UV curable resins Market

• INCREASING FOCUS ON VOC-FREE AND GREEN MATERIALS BY VARIOUS GOVERNMENT REGULATORY AUTHORITIES

With the increasing environmental concerns, several governments and end users are increasingly using green and environment-friendly coatings. Consumers are more inclined towards eco-friendly coatings due to the growing focus on health, safety, and environmental regulations within the application areas of coating. Thus, the demand for environment-friendly products by customers has prompted manufacturers to reduce the use of volatile organic compounds (VOCs) in coatings and opt for solvent-free coating products. Waterborne resin coatings contain less than 5% of the solvents and are eco-friendly because water is used as a diluent to disperse resin instead of organic solvents, which are considered VOCs.

Powder coatings are 100% solid coatings, which are applied as a dry powder and subsequently formed into a film using heat. These coatings emit nearly zero VOCs. VOCs contribute to the formation of ground-level ozone and urban smog, which, in turn, negatively affects human health. Manufacturers are heavily investing in developing waterborne coatings, powder coatings, and UV curable coating technologies to meet the rising demand for sustainable coatings.

For instance, in 2020, Axalta Coating Systems, a global supplier of liquid and powder coatings, announced the expansion of its production unit at its Jiading plant in Shanghai to increase the production of waterborne coatings. Furthermore, PPG Industries is investing in developing waterborne and ultra-high-solid formulations for low-VOC emissions as liquid coatings offer better color and substrate flexibility and reduce energy consumption. Sherwin Williams offers a wide variety of coatings that contain low-VOC content; it recently launched its range of ProClassic Water based Acrylic-Alkyd coatings.

The Global UV Curable Resins Market Industry experiences robust growth driven by increasing demand across diverse sectors such as automotive, electronics, and packaging. These industries utilize UV curable resins for their superior performance characteristics, including rapid curing times and enhanced durability. For instance, the automotive sector employs these resins for coatings and adhesives, which are essential for vehicle aesthetics and longevity. As of 2024, the market is valued at approximately 4.55 USD Billion, indicating a strong upward trajectory that is likely to continue as industries increasingly adopt UV technologies.

The Global UV Curable Resins Market Industry is significantly bolstered by the rising adoption of UV curable resins in the packaging sector. With the growing emphasis on sustainable packaging solutions, UV curable resins provide an attractive alternative due to their rapid curing capabilities and reduced environmental impact. They are widely used in flexible packaging, labels, and cartons, where high-quality finishes are essential. The increasing consumer preference for eco-friendly packaging options further drives this trend, positioning the market for substantial growth as it aligns with global sustainability goals.

Technological innovations in UV curing processes significantly enhance the efficiency and effectiveness of UV curable resins, thereby driving the Global UV Curable Resins Market Industry. Advancements such as LED UV curing technology offer energy-efficient solutions that reduce operational costs and improve production speeds. These innovations not only cater to the growing demand for high-performance coatings and inks but also facilitate the development of new applications in sectors like 3D printing and medical devices. The anticipated compound annual growth rate of 10.08% from 2025 to 2035 suggests a strong market response to these technological improvements.

The Global UV Curable Resins Market Industry is characterized by dynamic market conditions and a competitive landscape that influences growth trajectories. Key players are investing in research and development to innovate and expand their product offerings, which enhances market competitiveness. Strategic collaborations and mergers among leading manufacturers also play a crucial role in market expansion. This competitive environment fosters innovation, leading to the introduction of advanced UV curable resin formulations that meet diverse customer needs. As the market evolves, these dynamics are likely to shape the future landscape of UV curable resins.

The Global UV Curable Resins Market Industry is positively influenced by stringent environmental regulations that promote the use of low-VOC and eco-friendly materials. UV curable resins are inherently more sustainable compared to traditional solvent-based alternatives, as they emit fewer volatile organic compounds during application. This shift aligns with global initiatives aimed at reducing environmental impact, thus encouraging manufacturers to adopt UV technologies. As regulatory frameworks evolve, the market is expected to expand, with projections indicating a growth to 13.1 USD Billion by 2035, showcasing the potential for UV resins to become a standard in various applications.

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

By Region, the study segments the UV curable resins market into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific UV curable resins market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. The Asia-Pacific market held a share of 63.5% of the global market owing to the easy availability of raw materials as well as increasing demand from the end-use industries such as automotive, construction, and others.

Europe accounted for the second largest with a market share of xx% and valued at USD xx million the growth is attributed to the growing automotive and coating industry in the region. Also, stringent government regulation in North America and Europe on the use of VOCs free products is boosting the growth in the region.

The UV curable resins Market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. Rapid advancements in processes, manufacturing and the growing application of UV curable resins in end-use industries are the key factors that affect global market growth. The vendors compete based on cost, product quality, availability, and reliability of the products. The vendors must provide cost-effective and high-quality UV curable resins to compete in the market. The competitive scenario is fragmented between tier-1 and tier-2 companies.

The growth of market players is dependent on market conditions, government regulations, and industry development. Thus, the players should focus on expanding their production capacities to meet demand and enhance their services. BASF SE, Arkema, Allnex GmbH, Resonac Corporation, DIC Corporation, iGM Resins, Troy Corporation, Covestro among others are the major companies in the market that compete in terms of quality, price, and processes incorporated. These players primarily focus on developing more sophisticated and advanced mixes of UV curable resins.

Although the international players are dominating the market, regional and local players with small market shares also have a moderate presence. The international players with a presence across the globe, with established manufacturing units or sales offices, have strengthened their presence across major regions such as North America, Europe, and Asia-Pacific.

The competitive market strategy analysis is expected to be highly inclined toward direct and secondary competition during the forecast period. However, tertiary competition from the tier-3 players is expected to intensify the competition from moderate to high for the tier–1 and tier–2 players during the review period. The business sectors of the tier-3 companies are tangentially related to the market, however, with the significant growth of the UV curable resins market during the forecast period, the tier-3 companies may expand their business and product portfolio, which is expected to be highly concentrated toward the production of UV curable resins.

These factors are expected to influence the market dynamics in the coming future and intensify the competition during the review period.

BASF SE: BASF’s strategy is to grow profitably while positively contributing to society and the environment. It intends to transition to a carbon-neutral and circular economy. The economy and its associated landmarks, such as the European Green Deal, necessitate new concepts and approaches. The company believes that a strong distribution network maintains its brand image. It invests continuously in benchmarking, R&D, new solutions, and advanced technologies while emphasizing process improvement. It emphasizes collaborations and mergers with key market players and maintains a long-term relationship with its partners, enabling it to establish its position in the market.

DIC: DIC emphasizes customer satisfaction, innovation, and value creation. The digital age has helped the group to focus on providing information on color and its products for application in LCDs, pigments, and imaging & reprographic materials. Technological development has been the major focus of the company during the past few years. It made strategic investments under DIC111 medium term management plan in M&As and startups in various business segments to increase group’s product and technology portfolio.