UV Curing Ink Resins Market - Forecast(2024 - 2030)
UV Curing Ink Resins Market Overview
UV Curing Ink Resins market size is forecast to reach US$2.2 billion by 2027 after growing at a CAGR of 15.2%
during 2022-2027. UV Curing Ink Resins is widely used
in printing processes and gives unique benefits that cannot be achieved using
other technology. The UV cure uses
ultraviolet (UV) light to commence a photochemical reaction that crosslinks the
polymers achieving an instant dried system ready for immediate further process.
The eco-friendly, high-speed quick-drying, low energy consumption are
some of the major properties driving the market growth for the UV curing ink resins
market. UV Curing Ink Resins are
used for all flexographic printing, screen, gravure, lithographic
printing, and inkjet applications.
According to the European Federation of Pharmaceutical industries & associations,
North America accounted for 49.0% of world pharmaceutical sales compared
with 23.9% for Europe, 63.7% of sales of new medicines launched during the
period 2015-2020 were on the US market, compared with 17.4% on the European
market. Therefore the growing Pharmaceutical industries will boost the UV Curing Ink Resins Market during the
forecast period.
COVID-19 Impact
The Covid-19 pandemic has impacted the global economy directly affecting the
manufacturer's supply chain across the globe and shut down the production
facilities to minimize the risk of virus spread. Due to the COVID-19 pandemic, the core
industries such as printing manufacturing industries, textiles, appliances,
automotive have been highly impacted. Due to social distancing policy, most of the
manufacturing plants were shut down, which declined the production of goods.
There has been a sharped decline in the revenue of the different industries.
According to General Statistics Office Vietnam, lodging and food and beverages
revenue in the first seven months of 2020 fell 16.6 % YoY to US$12.1 billion.
In Ho Chi Minh City it was almost three times the rate at 45.1 %, while it was
24.5% in Da Nang and 18.95% in Ha Noi. The government and private sectors are
taking necessary action and working for the growth of development of different
industries which will help in the boom of the UV Curing Ink Resins market.
Report Coverage
The report: “UV Curing Ink Resins Market – Forecast (2022-2027)”, by
IndustryARC, covers an in-depth analysis of the following segments of the UV
Curing Ink Resins industry.
By
Composition:
Photoinitiators, Monomers, Oligomers, Others.
By
Product Type: Acrylated
Epoxies, Acrylated Polyesters, Acrylated Urethanes, Acrylated Silicones, Methacrylates,
Others.
By
Curing Type:
Mercury vapor lamps, Electrode arc lamps, UV LED lamps, Arc/LED hybrid lamps,
others.
By
Technology:
Waterborne UV, Solvent-borne UV, Solid UV, Powder UV.
By Application: Printing, Adhesives & Sealants, Packaging, Coating,
Others.
By End-Use Industry: Transportation (Automotive, Aerospace, Marine, Railway
and Others), Food & Beverages, Electrical & Electronics, Household
Appliance, Food & Beverages, Textile Industry, Healthcare, Packaging,
Industrial and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany,
France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe),
Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland,
Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil,
Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (the
Middle East and Africa).
Key Takeaways
- The Asia Pacific is expected to register a CAGR of 17.5% during the forecast period (2022-2027). The increasing demand for packaging for pharmaceutical and food & beverages products in Asian countries such as China, India, Japan, and South Korea is driving the market demand for UV Curing Ink Resins.
- UV Curing Ink Resins is used for coating, adhesive & sealants due to high productivity and ease of using and less environmental concern is helping in the growth of UV Curing Ink Resins during the forecast period.
- The
UV curable ink resins consist of oligomers,
monomers photo-polymerization initiator, coinitiators and various
additives such as stabilizers, antioxidants, plasticizers, and pigments
helps to increase wide application area in automotive, printing, coatings sectors
is growing the demand for UV Curing Ink Resins.
Figure: Asia Pacific UV Curing Ink Resins Market Revenue, 2021-2027 (US$ Billion)
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UV Curing Ink Resins Market Segment Analysis – By Composition
The Photoinitiators type segments accounted for around 22% of the market share in 2021 and is estimated to grow at
a significant CAGR during the forecast period. The factor that is helping in
the growth of the Photoinitiators type segment is the printing sector. Photoinitiators act as a key component of the UV curing resin system and take a
decisive role in the curing rate. According to Invest India, print media will cover 14% of the market share
by 2024 in the overall entertainment platform like TV, social media and others.
Therefore, the growing print media like newspapers, magazines, and others will boost
the demand for UV Curing Ink Resins during the forecast period.
UV Curing Ink Resins Market Segment Analysis – By Product Type
The Acrylated
Polyesters type segments accounted for approximately 12% of the
market share in 2021 and are estimated to grow at a significant CAGR during the
forecast period. The Acrylated
Polyesters is used to obtain superior mechanical properties to
enhance coating processes. Acrylated
Polyesters have lower viscosity which helps them to be more compatible in end-use
applications like textile, pharmaceutical, automotive, and others. According to
Organisation Internationale des
Constructeurs d'Automobiles, the global production of the vehicle has been increased
from the first half of 2020 to the first half of 2021 having total production
of 312,23,533 in 2020 and 403,38,546 in
2021. Therefore the growing demand for automotive
production is driving the Acrylated
Polyesters type segments during the forecast period.
UV Curing Ink Resins Market Segment Analysis – By Curing Process
The UV LED lamps type segments accounted for
approximately 18% of the market share in 2021
and are estimated to grow at a significant CAGR during the forecast period. UV LED Curing Lamp is mostly used for printing ink
curing, glue curing, resin curing, and others due to its flexibility and ease
to handle. According to International Energy Association, Over 50% of
construction & buildings sector lighting are covered by LEDs globally. Many
countries started to phase out incandescent lamps more than ten years ago and
other developing countries are eliminating fluorescent lighting to make LEDs
the main technology. Therefore the growing demand for UV LED
lamps will drive UV Curing Ink Resins Market during the forecast period.
UV Curing Ink Resins Market Segment Analysis – By Technology
The Waterborne UV
type segments accounted for approximately 28%
of the market share in 2021 and are estimated to grow at a significant CAGR
during the forecast period. Water-borne UV curing has wide application in the wood
furniture and cabinet market. They are also used in paper coating, plastic
coatings, wood floor coating, and others. According to the Ministry of Commerce
and Industry Department for Promotion of Industry & Internal Trade, the
total production of Plywood block boards, Lamination wooden sheets/ Veener
sheets and Particle Boards during (2019-20) was 78697.76 thousand square
metres, 56746.49 thousand square metres and 9068.09 thousand square metres
respectively and the production of these products during the current financial
year (2020-21 (Apr-Oct(P)) has been 27980.49 thousand square metres 23517.34 thousand
square metres and 3846.60 thousand square metres respectively. Therefore, the
growing use of wood in furniture will increase the Waterborne UV type segments during the forecast period.
UV Curing Ink Resins Market Segment Analysis – By Application
The Printing segment accounted for more than 33% of
the market share in 2021 and is estimated to grow significantly during the
forecast period. The increase in demand for printing in automobile,
packaging, and others are fuelling the market for UV curing ink resins. In the textile industry, UV-responsive
smart textile is produced by UV-LED curing specifically designed photochromic
ink on PET fabric. According to World Trade Organisation, World exports of
textiles saw a strong increase by 16% in 2020 due to demand for protective
personal equipment. Therefore, the growing usage of printing in textiles will
increase the demand for UV Curing Ink Resins during the forecast period.
UV Curing Ink Resins Market Segment Analysis – By End-use Industry
The textile segment accounted for more than 10% of the market share in 2021 and is estimated to grow significantly during the forecast period. According to UK Fashion & Textile Association, the fashion and textile industry contributes almost US$ 26 billion to the UK economy. The total sales is around US$ 59 billion and online retail sales of textile have been increased by 31% in 2020. Therefore, the growing textile market will fuel the demand for UV Curing Ink Resins during the forecast period. The labeling of medicines, injections bottles, and other medical accessories contribute to the growth of UV Curing Ink Resins. According to World Health Organisation, UNICEF and partners are working towards equitable access to 2 billion doses of the COVID-19 vaccine, 1 billion syringes in 190 countries by the end of 2021. The growing medical accessories will fuel the demand for UV Curing Ink Resins by 2027.
UV Curing Ink Resins Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the UV Curing Ink Resins market in 2021 up to 38%, owing to the presence of large Infrastructure projects in developing countries like China, India, Indonesia, and others will boost the demand for paints & coatings. The comprehensive use of UV Curing Ink Resins in printing, coatings, packaging and others are helping in the market growth during the forecast period. According to The American Coatings Associations, the Asia Pacific represents 53% of total coating production by volume, 47% by revenue in the world of which China contributes around 59% by volume, 60% by revenue, India held around 18% by volume, 12% by value, Japan holds around 6% by volume & 8% by revenue and South Korea covers 4% by volume & 6% by revenue. Therefore, the growing coatings sector is growing the demand for the UV Curing Ink Resins Market.
UV Curing Ink Resins Market Drivers
The growing trend of Lightweight Vehicle in the Automotive
The
growing demand for lightweight vehicles and electric vehicles is driving the UV
Curing Ink Resins market. The usage of plastic by replacing metal in reducing the
weight of a vehicle and improving thermal and mechanical properties are
fuelling the UV-Curing Ink Resins market. According to
the International Energy Agency, electric car vehicle has been increasing in the
past decade. The registration of vehicles has increased by 41% in 2020 with 10
million electric vehicles on road globally by end of 2020. The electric cars
sold in 2020 were around 3 million with a sales increase to 4.6% sales and
Europe dominated China as the world’s largest electric vehicle market for the
first time. Therefore, the growing demand for electric
vehicles will be driving the UV Curing Ink Resins market during the forecast
period.
Increasing demand for Packaging
Packaging is widely used in
different sectors to protect the product from being damaged or getting spoiled.
The global online platform for selling goods is contributing to the growth of
packaging and will boost the demand for UV Curing Ink Resins during the
forecast period. According to Invest India, by 2030 India to be the 3rd
largest online retail market with an estimated annual gross merchandise value
of US$ 350 billion growing at a CAGR of 23% owing to an increase in online
shoppers by 500 million from 150 million in 2020. Therefore the online shoppers
will increase the demand for packaging, in turn, will boost the demand for UV
Curing Ink Resins during the forecast period.
UV Curing Ink Resins Market Challenges
Higher Price of Composites
The cost of Composite like Photoinitiators,
Monomers, Oligomers, Others is much higher for UV Curing Ink Resins. The reason
behind this is its production cost, while producing products, the machinery and
the equipment which are used are tagged with higher expense, also, these
machineries require high maintenance. Owing to this factor, the product of
Composite comes with a higher price as compared to its alternative materials,
which tends to constrain the growth of the market. In addition, even if the UV
Curing Ink Resins provide better results, the customer usually prefers the less
cost. Such factors have become the major challenge of UV Curing Ink Resins in
terms of consumption, which constrains the growth of the market.
UV Curing Ink Resins Market Landscape
Technology launches, acquisitions, and
R&D activities are key strategies adopted by players in the UV Curing Ink Resins market. Major players
in the UV Curing Ink Resins market are:
- Sun Chemical
- T&K Toka Corporation
- INX International Ink Co
- Flint Group
- Siegwerk Druckfarben AG & Co. KGaA
- Tokyo Printing Ink MFG Co. Ltd.
- Tianjin Angel Chemicals Group Co., Ltd
- Suzhou Kingswood Education Technology Co., Ltd
- Gans Ink & Supply
- NUtec Digital Ink
Recent Developments
In October 2021, Sun Chemical launched
Xennia®
Pearl Pigment Inks for
high-speed industrial applications. It offers the key benefit of increased
fastness performance on polyester and cotton-polyester blends, opening up
digital pigment printing to high-demand applications.
In April 2021, Sun Chemicals launched SunCure 44HC150, a glossy stampable UV-curing coating, manufactured with
25% bio-renewable carbon content and with 12% post-consumer recycled materials.
In February 2021, Flint Group launched
EkoCure ANCORA Dual Cure enables a phased
transition to UV-LED technology in turn will bring productivity improvements,
cost savings, and sustainability without disruption for Food and
Pharmaceutical Labels and Flexible Packaging.