New York, Dec. 19, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners “UV Curing System Market Size, Share, Growth, Trends, Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Bonding & Assembling, Disinfection, Coating & Finishing, and Printing) and End User (Automotive, Healthcare, Electronics, and Others)”; The global UV curing system market size was valued USD 2.81 billion in 2021 and is expected to reach USD 5.15 billion by 2028 with a CAGR growth rate of 9% during the forecast period from 2021 to 2028.
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Global UV Curing System Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 2.81 Billion in 2021 |
| Market Size Value by | USD 5.15 Billion by 2028 |
| Growth rate | CAGR of 9% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2020 |
| No. of Pages | 136 |
| No. of Tables | 56 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Application and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global UV Curing System Market: Competitive Landscape and Key Developments
Phoseon Technology, Nordson, Heraeus, Dymax, and IST Metz GmbH are among the key players profiled in the UV curing system market. Several market players were analyzed to acquire a holistic view of the market and its ecosystem.
In 2022: Heraeus Noblelight launched infrared and UV technology for future-proof coating solutions at the PaintExpo trade fair in Karlsruhe in April
In 2021: Phoseon Technology announced a partnership with American Ultraviolet for the advancement of LED curing in all UV curing system markets.
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Increasing Adoption of UV Curing Solutions for 3D Printing to Fuel UV Curing System Market Growth during (2021-2028):
There is an increase in the use of 3D printing in today's market. Many companies are increasingly using this technology for creating a three-dimensional structure for rapid prototyping and additive manufacturing. The UV curing process is based on photochemical reaction, using light instead of heat, which instantly dries and cures the inks. Therefore, with the high adoption of 3D printing in the global market, the UV curing system market is simultaneously growing, and it will continue to increase in the coming years. For instance, RADTECH uses UV curing systems for the 3D printing process and additive manufacturing. Arkema Group uses the 3D printing technology using UV curing method to provide superior performance and faster curing material to its customers. Thus, the increasing adoption of UV curing technology in the 3D printing industry will support the growth of UV curing systems in the coming years.
Key Findings of Study:
The robust manufacturing industry across APAC is significantly driving the APAC UV curing system market. The countries across the region have a huge presence of electronics, automotive, and medical equipment manufacturers. UV curing systems are actively utilized across these manufacturing companies for various applications, such as die attachment, wire tacking, pin attachment, and sealing and gasketing products. UV curing solutions are also adopted for coating applications across these above-mentioned industries. Thus, the wide range of UV curing applications propels the demand for the same among the above-mentioned industries, thereby contributing to the UV curing system market growth.
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COVID-19 Impact on Global UV Curing System Market Growth:
The onset of the COVID-19 pandemic led to the disruptions of various industries, such as automotive, manufacturing, and consumer electronics. Several government initiatives, including travel restrictions and social distancing, have led to the temporary closure of manufacturing units of the production plants working with less capacity, which adversely impacted the UV curing system market in the Q1 and Q2 of 2020. However, with the normalization of economic activities, high vaccination drives, and reduction in COVID-19 cases across the globe, the plants restarted operating in full swing from Q3 of 2020, thereby reducing the impact of the COVID-19 pandemic.
UV Curing System Market: Application Overview
Based on application, the UV curing system market is segmented into bonding & assembling, disinfection, coating & finishing, and painting. The bonding & assembling segment led the market in 2020. Manufacturers of consumer electronics and wearable gadgets, such as smartwatches containing chips and flexible sensors, are seeing new prospects owing to the Internet of Things (IoT). Breakthroughs in device design and manufacturing technology positively impact PCB production worldwide. Thus, the rise in PCB production is propelling the demand for bonding & assembling processes from the manufacturers.
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Increasing demand for the UV LED curing system over the traditional lamp-based curing system is one of the major factors for the growth of the UV curing system market. Furthermore, coatings and adhesives, when exposed to traditional curing systems, release volatile organic compounds, which affect the health of the workers associated with the process and the environment. Therefore, in various countries, strict government regulations were imposed regarding the emission of volatile organic compounds. UV LED curing method reduces the emissions of the volatile compounds. Therefore, the demand for the UV curing systems using LED increased in various verticals, which is driving the UV curing system market growth. However, limited depth curing may act as a restraint in the growth of the UV curing system market. Furthermore, the high-growth potential of UV curing technology in a new form opens up market possibilities. UV Curing Systems are currently most used for coating, bonding, and printing, among other things. UV Curing Systems are widely used in industries such as printing, healthcare, and automotive. It is being used in new ways, such as 3D printing, digital printing, metal coating, package disinfection, and more. The UV curing technology, is also considered as the dominant technology for metal coating applications, as opposed to plastic and wood coatings.
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