Global Photoinitiator Market - 2022-2029

Market Overview

The global photoinitiator market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

A photoinitiator is a chemical molecule that creates reactive species such as free radicals, cations, or anions exposed to UV or visible radiation. Photoinitiators absorb light in the visible spectrum range and convert that light energy into chemical energy, which initiates a polymerization reaction. Photoinitiators can create different reactive species by pathways that include photodissociation and electron transfer. Peroxides, nitrogen dioxide and molecular oxygen are some of the natural photoinitiators. However, commercial photoinitiators are used for modern applications.

Azobisisobutyronitrile (AIBN) is formed as a white powder and is often used as a photoinitiator for vinyl-based polymers such as Polyvinyl Chloride (PVC). Benzoyl peroxide is another chemical compound that is used as a photoinitiator for various commercial and industrial processes, such as plastic production.

Photoinitiators have a wide range of commercial and industrial applications. It produces plastics and polymers such as polyvinyl chlorides and elastomers. Paints, pigments, coatings and adhesives are some of the biggest end-users of photoinitiators. The global boom in construction and infrastructure, especially in emerging markets, is driving the demand for paints, pigments, adhesives and coatings.

Photoinitiators can be dissolved in water with the help of oligomers, causing little or no environmental effects on the end-use applications. It makes them an attractive alternative for VOC (Volatile Organic Compounds) substitution due to the rising concerns about environmental damage brought on by the extensive use of VOCs. However, the high cost of manufacturing and fragility of photoinitiators are some of the drawbacks preventing their wider adoption.

Market Dynamics

The demand for photoinitiators is mainly driven by the increasing demand from the end-use industries and as a substitute for VOCs. It is the most important driver for the market. The high cost of photoinitiator technologies is a key factor in limiting the growth of this market.

Increasing demand for end-use applications

Photoinitiators have a wide range of commercial and industrial applications. It produces plastics and polymers such as polyvinyl chlorides and elastomers. Paints, pigments, coatings and adhesives are some of the biggest end-users of photoinitiators. The global boom in construction and infrastructure, especially in emerging markets, is driving the demand for paints, pigments, adhesives and coatings.

Photoinitiators also see applications in new and upcoming technologies such as 3D printing and nanotechnology. 3D printing and nanotechnology are already seeing wider adoption among aerospace, automotive and other engineering fields. The emerging technological fields will grow exponentially in the upcoming years. The increasing demand for end-use applications is one of the key drivers of the global photoinitiators market.

Substitute for VOCs

The VOC stands for Volatile Organic Compounds, which are substances with very low vapor pressure and limited water solubility. VOCs are produced as gases, particularly during the drying phase of the primer, and they pose short- and long-term health concerns. VOC exposure can irritate the eyes, nose, throat, headaches, coordination loss, nausea, and vomiting. VOCs can harm the liver, kidneys, and central nervous system if they are exposed to them for an extended period.

VOCs are also considered to elevate cancer risk in humans and animals. VOCs are a common groundwater contaminant. Industrial processes, primarily metal processing, paints, and chemicals, leak the substances into the water. VOC pollution of water is exceedingly difficult to clear up and has long-term negative consequences for the local ecology. Photoinitiators can be dissolved in water with the help of oligomers, causing little or no environmental effects on the end-use applications.

High cost of manufacturing

Photoinitiators are manufactured using a complex high-tech process. It requires the use of expensive high-end equipment and the use of different chemicals. The entire manufacturing process involves using highly skilled personnel at every step. Furthermore, there are various regulatory restrictions on the chemicals used in the manufacturing process.

The chemicals are banned in Europe, whereas there are tight restrictions on their usage in North America. The regulatory restrictions and the complex manufacturing process restrict the photoinitiator industry to a few key players. The higher manufacturing cost prevents the wider adoption of photoinitiators in regular and high-tech applications and is a key challenge for the market's growth.

Fragility of photoinitiators

After being exposed to light, Photoinitiators absorb the light and create free radicals. The free radicals react with oligomers or monomers to form cross-linkages. After the formation of cross-linkages, the liquid resin is converted to cured and dry products. However, the spread of the light is not always even. It affects the reaction time of photoinitiators and causes less generation of free radicals and crosslinking, which leads to reduced efficiency of photoinitiators.

