New product launches was the key strategy adopted by industry players in order to achieve growth in the UV adhesives market between 2012 and 2016. This strategy accounted for the largest share of all the development strategies adopted by the market players to expand their global presence and increase their market share between 2012 and 2016. The rising demand for innovative products, such as solvent-free and eco-friendly adhesive, has led to companies investing in research & development of advanced UV adhesives. The demand for UV adhesives has also been increasing rapidly in applications, such as medical, glass bonding, and electronics applications. Henkel AG & Co. KGaA (Germany), H.B. Fuller (U.S.), Ashland Inc. (U.S.), Dymax Corporation (U.S.), The 3M Company (U.S.), Permabond Engineering Adhesives (U.K.), Master Bond Inc. (U.S.), Panacol-Elosol GmbH (Germany), and Epoxy Technology, Inc. (U.S.) are the major players operational in the UV adhesives market. These companies adopted various organic and inorganic growth strategies to achieve growth in the market. Companies adopted strategies such as investments & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their market share and expand their distribution network.
Medical is expected to be the fastest-growing segment of the UV adhesives market, in terms of value. The rising demand for adhesives in the medical application segment is fueled by the growth in the medical and surgical devices market to meet the growing demand. Research and development for adhesives, specifically for use in the medical application has led to the introduction of products with enhanced functionality, higher purity, and unique properties.
Electronics was the largest application segment for UV adhesives, in terms of volume, in 2015. The demand for various electronic devices is increasing in developed as well as emerging regions, which is consequently expected to lead to high demand for UV adhesives, as they are used in the manufacturing of several electronic systems.
Asia-Pacific is expected to witness the highest growth in the UV adhesives market. The increase in demand from domestic and international markets and increase in the use of UV adhesives across medical, glass bonding, and electronics applications is expected to drive the growth of the Asia-Pacific UV adhesives market in the coming years. Countries such as China, South Korea, and Taiwan, which are major hubs for the production of electronic components are expected to drive the growth of the market in Asia-Pacific.
