A recently released report from Transparency Market Research (TMR) forecasts that the global UV adhesives market will grow at a CAGR of 8.1% between 2014 and 2020. TMR, a market intelligence firm based in the U.S., states that the global UV adhesives market will reach a market value of US$116.9 million by 2020 from US$69.3 million in 2013. The report, titled ‘UV Adhesives Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020’, is available for sale on the website. This research report states that factors such as high demand for UV adhesives for flexible packaging applications and the surging popularity of compact electronic devices drive the global market for UV adhesives. Low VOC (volatile organic compounds) emissions, high bond strength, and fast curing rates are some of the prominent properties of UV adhesives that drive the demand for the same. The use of UV adhesives is ideal for applications that require fast curing in addition to permanent bonding. UV adhesives adhere brilliantly to various substrates such as wood, metal, plastics, and others materials used in numerous structural and non-structural applications.
According to this TMR report, the global UV adhesives market is segmented on the basis of product, application, and geography. On the basis of product, this market is categorized into silicone, acrylic, polyurethane, epoxy, and others such as PVAc, SBC, polyethers, and polyesters. Owing to optical clarity, wide applicability, low price, and high bond strength, acrylics are used extensively in the manufacture of UV adhesives. The segment for acrylic UV adhesives is a robustly growing one and is expected to retain its leading position in the forecasting horizon. In 2013, the segment for epoxy UV adhesives held a large share of the overall market. However, owing to high demand for silicone, polyesters, and acrylic, the market for epoxy UV adhesives will shrink in the years to come. Application-wise, the global UV adhesives market is segmented into pressure-sensitive applications, wood-working applications, assembly applications, packaging and laminating applications, and others.
From the geographical perspective, this market study classifies the global UV adhesives market into Asia Pacific, Europe, North America, and Rest of the World. In 2013, in consumption terms, North America held the highest share in the overall UV adhesives market, with its market share exceeding 30% of the global market. It is the Asia Pacific UV adhesives market, however, that will expand robustly in the years to come. The Rest of the World region, comprising Africa, Latin America, and the Middle East, will witness steady growth of the UV adhesives market owing to high demand for UV adhesives from the expanding construction industry in this region.
Sluggish demand for UV adhesives owing to slow rate of adoption of UV adhesives is likely to hamper the growth of this market during the forecast period. The requirement of expensive machinery restricts the demand for UV adhesives.