The market for UV-curable adhesives is expected to witness a CAGR of over 10% during the forecast period. Major factor 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 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 and 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 worldwide, 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 and 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 and 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. With growing investments into the medical industry and increasing electrical and 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 the 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 consumers of UV-curable adhesives in the region. Robust growth of packaging industry, increasing investments and production in the electronic and automotive industry are likely to drive the demand for UV-curable adhesives over the forecast period.
The UV-curable adhesives market is consolidated, where few players account for a 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.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Superior Properties, like Fast Curing Rates, High Bond Strength, and Low VOC Emissions
4.1.2 Rising Demand for UV Adhesives for Flexible Packaging Application
4.2.1 Relatively High Machinery Cost Compared to Other Adhesives
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Resin Type
5.1.5 Other Resin Types
5.2.2 Speaker assembly
5.2.3 Medical Devices
5.2.5 Displays (LEDs)
5.2.7 Wire Tacking
5.2.8 Glass Bonding
5.2.9 Other Applications
5.3 End-user Industry
5.3.2 Electrical and Electronics
5.3.6 Other End-user Industries
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.4.4 Rest of the World
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Other Countries
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M Company
6.4.2 BASF SE
6.4.3 Cartell Chemical Co. Ltd
6.4.4 DELO Industrial Adhesives
6.4.6 Dymax Corporation
6.4.7 Epoxy Technology Inc.
6.4.8 H.B. Fuller Company
6.4.9 Henkel AG & Company KGaA
6.4.10 ITW Polymers Adhesives
6.4.11 Master Bond Inc.
6.4.12 Panacol-Elosol GmbH
6.4.13 Permabond LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emerging R&D on Adhesives to Develop Eco-Friendly Products
7.2 Innovations Aimed at Lowering Cost of End Products
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.