Portland, OR, Oct. 15, 2019 (GLOBE NEWSWIRE) — The global generated $4.74 billion in 2018 and is estimated to garner $9.76 billion by 2026, growing at a CAGR of 9.4% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, market size & estimations, key segments, and competitive landscape.
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Increase in demand for eco-friendly paints & coatings and architectural coatings facilitate market growth. However, fluctuating raw material prices and limited light penetration depth restrain the growth of the market. On the other hand, a significant surge in green initiatives creates new opportunities in the industry.
Based on resin type, the acrylate epoxies segment accounted for the largest market share in the global UV curable resin market, holding more than one-third of the total market share in 2018, and is expected to dominate throughout the forecast period. On the other hand, the acrylate urethanes segment would register the highest growth rate with a CAGR of 10.3% from 2019 to 2026, owing to exception characteristics offering all-around performance for different substrates, better film hardness, elasticity and cure speed, and superior flexibility and durability.
Based on the application, the coating segment held nearly one-third of the total market share of the global UV curable resin market in 2018 and is estimated to maintain its leadership status during the forecast period. However, the printing segment is projected to grow at the highest CAGR of 11.0% from 2019 to 2026, owing to the significant increase in usage of innovative printing technologies including inkjet for achieving technical advantages.
Based on the region, Asia-Pacific accounted for more than one-third of the total share of the global UV curable resin market in 2018. This region is expected to maintain its lead position in terms of revenue during the forecast period. Moreover, it is expected to grow at the highest rate with a CAGR of 10.6% from 2019 to 2026. This is attributed to a significant increase in the demand for paints and coating along with a surge in its usage in the automotive industry. On the other hand, North America held less than one-third of the total market share in 2018.
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Leading market players operating in the industry are BASF SE, Hitachi Chemical, Jiangsu Litian Technology, DSM-AGI, Sartomer, Allnex Belgium S.A., Eternal Materials, IGM, Miwon Specialty Chemical, Dymax, and Jiangsu Sanmu Group.
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