UV Adhesives Market Overview
The UV Adhesives market size is estimated
to reach US$1.8 billion by 2027 after growing at a CAGR of 10.8% during the
forecast period 2022-2027. UV or ultraviolet adhesives based on epoxy, acrylic,
or silicone resins uses light or radiation to initiate permanent bonding
without heating. The adhesives have rich features such as rapid curing, high-quality
bondage, less waste creation and high durability which is boosting their
market demand. High bonding stability provided by UV adhesives is fuelling its
demand in various end-use industries such as automotive, medical, electronic and building & construction for various applications such as metal, glass,
plastic and rubber. Factors such as growing cases of chronic disease,
flourishing automotive production and fuelling construction activities are
driving the growth of the UV adhesives market. However, the growing cost of raw
materials can hamper the growth of the UV adhesives industry. The UV adhesives
market size contracted in 2020 due to the COVID-19 pandemic as the lockdown
restrictions decreased the demand for UV adhesives in sectors such as
automotive and building & construction. However, with a steady recovery,
the demand for UV adhesives is anticipated to increase in these sectors, thereby
positively impacting the UV adhesives industry outlook during the forecast
period.
UV Adhesives Market Report Coverage
The
“UV Adhesives Market Report – Forecast
(2022-2027)” by IndustryARC, covers an in-depth analysis of the following
segments in the UV Adhesives Market.
Key Takeaways
- The growing demand for UV Adhesives in the Asia-Pacific region due to the flourishing automotive, building & construction and electrical & electronics sectors will positively impact the UV adhesives market size during the forecast period.
- Besides having rich performance properties, UV Adhesives in comparison to solvent-based adhesives are eco-friendly which will significantly influence the UV Adhesives industry growth.
- The growing cost of acrylic and epoxy polymers which constitutes major raw materials for UV Adhesives manufacturing will harm the UV Adhesives industry outlook during the forecast period.
Figure: Asia-Pacific UV Adhesives Market Revenue, 2021-2027 (US$ Million)
For More Details On this report - Request For Sample
UV Adhesives Market Segment Analysis – by Polymer
The acrylic segment held the largest share in the
UV Adhesives market share in 2021 and is forecasted to grow at a CAGR of 10.7%
during the forecast period 2022-2027. Acrylic UV adhesive has rich mechanical
properties such as it is solvent-free, highly corrosion resistant and hardens
very quickly when exposed to visible light energy. The thermal and moisture-resistant
feature of acrylic UV adhesive ensures proper adhesion in shadowed areas. The
demand for acrylic UV adhesive is rising across various end-use industries
especially medical and electrical & electronics for PCB bonding, medical
device assembling, glass bonding and plastic bonding. Thus, owing to its
advantageous features and growing applicability in the medical and electrical
& electronics sectors, the demand for acrylic UV adhesives is significantly
growing, thereby boosting the acrylic segment growth during the forecast
period.
UV Adhesives Market Segment Analysis – by End-Use Industry
The medical sector held the largest share in
the UV Adhesives market share in 2021 and is forecasted to grow at a CAGR of 11.2%
during the forecast period 2022-2027. UV adhesives such as acrylic UV adhesives
are used during the manufacturing of medical devices such as catheters,
syringes and medical filters which are used for treating chronic diseases such
as diabetes. The number of patients diagnosed with diabetes has increased over
the years due to genetic factors, environmental factors and insulin resistance.
For instance, according to National Diabetic Statistics Report by the Centre
for Disease Control, in 2020, the cases of diabetes in the US had increased to
34.2 million. Furthermore, according to International Diabetic Federation
(IDF), in 2021, approximately 61 million adults in the IDF Europe region were
living with diabetes. With the increase in the number of diabetes cases, the
demand for medical equipment like syringes and medical filters has increased,
which has resulted in more usage of UV adhesives for manufacturing such
equipment. Thus, the increase in the production of medical equipment has
accelerated the market growth of UV adhesives in the medical sector.
