The global UV curable resins & formulated products market size is estimated to be USD 4.00 billion in 2018 and is projected to reach USD 6.31 billion by 2023, at a CAGR of 9.5% during the forecast period. Government regulations in Europe and North America, especially that concerning air pollution, will continue to drive the adoption of the low-emission UV curing technology over the next 5 years.
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UV curable resins & formulated products are expected to witness an increase in demand for use in applications such as 3D printing, digital printing, packaging, barrier films, and printed circuits. Several industry sectors such as automotive, architecture, and medical are using 3D printing solutions to evolve their design and manufacturing strategies.
The 3D printing technology is expected to advance through development in areas such as printers and printing methods, materials used in 3D printing, and software to design and print.
Urethane acrylates are projected to witness the highest growth in the UV curable resins & formulated products market for oligomer. Urethane acrylates (PUDs) are a viable resin choice for coatings in several end-use markets, including wood floors, kitchen cabinets, and furniture.
They offer high-end performance with minimal process issues and nearly zero emission of VOCs. Dispersion of urethane acrylates (UV-PUDs), combined with physical drying acrylic dispersions, are being widely used in the European furniture coatings industry. These are also gaining momentum in the North America market.
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The 3D printing application segment of the UV curable resins & formulated products market is projected to witness the highest growth during the forecast period. 3D printing has become a revolution with latest technologies and innovative materials.
This revolutionary technology has the ability to completely alter the dynamics of the manufacturing sector. Lightweight, corrosion resistance, high mechanical strength, and other performance benefits of UV curable resins are expected to increase the use of UV curable resins in 3D printing.
The aerospace & defense industry is adopting the 3D printing technology faster than other industries. The increasing demand for 3D printing from aerospace & defense, medical & dental, automotive, and consumer goods applications is expected to drive the demand for UV curable resins for use in 3D printing.
APAC is the fastest-growing UV curable resins & formulated products market. This high growth can be attributed to the increase in demand from emerging economies such as China, Vietnam, South Korea, Malaysia, and Indonesia.
Some of the major UV curable resins manufacturers in the APAC region include Daosheng (China), Changlian (China), Kotian (China), Miwon (South Korea), Ruishi (UV Chem) (China), Nippon Gohsei (Japan), and Wanhua (China).
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The report analyzes key growth strategies adopted by the market players between 2011 and 2018 to expand their global presence and increase their market share. Arkema (France), Allnex (Germany), Toagosei (Japan), BASF (Germany), Royal DSM (Netherlands), Covestro (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company (Japan), IGM Resins (Netherlands), and Miwon Specialty Chemical (South Korea) are the key leading players of the market.
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