Waterborne UV Curable Resins Market - Forecast(2024 - 2030)
Overview
Waterborne UV Curable Resins
Market size is forecast to reach $879 million by 2025, after growing at a CAGR
of 12.5% during 2020-2025. Ultraviolet curing refers to a photochemical process
where high-intensity UV light is used to achieve an instant cure or dry inks or
coatings. The waterborne UV curable resin industry is witnessing high growth in
the European and North American regions due to increasing applications,
technological advances and increasing demand for waterborne UV curable resins. Waterborne
UV curable resins are widely used in wood coating applications. The rapid
growth of the market is driven by environmental concerns and increasingly
stringent regulations.
Report Coverage
The report: “Waterborne UV Curable Resins Market– Forecast (2020-2025)”, by IndustryARC,
covers an in-depth analysis of the following segments of the Waterborne UV
Curable Resins Industry.
Key Takeaways
·
Dispersions of urethane acrylates (UV-PUDs),
frequently combined with physical drying acrylic dispersions, are commonly used
in the European furniture coating industry, and are also finding growing
acceptance in the North American market.
·
In addition, growing commercial businesses are
increasing the need for protective coatings to protect against rust oxidation
and corrosion. Thus, driving waterborne UV curable resin market.
· Factors such as increasing cost of solvents and energy and the need to reduce VOC emissions in order to comply with strict regulations drive the market for waterborne UV curable resins.
Chemistry - Segment Analysis
Urethane acrylates held the
largest share in the waterborne UV curable resins market in 2018. Waterborne
urethane acrylates are a viable choice of resin for several end-use coatings,
including wood floors, kitchen cabinets, and furniture. They offer high-end
performance with minimal process issues and almost zero VOC emissions. The
formulation of urethane acrylates has outstanding properties, such as solvent,
water and stain resistant.
Application - Segment Analysis
Wood coatings held the largest
share in the waterborne UV curable resins market in 2018 and is growing at a
CAGR of 13%, because waterborne UV technology provides excellent performance,
low solvent emissions and an increased efficiency in production Their main
areas of application are furniture coatings and industrial parquet hydro
primers. Because of their low viscosity, waterborne UV wood coatings allow the
wood pores to penetrate effectively and provide excellent adhesion. For wood
coatings they are trendy, as they make a polished wooden surface look as
natural as possible. In the waterborne UV curable resins market, the wood
coating application is gaining popularity due to these factors. In addition,
plastic coatings, scratch-resistant wood and UV curable acrylic adhesives are
some of the other important applications of water-borne UV curable resins.
Geography - Segment Analysis
Europe holds the largest share in
the anti-counterfeit electronics and automobiles packaging market in 2018, up
to 30%, owning to stringent regulations. The government regulations have become
more stringent over controlling the release of VOCs in the environment. Traditional
adhesives and coatings, inks, contain hydrocarbon solvents, and when cured,
release hydrocarbons into the atmosphere. In Europe, substances such as
PVC-based adhesives are gradually being phased out. Waterborne UV coatings
Resins emerge here as viable alternatives due to zero or no emissions.
Drivers – Waterborne UV Curable Resins Market
• Government
regulations and environmental concerns.
Due to harmful
air pollutants and negative effects on workers the presence of volatile organic
compounds in the formulation of a coating, or during the production and drying
phases, is avoided. In general, these substances are formaldehydes and organic
solvents. Government regulations and environmental concerns have been pushing
coating formulators and manufacturers in recent years to develop
environmentally friendly green coating alternatives that perform as well or
better than traditional solvent-borne systems. Waterborne UV curable resins
offer a variety of benefits including zero VOC, low odor, non-toxicity,
non-skin irritation and safe production process. Hence its demand is growing.
Challenges – Waterborne UV Curable Resins Market
·
High capital
investment.
Factors that
limit the growth of the market include the need to dry thermally sensitive
substrates and high set up costs that remain a limiting factor in the
proliferation of waterborne UV curable resins in wood applications.
Market Landscape
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the Waterborne UV Curable
Resins Market. In 2019, the market of Waterborne UV Curable Resins Market has
been consolidated by the top five players accounting for xx% of the share. Major
players in the Waterborne UV Curable Resins market are Allnex Belgium S/A,
Alberdingk Boley GmbH, Royal DSM N.V., BASF SE, Covestro, Nippon Gohsei, Wanhua
Chemical Group Co., and Miwon Specialty Chemical Co. Ltd., among others.