UV Adhesives Market Segment Analysis – by Geography
The Asia-Pacific region held the largest share in the UV Adhesives market share in 2021 up to 42%. The flourishing application of acrylic and epoxy UV Adhesives in semiconductors, headlamps, glass windows and cement in major sectors such as electrical & electronics, automotive and building & construction are fuelling its demand and growth in the region. These major sectors have grown rapidly in the region on account of fuelling investments and effective policies of governments. For instance, according to the National Bureau of Statistics, in 2021, China’s semiconductor output increased by 33% marking a significant acceleration from 2020. According to the International Organization of Motor Vehicle Manufacturers, in 2021, India’s automotive production stood at 4.4 million units, showing a 30% increase. Furthermore, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in April 2022, the construction orders in Japan increased by 30.5%. Growth in the electrical & electronics, automotive and building & construction sector, has increased the demand for UV adhesives for semiconductors, headlamps and cement applications, thereby resulting in positive market growth.
UV Adhesives Market Drivers
Growth in Automotive Production:
Rich properties of UV Adhesives such as fast drying and
thermal as well as corrosion resistance have made it an efficient raw material
to be used during large volume manufacturing and assembling of automotive. UV
adhesives which are polymer-based such as epoxy and silicone have high
applicability in the automotive sector where it is used for assembling parts
such as headlamps, fenders, engine components and seat belt monitoring
switches. Automotive production has shown significant growth over the years due
to growing demand for passenger as well as commercial vehicles and
technological upgrades shown in automotive manufacturing. According to the International
Organization of Motor Vehicle Manufacturers, in 2021, automotive production
stood at 80.1 million units which showed an increase of 3% in comparison with
2020. Growing automotive production has accelerated the demand for UV adhesives
for automotive assembling applications, thereby driving the growth of the UV
adhesives industry.
Fuelling Construction Activities:
UV Adhesives can bind different materials together and their
ability to withstand vibration and thermal shock makes UV Adhesives an
efficient gluing material for bonding glass windows, bathroom cabinets and doors.
Moreover, fast drying and firm bonding provided by UV adhesives enhance the performance
of building materials such as house wraps and flashing tapes. The building & construction sector has
grown rapidly on account of fuelling construction activities due to flourishing
demand for residential units, the development of architectural sites and the
government’s increased investments in the sector. According to Eurostat, in October
2021, in the European Union building construction increased by 4.6% in major
countries like France, Spain, Hungary and Finland. Also, according to
Statistics Canada, in November 2021, investments in multi-unit construction
increased to 2.4%, whereas commercial construction investments increased by
1.4%. With the significant growth of the construction sector, the demand for UV
adhesives for bonding glass, cabinets and doors has also increased, which has
resulted in the positive growth of the UV adhesives industry.
UV Adhesives Market Challenge
The growing Cost of Raw Materials:
The
increase in the price of raw materials associated with UV Adhesives
manufacturing could pose a challenge in the market growth. UV Adhesives are
mainly made of a polymer such as acrylic, epoxy and silicone, the demand for
such polymers is outpacing their availability, which has increased their
prices. For instance, the chemical company Arkema, in September 2020, increased
the price of its acrylic monomers to US$$100 pmt due to tight supplies. Mallard
Creek Polymers LLC, in March 2021, increased the price of its acrylic polymers
by 10 cents per wet pound. Furthermore, Huntsman Corporation, in November 2021,
increased the price of epoxy resins by 0.50
US$/lb in North America. Such a growing price of raw
materials on account of their strained availability will decrease the
production level of UV adhesives, thereby resulting in negative growth of the UV
adhesive industry.
UV Adhesives Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the UV Adhesives market. The top 10 companies in the UV Adhesives market are:
- Henkel AG & Co.
- BASF SE
- Ashland Inc.
- Dymax Corporation
- 3M Company
- Permabond Engineering Adhesives
- DowDuPont
- Epoxy Technology Inc.
- Excelitas Technologies Corp.
- DELO Industrial Adhesives
Recent Developments
- In August 2020, Henkel Adhesives Technologies a subsidiary of Henkel AG & Co. announced the establishment of its new production facility of UV-curable acrylic pressure-sensitive adhesives at the site in Salisbury, North Carolina. The facility became operational in 2021.