Photoinitiators frequently react with oxygen in the environment. The mechanical properties of photoinitiators are formed incrementally during this process. During the process of photopolymerization of free radicals, photoinitiators react with oxygen in the atmosphere, which hampers the inhibition of radicals. After reacting to the atmospheric oxygen, photoinitiators form a distinct chemical compound, which still acts as a free radical, but a slower reaction occurs. Due to the slow reaction of free radicals, the cross-linkage process gets affected. The fragility of photoinitiators is one of the key challenges preventing their wider adoption.

COVID-19 impact analysis

The global photoinitiator market experienced uneven impacts on the value chain due to the COVID-19 pandemic. Photoinitiator production was severely affected in early 2020 due to the lockdown imposed by global governments to curb the pandemic's effects. One of the largest photoinitiator producers, China emerged from the lockdown relatively early and production recovered by mid-2020. However, in other parts of the world, production was affected for nearly the entirety of 2020 due to extended lockdowns and very gradual reopening.

The production was slow in 2021, owing to the global supply chain disruption caused by the pandemic. Production shortfalls and shipping delays hampered the transportation of base chemicals and other essential raw materials. The short-term impact of the COVID-19 pandemic has been severe for the global photoinitiator market. The pandemic will have an insignificant impact on the global photoinitiator market's medium to long-term growth. The demand for photoinitiators remains strong and is expected to grow gradually in the coming years.

Segment Analysis

The global photoinitiator market is segmented into type, end-use industry and region. The photoinitiator market is segmented into free radical and cationic based on end-user. Free radicals are leading in this segmentation of photoinitiators. Photoinitiators react with spectrum light to produce free radicals that initiate polymerization reactions. It has the largest variety of industrial and engineering applications.

Geographical Analysis

Asia-Pacific is leading in the global photoinitiator market. The region accounts for the largest market share, primarily due to major emerging markets growing significantly and offering opportunities for various industries. China is one of the largest manufacturers and consumers of photoinitiators.

China has the largest construction industry globally, which is expected to add US$1.3 trillion in economic value by 2030. India is also investing in mass public transit and other public infrastructure projects. Japan, South Korea, and Taiwan are some of the highly developed countries in Asia-Pacific that invest in developing nanotechnology, semiconductors, microelectronics, and 3D printing. Asia-Pacific is projected to retain the largest market share in the photoinitiators market in the coming years.

Competitive Landscape

The global photoinitiator market is competitive due to the availability of photoinitiators available for different applications. Some of the major players contributing to the growth in the segment are Evonik Industries AG, TCI Chemicals Pvt. Ltd, Rahn AG, Lambson Ltd, ICM Resins, Kurogane Kasei Co. Ltd, Adeka Corporation, Eutec Chemical Co. Ltd, Tianjin Jiuri New Materials Co., Ltd and Changzhou Tronly New Electronic Materials Co., Ltd. The major players in the global photoinitiators market adopt several growth strategies such as new product launches, mergers, capacity expansion, regional and global expansion and joint ventures and collaborations, contributing to global growth in the industry.

In April 2021, Eutec Chemical Co., Ltd. agreed with Eustar Functional Material Technology, Inc. introduces blue light absorbers nucleating systems, especially for the automotive, aerospace and electronics industries.

In August 2020, IGM Resins expanded its business by opening a new photoinitiator manufacturing plant in Anqing, China. Its expansion is helping the company to increase its geographical presence in the photoinitiators market of the APAC region. In October 2020, Lambson Ltd, a manufacturer of photoinitiator technology, announced the completion of the acquisition of Lambson Ltd. by Arkema S.A.

Evonik Industries AG

Overview: Evonik Industries AG is a multinational chemical company among the largest global chemical producers. The company produces a wide variety of specialty chemicals, including additives, performance polymers, industrial solvents, catalysts and coatings. The company operates 60 production sites and has distribution centers in more than 100 countries through its network of subsidiaries and joint ventures. Evonik Industries AG was founded in 2007 and is headquartered in Essen, Germany.

Product Portfolio

TEGO Photoinitiator A 18 is the company's flagship photoinitiator for free radical silicones. It is mainly used for coating applications.

Key Developments: In 2020, Evonik Industries AG announced the opening of a new photoinitiators plant in Anqing, China. The company planned to increase its production capacity to cater to the growing demand from the Asia-Pacific market.

Why Purchase the Report?

Visualize the composition of the photoinitiator market segmentation by the service type, application and region, highlighting the critical commercial assets and players.

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Excel data sheet with thousands of global photoinitiator market-level 4/5 segmentation data points.

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Target Audience 2022

Semiconductor manufacturers

Photoinitiator technology manufacturers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals