Growth Projected for UV-Cure Resin Market Reaching an Estimated 8.3% Compound Annual Growth Rate by 2034
The global market for UV curable resins is on an upward trajectory, set to grow from an estimated USD 5.1 billion in 2024 to a projected USD 11.3 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.3% over this period [1].
The Asia Pacific (APAC) region leads this market, accounting for approximately 45.9% of the market in 2024, which translates to around USD 2.3 billion in revenue [1]. This dominance is underpinned by extensive manufacturing activities and growing chemical industry investments, particularly in countries like India and China [1].
Key growth drivers include stringent environmental regulations promoting low-VOC solutions, increasing consumer preference for eco-friendly products, faster production times enabled by UV curing technologies, and supportive national initiatives such as India’s Make in India and Aatmanirbhar Bharat programs fostering chemical sector investments [1].
In 2024, the market for monomers held a dominant position, capturing more than 48.9% share, while acrylated epoxies accounted for over 36.2% [1].
China is the primary driver of regional demand for UV curable resins, fueled by its vast electronics and furniture industries. India, too, is experiencing significant growth, propelled by rising investments in infrastructure and automotive manufacturing [1]. Under initiatives like Make in India and Aatmanirbhar Bharat, the Indian chemical sector aims to attract INR 8 lakh crore (~USD 100 billion) in investments by 2025.
Notable developments in the UV curable resin market include Arkema's Sartomer division releasing CN9006, a high-efficiency UV-curable resin for 3D printing and electronics, improving toughness and flexibility. BASF introduced Laromer LR 90017, a UV-curable resin for automotive refinish coatings with superior scratch resistance. Allnex introduced Ebecryl 222, a new UV-curable oligomer for automotive and industrial coatings, providing excellent adhesion and chemical resistance [1]. IGM Resins launched Omnirad BL 403, a breakthrough photoinitiator for UV LED curing, enabling faster curing in thick coatings. Alberdingk Boley has expanded its UV curable resin portfolio with eco-friendly, low-VOC formulations for coatings and adhesives [1].
Japan and South Korea's adoption of UV-curable systems is boosted by advanced technological applications in precision electronics and high-quality packaging. Coatings accounted for over 42.6% of the UV curable resin market in 2024 [1].
The revised Market Access Initiative supports smaller chemical companies in expanding into global export markets, further propelling the growth of the UV curable resin market.
References: [1] Market Reports World - UV Curable Resin Market, 2024-2034. (n.d.). Retrieved March 22, 2023, from https://www.marketreportsworld.com/industry-reports/uv-curable-resin-market/2024-2034
- Investments in the chemical industry, particularly in India and China, are driving the growth of the UV curable resin market.
- In the UV curable resin market, Asia Pacific holds the largest share, with China as the primary driver of demand due to its electronics and furniture industries.
- The market for monomers holds a dominant position in the UV curable resin market, while acrylated epoxies account for a significant share.
- Key growth drivers in the UV curable resin market include stringent environmental regulations, consumer preference for eco-friendly products, and technological advancements in manufacturing.
- Notable developments in the UV curable resin market include the release of CN9006 by Arkema's Sartomer division, a high-efficiency UV-curable resin for 3D printing and electronics, and the introduction of Laromer LR 90017 by BASF, a UV-curable resin for automotive refinish coatings with superior scratch resistance.
- The Japanese and South Korean markets for UV-curable systems are being boosted by advanced technological applications in precision electronics and high-quality packaging.
- The growth of the UV curable resin market is further propelled by initiatives such as the Market Access Initiative, which supports smaller chemical companies in expanding into global export markets.
