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.
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.
· 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.
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.