with just UV light, doing away with the requirement for a second curing mechanism. The room temperature shipping and storage of the Black&Light adhesives is another significant advantage. Traditional black, one-component epoxy adhesives need to be kept frozen or delivered cold.
The National Institutes of Standards and Technology (NIST), RadTech, and the Photopolymer Additive Manufacturing Alliance (PAMA) together produced an updated guideline for photopolymers in 2023 under the title "Proper Handling of UV Curable 3D Printing Resins." A thorough FAQ section addressing frequently asked questions and issues about using UV-curable 3D printing resins is part of the updated recommendations. Users will have a better understanding of recommended practices from this part.
As stated at the end of 2021, Arkema has enlarged its facilities in Nansha, China, where the Group invested to double the capacity, and in 2023 it will start producing Sartomer® specialty UV/LED curing resins. This will help with the creation of more environmentally friendly solutions for rapidly expanding applications in Asian markets, like cutting-edge electronics and renewable energy solutions powered by 5G technology.
Key Companies in the UV Curable Resins and Formulated Products market include
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IGM Resins (Netherlands)
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Showa Denko Materials Co.
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Miwok Specialty Chemical Co. Ltd.
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BASF SE
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Wanhua Chemical Group Co.
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Covestro AG
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Allnex Netherlands B.V
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Alberdingk Boley GmbH
UV Curable Resins and Formulated Products Industry Developments
In April 2021: Covestro AG acquired Royal to expand its business in coating resins.
In October 2019: Allnex launched EBECRYL, a series of high-performance Bisphenol A (BPA)-free solutions for the packaging and inks markets.
UV Curable Resins and Formulated Products Market Segmentation
UV Curable Resins and Formulated Products Composition Outlook
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Oligomers
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Monomers
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Photoinitiators
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Additives
UV Curable Resins and Formulated Products Application Outlook
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Wood & Paper Coatings
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Plastic Coatings
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Metal Coatings
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Printing Inks
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Adhesives
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3D Printing
UV Curable Resins and Formulated Products Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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