Global Ultraviolet (UV) Curing System Market - 2023-2030

Market Overview

Global Ultraviolet (UV) Curing System Market reached US$ 3.92 billion in 2022 and is expected to reach US$ 9.11 billion by 2030, growing with a CAGR of 10.1% during the forecast period 2023-2030. The growing use of UV curing systems, as well as the advent of large-scale government-funded programs, are driving market growth. UV LED curing systems provide heat and curing to materials such as paints, adhesives and coatings.

During the forecast period 2023-2030, the North American ultraviolet (UV) curing system market is estimated to account for more than 1/3rd of the global market. The increasing use of the systems in various end-use industries such as transportation, consumer electronics, manufacturing, automotive and medical, as well as the rising demand for UV LEDs, are driving the region's growth.

Market Dynamics

The Rising Adoption of UV Curing in 3D Printing

3D printing is the technique of creating a model or prototype by layering the chosen starting material. To produce the desired object or model, the different layers can be responded in place or the physical form is modified. The necessity for UV curing technology in 3D printing has increased in order to display the prototype or to determine the applicability of the aimed model.

The rise in demand is expected to drive the growth of the global ultraviolet (UV) curing system market. Companies are also offering solutions for innovative printing technologies. For example, Arkema, a leader in high-performance materials for 3D printing, presented seven high-performance customized formulas for UV-curing at Rapid+TCT booth# 3127 in Detroit, MI in May 2022.

The Growing Demand for UV LED in Healthcare and Industrial Sector

UV curing technologies are widely employed in the medical field. UV curing is useful in medical equipment since it does not emit any hazardous chemicals, keeping patients safe. Owing to its low power usage, the UV curing system also helps to safeguard the environment. It is commonly found in medical devices such as cannulas, syringes and oxygen masks. It has the property of allowing a wide range of components to bond more effectively and reproducibly.

UV curing systems are used in the semiconductor and consumer electronics sectors to bond or stick materials such as plastic, glass and metals. UV curing systems for bonding and assembly are becoming more popular due to their flexible, quick and environmentally friendly curing process. RYOBI MHI Graphic Technology Ltd. (RMGT) announced the immediate availability of GEW's LeoLED system for its factory-fitted UV curing solution on new sheetfed offset machines in January 2021.

High Investment Costs

The rise in the price of raw materials used in the production of UV Adhesives hamper the market expansion. UV curing adhesives are mostly composed of polymers such as acrylic, epoxy and silicone; however, demand for such polymers exceeds supply, leading costs to rise. For example, due to limited supplies, the chemical company Arkema raised the price of its acrylic monomers to US$100 per ton in September 2020.

In March 2021, Mallard Creek Polymers LLC increased the cost of acrylic polymers by 10 cents per wet pound. Furthermore, Huntsman Corporation raised the price of epoxy resins in North America by 0.50 US$/lb in November 2021. Owing to their limited availability, rising raw material prices would reduce UV adhesive manufacturing, resulting in negative growth of the UV curing system market.

COVID-19 Impact Analysis

To prevent the spread of COVID-19, different governments have imposed a full-scale lockdown on day-to-day corporate operations. Labor shortages and project completion delays are a few of the factors affecting the global UV curing system market prediction, resulting in a decrease in production. The outbreak has had a tremendous influence on the global market.

As workers have stayed at home, firms have struggled to manufacture and assemble new devices and even existing equipment in multiple warehouses cannot be transported due to present norms and restrictions, disrupting global supply chains. Production, supply networks and demand for these products will steadily expand as the situation improves.

Russia- Ukraine War Impact

Currency exchange rates is influenced by geopolitical events, causing shifts in the cost of imports and exports. It has the ability to influence the pricing and profitability of UV curing systems in worldwide markets. Automobile, electronics and manufacturing industries may see variations in demand during periods of global instability. UV curing technology is widely used in industries.

Changes in demand can have a direct impact on the UV curing system market. Geopolitical events can have an impact on research and development. Companies may choose short-term stability over long-term investment in innovation. It could have an impact on the development of new and improved UV curing methods.

Segment Analysis

The global ultraviolet (UV) curing system market is segmented based on technology, type, pressure, application, vertical and region.

The Adoption of UV Curing System in Printing

Printing application is expected to hold about 1/4th of the global ultraviolet (UV) curing system market in 2022. During the forecast period 2023-2030, the segment is also expected to increase at the fastest rate. UV LED is commonly used in printing because it has numerous advantages such as rapid drying, eco-friendliness, material adaptability, color enrichment and high-quality finishing.

When drying, the technique uses light rather than heat and it only takes a few seconds to firm inks, coatings or adhesives. As a result, it is the ideal alternative to traditional and outdated printing methods, as outdated technology causes coatings to shrink by more than half, which is not environmentally beneficial. As a result, it is likely to drive segment growth during the forecast period.

Geographical Analysis

The Growing Adoption of UV Curable Adhesives in Asia-Pacific

Asia-Pacific is anticipated to have a significant growth holding around 1/4th of the global ultraviolet (UV) curing system market during the forecast period 2023-2030. UV-curable adhesives are increasingly employed in packaging because they outperform prior traditional adhesive solutions. Furthermore, the demand for packaging in industries such as food and beverage, electronics, consumer goods and others is increasing as a result of increasing exports and domestic consumption.

Countries like India, Japan and China are significantly responsible for the region's market growth. The growing population and the increasing number of manufacturing enterprises are driving the growth of the manufacturing industry. The region is expected to grow significantly in the next years. However, increased demand and the implementation of regulatory measures such as emission control and eco-friendly products are driving innovations in the global UV curing system market.

Food packaging is an important player in the packaging business, accounting for a significant share of the entire market in China. According to Interpak, total packaging in China for foodstuffs is estimated to reach 447 billion units in 2023, indicating a growing demand for UV curing systems from the packaging industry.

Competitive Landscape

The major global players include: American Ultraviolet, APL Machinery Pvt. Ltd., Baldwin Technology, Dymax, Excelitas Technologies, IST Metz, Jenton International, Kyocera Corporation, Omron Corporation and Panasonic.

Why Purchase the Report?

• To visualize the global ultraviolet (UV) curing system market segmentation based on technology type, pressure, application, vertical and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ultraviolet (UV) curing system market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global ultraviolet (UV) curing system market report would provide approximately 77 tables, 81 figures and 206 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies