The UV cured adhesives or the light curing adhesive uses UV light or other radiation sources to initiate the curing process. They offer a solution for quickly curing a product in a number of applications. These adhesives are more beneficial than other types of adhesives as they have exceptional stability in difficult environments and are fastest curing. In addition to this, the UV cure adhesives are well suitable for assembling substrates with dissimilar thermal expansions and helps to bond a number of products that are difficult to assemble. These adhesives are finding a number of uses in the manufacturing of glass (glass wares, acrylic glass, and glass furniture), medical, optical, and electronics products.
The market for UV cured adhesives is expected to reach rise at a CAGR of 8.1 percent during the forecast period. The UV cured adhesives properties such as high bond strength, fast curing rates, and low VOC emissions along with the upsurge in demand for UV adhesives for flexible packaging applications primarily fuels growth of the UV cured adhesives market.
The growth of the end user industries, particularly the electronics and medical industry is projected to drive the demand of UV curing adhesive during forecast period. These adhesives are extensively being adopted in the medical industry for device assembly as well as the manufacturing of several medical items and equipment such as syringes, catheters, and blood filters. In addition to this, the rising demand for UV-curable adhesives in the plastic packaging industry observed across the Europe and North America. This factor further propels growth of the market. Also, the ongoing trend of e-retail, e-commerce, and online food orders & delivery services has significantly pushed the demand for packaging materials, which is expected to fuel the demand for UV-cured adhesives during the forecast period.
However, the factors such as unfavourable conditions rising due to the COVID-19 outbreak and relatively high machinery cost compared to other adhesives has limited the use of the UV-cured adhesives. This may hamper growth of the market to some extent during forecast period. On the other hand, the rise in usage of UV-cured adhesives in transportation industry creates lucrative growth opportunities for the market. There is upsurge in use of UV glue in applications such as electronic components and other glass bonding in automotive & transportation industry. For instance, composite-to-fiberglass adhesion is used in the structure of the Chevrolet Corvette and the UV glue is used to secure parts of Cessna light aircraft.
Throughout the forecast period, acrylic segment will continue to hold a dominant share of the global market, on the basis of product. The growth of this segment is mainly driven by extensive use of acrylic in the electronic assembly as they have essential property of high dielectric strength. However, the Silicone segment is anticipated to witness highest growth rate during the forecast period. This is attributed to the increase in use of Silicone UV glue in dentistry and replacing amalgam filling. In addition to this, the growth in cosmetic dentistry is anticipated to create lucrative growth opportunities for the segment growth during forecast period.
According to the end-user, the electronics segment is expected to hold a dominant share of the global market. This is attributed to the demand for UV cured adhesives in electronics industry for the use in touch screens, hard disk drives, mobile phones, and micro speaker. On the contrary, packaging segment is also projected to grow at highest growth rate, which in turn propels the UV cured adhesives market in the upcoming years. This is attributed to the rising applications of UV cured adhesives in the packaging sector, due to their ability to quickly create bonds between different materials, such as plastic, glass, metal, rubber, and ceramic materials.
UV CURED ADHESIVES MARKET SEGMENTATION:
- Other End-user Industries
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
North America is likely to be the most profitable region throughout forecast period. The region is expected to experience a significant growth due to supportive standards and regulations pertaining to the volatile organic compounds. In addition to this, North America is an important region in the manufacturing of medical device; hence, it consumes considerable amount of UV curing adhesive for medical applications. This factor further fuels the North America UV cured adhesives market size.
On the other hand, Asia-Pacific region is expected to witness highest growth rate during the forecast period. This is attributed to the increased manufacturing of electronic products in the region. There is upsurge in electrical and electronics production in countries, such as India, China, and Japan. This factor fuels demand for the UV-curable adhesives in the region.
FEW KEY PLAYERS IN UV CURED ADHESIVES MARKET:
-H B Fuller
-Permabond BASF SE
Get a brochure of this research study Click Here