The UV adhesives market is projected to reach USD 1,222.5 Million by 2021, at a CAGR of 9.15% between 2016 and 2021. The growth of the UV adhesives market is expected to be fueled by the rising demand from end-use industries due to rapid industrialization and expansion of installed capacities. 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.
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.
