The market for UV-curable adhesives is expected to grow at a CAGR of 10.16% during the forecast period of 2019 - 2024. Major factors driving the market studied is the growing demand for flexible packaging. On the flip side, relatively high machinery cost compared to other adhesives is expected to hinder the growth of the studied market.
- The acrylic segment dominated the market in 2018 and is expected to grow during the forecast period owing to the increasing applications in the end-user industries, such as automotive, consumer goods, defense & aerospace, furniture, etc.
- Emerging R&D on adhesives to develop eco-friendly products, and innovations aimed at lowering the cost of end products are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China, Japan, and India.
Key Market Trends
Packaging Segment to Witness Strong Growth
- UV-curable adhesives find their applications in the packaging sector owing to their ability to create quick bonds between different materials such as plastic, rubber, metal, glass, and ceramic materials.
- Properties, such as superior strength & flexibility, ability to withstand the extreme environment, and excellent moisture resistance makes UV-curable adhesives suitable for packaging application.
- The demand for UV-curable adhesives from the plastic packaging industry is consistently increasing in Europe and North America regions, with the growing awareness about the benefits of using UV-curable adhesives. These adhesives are known to eliminate heat and Radio Frequency (RF) sealing of clamshell packages.
- The usage of UV-curable adhesives as laminating films, papers, and foils is increasing in product packaging applications where weather resistance is required.
- With the growing trend of e-commerce, e-retail, and online food orders & delivery services, the demand for packaging materials, especially flexible packaging has been increasing, which is likely to drive the demand for UV-curable adhesives during the forecast period.
- Asia-Pacific and North America dominate the demand for UV-curable adhesives for packaging applications.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With growing investments into the medical industry and increasing electrical & electronics production in countries such as China, India, and Japan, the usage of UV-curable adhesives is increasing in the region.
- China stands to be the largest market for UV-curable adhesives, and is also expected to witness highest CAGR during the forecast period. The use of UV-curable adhesives in the packaging sector is growing at a tremendous rate in the country, owing to their advantages over the usage of conventional adhesive systems used.
- The demand from industries like consumer goods, food and beverage, and others for packing materials is increasing in China, owing to the increasing exports, as well as domestic consumption.
- Japan, on the other hand, is a hub for technological advancements and hosts an active R&D base for R&D of newer and efficient UV-curable adhesives. Owing to this, novel UV-curable adhesive products are finding their applications in the packaging, electrical and automotive sectors in the country in recent times.
- India is also one of the major consumer of UV-curable adhesives in the region. Robust growth of packaging industry, increasing investments & production in electronic and automotive industry are likely to drive the demand for UV-curable adhesives over the forecast period.
The UV-curable adhesives market is a consolidated market, where few players account for significant portion of the market demand. Some of these major players include Dymax Corporation, 3M, H.B. Fuller, Henkel AG & Company KGaA, and DELO Industrial Adhesives, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support