- In June 2019, BASF SE doubled the manufacturing capacity of its UV acrylic hotmelts product acResin by building a second production facility at the Ludwigshafen site in Germany.
- In September 2019, Techsil launched a new UV curable adhesive to be used for bonding display screens and optical laminates. The adhesive has low viscosity due to which it quickly fills cavities without trapping air.
Relevant Reports
Report Code – CMR 0683
Report Code – CMR 1165
Report Code – CMR 0664
LIST OF TABLES
1.Global UV Adhesives Market By Resin Type Market 2023-2030 ($M)1.1 UV Adhesives Market By Resin Type Market 2023-2030 ($M) - Global Industry Research
1.1.1 Acrylic UV Adhesives Market Market 2023-2030 ($M)
1.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 ($M)
1.1.3 Epoxy UV Adhesives Market Market 2023-2030 ($M)
1.1.4 Silicone UV Adhesives Market Market 2023-2030 ($M)
1.1.5 Polyurethane UV Adhesives Market Market 2023-2030 ($M)
2.Global Competitive LandscapeUV Adhesives Market Market 2023-2030 ($M)
2.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 ($M) - Global Industry Research
3.Global UV Adhesives Market By Resin Type Market 2023-2030 (Volume/Units)
3.1 UV Adhesives Market By Resin Type Market 2023-2030 (Volume/Units) - Global Industry Research
3.1.1 Acrylic UV Adhesives Market Market 2023-2030 (Volume/Units)
3.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 (Volume/Units)
3.1.3 Epoxy UV Adhesives Market Market 2023-2030 (Volume/Units)
3.1.4 Silicone UV Adhesives Market Market 2023-2030 (Volume/Units)
3.1.5 Polyurethane UV Adhesives Market Market 2023-2030 (Volume/Units)
4.Global Competitive LandscapeUV Adhesives Market Market 2023-2030 (Volume/Units)
4.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America UV Adhesives Market By Resin Type Market 2023-2030 ($M)
5.1 UV Adhesives Market By Resin Type Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Acrylic UV Adhesives Market Market 2023-2030 ($M)
5.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 ($M)
5.1.3 Epoxy UV Adhesives Market Market 2023-2030 ($M)
5.1.4 Silicone UV Adhesives Market Market 2023-2030 ($M)
5.1.5 Polyurethane UV Adhesives Market Market 2023-2030 ($M)
6.North America Competitive LandscapeUV Adhesives Market Market 2023-2030 ($M)
6.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 ($M) - Regional Industry Research
7.South America UV Adhesives Market By Resin Type Market 2023-2030 ($M)
7.1 UV Adhesives Market By Resin Type Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Acrylic UV Adhesives Market Market 2023-2030 ($M)
7.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 ($M)
7.1.3 Epoxy UV Adhesives Market Market 2023-2030 ($M)
7.1.4 Silicone UV Adhesives Market Market 2023-2030 ($M)
7.1.5 Polyurethane UV Adhesives Market Market 2023-2030 ($M)
8.South America Competitive LandscapeUV Adhesives Market Market 2023-2030 ($M)
8.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 ($M) - Regional Industry Research
9.Europe UV Adhesives Market By Resin Type Market 2023-2030 ($M)
9.1 UV Adhesives Market By Resin Type Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Acrylic UV Adhesives Market Market 2023-2030 ($M)
9.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 ($M)
9.1.3 Epoxy UV Adhesives Market Market 2023-2030 ($M)
9.1.4 Silicone UV Adhesives Market Market 2023-2030 ($M)
9.1.5 Polyurethane UV Adhesives Market Market 2023-2030 ($M)
10.Europe Competitive LandscapeUV Adhesives Market Market 2023-2030 ($M)
10.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 ($M) - Regional Industry Research
11.APAC UV Adhesives Market By Resin Type Market 2023-2030 ($M)
11.1 UV Adhesives Market By Resin Type Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Acrylic UV Adhesives Market Market 2023-2030 ($M)
11.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 ($M)
11.1.3 Epoxy UV Adhesives Market Market 2023-2030 ($M)
11.1.4 Silicone UV Adhesives Market Market 2023-2030 ($M)
11.1.5 Polyurethane UV Adhesives Market Market 2023-2030 ($M)
12.APAC Competitive LandscapeUV Adhesives Market Market 2023-2030 ($M)
12.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 ($M) - Regional Industry Research
13.MENA UV Adhesives Market By Resin Type Market 2023-2030 ($M)
13.1 UV Adhesives Market By Resin Type Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Acrylic UV Adhesives Market Market 2023-2030 ($M)
13.1.2 Cyanoacrylate UV Adhesives Market Market 2023-2030 ($M)
13.1.3 Epoxy UV Adhesives Market Market 2023-2030 ($M)
13.1.4 Silicone UV Adhesives Market Market 2023-2030 ($M)
13.1.5 Polyurethane UV Adhesives Market Market 2023-2030 ($M)
14.MENA Competitive LandscapeUV Adhesives Market Market 2023-2030 ($M)
14.1 UV Adhesives MarketKey Developments By Company Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Uv Adhesives Market Revenue, 2023-2030 ($M)2.Canada Uv Adhesives Market Revenue, 2023-2030 ($M)
3.Mexico Uv Adhesives Market Revenue, 2023-2030 ($M)
4.Brazil Uv Adhesives Market Revenue, 2023-2030 ($M)
5.Argentina Uv Adhesives Market Revenue, 2023-2030 ($M)
6.Peru Uv Adhesives Market Revenue, 2023-2030 ($M)
7.Colombia Uv Adhesives Market Revenue, 2023-2030 ($M)
8.Chile Uv Adhesives Market Revenue, 2023-2030 ($M)
9.Rest of South America Uv Adhesives Market Revenue, 2023-2030 ($M)
10.UK Uv Adhesives Market Revenue, 2023-2030 ($M)
11.Germany Uv Adhesives Market Revenue, 2023-2030 ($M)
12.France Uv Adhesives Market Revenue, 2023-2030 ($M)
13.Italy Uv Adhesives Market Revenue, 2023-2030 ($M)
14.Spain Uv Adhesives Market Revenue, 2023-2030 ($M)
15.Rest of Europe Uv Adhesives Market Revenue, 2023-2030 ($M)
16.China Uv Adhesives Market Revenue, 2023-2030 ($M)
17.India Uv Adhesives Market Revenue, 2023-2030 ($M)
18.Japan Uv Adhesives Market Revenue, 2023-2030 ($M)
19.South Korea Uv Adhesives Market Revenue, 2023-2030 ($M)
20.South Africa Uv Adhesives Market Revenue, 2023-2030 ($M)
21.North America Uv Adhesives By Application
22.South America Uv Adhesives By Application
23.Europe Uv Adhesives By Application
24.APAC Uv Adhesives By Application
25.MENA Uv Adhesives By Application
26.Henkel AG & Co. KGAA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.H.B. Fuller, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.3M Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Ashland Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Dymax Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Permabond Engineering Adhesives, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Masterbond Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Epoxy Technology Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Microcoat Technology, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Norland Products Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Delo Industrial Adhesives LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Panacol-Elosol GmbH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Hibond Adhesives, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Scigrip, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Beacon Adhesives Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.Polytec PT GmbH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.Parson Adhesives Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
43.Chemence Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
44.ITW Devcon, Sales /Revenue, 2015-2018 ($Mn/$Bn)
45.KIWO Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
46.Electro-Lite Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
47.Flint Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
48.Sadechaf, Sales /Revenue, 2015-2018 ($Mn/$Bn)
49.Electronic Materials Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
50.Loxeal Engineering Adhesives, Sales /Revenue, 2015-2018 ($Mn/$Bn)
51.Fielco Adhesives, Sales /Revenue, 2015-2018 ($Mn/$Bn)
52.Bohle Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
53.Royal Adhesives & Sealants LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
54.Micro-Lite Technology, Sales /Revenue, 2015-2018 ($Mn/$Bn)