Global UV Adhesives Market: Overview
UV adhesives come under the category of radiation curable products which need UV radiation to start the bond with the substrates, and for curing purpose. Radiation curable products, for example, the UV adhesives is niche in nature and is majorly a new idea. UV adhesives items have certain points of interest including negligible emission of volatile organic compound (VOC), effective adhesion, and quicker rate of curing. The market is in early development phases of life cycle and is pulling in scope of investments for the innovation of new products. Government regulations all over the world are supporting the growth of ‘green’, nature-friendly products in accordance with their drive to save the nature while guaranteeing economic development.
However, increasing adoption of UV adhesives for manufacturing applications in electronic gadgets, for example, tablets and cell phones, along with surging demand for the usage in flexible packaging is foreseen to help development of the UV adhesives market. Nevertheless, moderate selection of UV adhesives by end use, inferable from high initial set up expense of cutting edge tools for curing UV, is estimated to hinder the growth in the market.
As per a recent report by Transparency Market Research (TMR), the global UV adhesives market is prognosticated to develop at a strong CAGR of 8.1% within the forecast period from 2014 and 2020. TMR states that the global UV adhesives market is expected to reach around worth of US$116.9 mn by the end of 2020 from US$69.3 million back in 2013.
Laminating and Packaging Sensitive Segment to Lead Market in Terms of Applications
The report classifies the market based on application into wood-working, lamination, assembly, pressure sensitive, and so on. Among these, the segment of laminating and packaging sensitive had been driving in the global UV adhesives market and contributed significant share before, trailed by the segment of assembly application. Nevertheless, this situation is foreseen to flip and the segment of assembly application is likely to turn into the key segment in the global market, owing to the rapid development in coming years. The fast development in construction activities is estimated to boost the demand for UV adhesives over the globe.
Moreover, the report breaks down the market engaging quality of all the application segments of UV adhesives. The UV adhesives market is categorized based on product type into polyurethane, acrylic, silicone, epoxy, and so on including polyethers, polyesters, polyvinyl acetic acid derivation (PVAc), and styrene butadiene copolymer (SBC).
Asia Pacific to Lead Market as Most Lucrative Region
Asia Pacific is anticipated to emerge as the leading region all across the globe in terms of most profiting regions. This is attributed to rising construction sector activities in the mentioned region. Besides, North America region drove the market in the past few years, with notable share in the market. The Rest of the World is foreseen to experience a relentless demand for UV adhesives in the forthcoming years owing to flood in infrastructural activities and development in the building and construction sector that is estimated to boost demand for UV adhesives.
The key players operating in global UV adhesives market are H.B. Fuller Company, the 3M Company, Henkel AG & Co. KGaA, Bostik SA, BASF SE, Huntsman Corporation, Adhesive Research, Inc., the Dow Chemical Company, the Dow Chemical Company, and Avery Dennison Corporation.