Market Overview
The global UV adhesives Market will cross USD 1.5 billion by 2022 growing at a CAGR of approximately 9.5%.
Market Dynamics
The rising demand for high-tech machineries and equipment from manufacturing industries has fuelled the market's rise. Due to increased demand from application segments such as glass bonding, electronics, packaging & laminating, medical & pharmaceuticals, and industrial application, the global UV Adhesives Market has grown significantly over the last decade. Furthermore, the sector is expected to benefit from the increasing growth of the electronic industry. The UV adhesives market is growing due to improved performance for industrial applications, rising demand for lightweight electronic devices, and high demand in flexible packaging applications. The rising trend of e-commerce, e-retail, and online food orders and delivery services has increased demand for packaging materials, especially flexible packaging, which is expected to drive demand for UV adhesives over the forecast period. The use of LEDs instead of UV radiation, which is a modern technical advancement and innovation, would provide a new direction for the UV adhesives industry. Government policies around the world facilitate the growth of environmentally friendly goods in line with their pledge to protect the environment while also maintaining economic prosperity, which will drive the sector even further.
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On the other hand, the market's growth is expected to be hindered by relatively high machinery costs compared to other adhesives, as well as unfavorable conditions exacerbated by the COVID-19 outbreak.
Regional Overview
The Asia-Pacific region is projected to have the largest share of the global economy. UV adhesives are becoming more common in the region as investments in the packaging, medical, and electrical and electronics industries develop in countries like China, India, and Japan. The largest market for UV-curable adhesives is China, which is also predicted to have the highest CAGR over the forecast era. UV adhesives are increasingly becoming more common in the packaging industry in the region, owing to their advantages over traditional adhesive systems. Due to growing exports and domestic consumption, China's demand for packaging materials is increasing from industries such as consumer goods, food and beverage, and others. Japan, on the other hand, is a technical hotspot with an active R&D base for the production of newer and more effective UV adhesives. India is also one of the region's largest users of UV adhesives. Over the forecast era, strong growth in the packaging industry, as well as increased investments and development in the electronic and automotive industries, are expected to drive demand for UV adhesives.
In 2019, the United States is a major player in the UV adhesives industry, accounting for the bulk of the market share in North America. Because of supportive regulations and standards regarding volatile organic compounds, the country will experience significant development. Furthermore, the United States' high investment in research and high-tech medical equipment will propel demand growth by 2024.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global UV Adhesives Market
5 Industry Overview Of Global UV Adhesives Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
5.5 Impact Analysis
Continue...
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Competitive Dashboard
Some of the notable players in this market are
- Henkel AG, BASF SE,
- 3M Company,
- Ashland,
- B. Fuller,
- Permabond Engineering Adhesives,
- Epoxy Technology,
- Dow Chemical, Bostik,
- Huntsman Corporation and others.
Market Segmentation
UV adhesives market is segmented, based on product, which include silicone, acrylic, epoxy, polyurethane and others including cyanoacrylate, polysulfide, polyesters, etc. Acrylic segment accounted for the majority of the overall UV glue market in 2019 and is projected to rise slowly by the end of 2026. Because of their inherent property of high dielectric strength, this product is commonly used in electronic assembly. Silicone UV glue is expected to develop at a significant CAGR over the forecast period. The substance is widely used in dentistry, where it is used to replace amalgam fillings. During the study era, the market for silicone UV adhesives will be fuelled by the increase in cosmetic dentistry.
Medical and pharmaceutical, electronics, packaging and laminating, glass bonding, and industrial application are the four main application categories in the UV adhesives industry. The electronics segment has generated significant revenue in the past and will continue to do so by the end of 2026. UV glue can be used in touch screens, cell phones, hard disk drives, and micro speakers, which will boost the market.
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