NEWARK, Del, July 10, 2024 (GLOBE NEWSWIRE) -- The waterborne UV curable resin market had an estimated market size of USD 300 million in 2023 and is expected to reach a global market size of USD 1.6 billion by 2034, increasing at a CAGR of 14.6% between 2024 and 2034. By 2024, the market for waterborne UV curable resin is likely to reach a valuation of US$ 401.7 million.
Another factor driving the worldwide waterborne UV curable resin market is increased consumer and company awareness of sustainability as well as environmental responsibility. Waterborne UV curable resins, which provide environmentally benign substitutes for conventional solvent-based coatings and are in line with sustainable business practices and preferences, are becoming more and more popular as a result of this expanding consciousness.
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An avenue for growth in the global market for waterborne UV curable resin is the broadening range of applications in diverse sectors such as electronics, automotive, and packaging. Growing industrial demands and preferences for high-performance and environmentally friendly coatings present opportunities for creative startups and well-established firms to create customized solutions.
Key Takeaways from the Market Analysis
- The global demand for waterborne UV curable resin reached US$ 100 million in 2019.
- It is expected that the urethane acrylate waterborne UV curable resin would attain a 14.3% CAGR through 2034.
- It is projected that wood application of waterborne UV curable resin will advance at a CAGR of 14.1% by 2034.
- The market in the United Kingdom is anticipated to rise through 2034 at 15.1% CAGR.
- It is projected that China's waterborne UV curable resin ecosystem will evolve at a 15.6% CAGR between 2024 and 2034.
“The increased regulatory pressure to minimize emissions of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) is one factor propelling the global market for waterborne UV curable resin. This has generated a need for environmentally friendly coating solutions globally,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
Leading companies in the global market for waterborne UV curable resins are experimenting with new formulas that are less harmful to the environment and include less volatile organic compounds (VOCs) as well as hazardous air pollutants (HAPs).
To satisfy a variety of application needs, they are also improving the performance characteristics of these resins, including adhesion, durability, and scratch resistance. Innovations also concentrate on increasing the speed and efficiency of curing, allowing for speedier manufacturing processes without sacrificing high-quality finishes. These developments support the market expansion and long-term viability.
Startups in the global waterborne UV curable resin market are focused on new applications and customization options. By using their flexibility and agility to meet individual consumer demands and preferences, they want to produce solutions that are specifically designed for sectors like automotive, electronics, and packaging. In order to broaden their market reach and gain a competitive advantage, these companies are also investigating developments in nanotechnology and additives to improve the performance and adaptability of waterborne UV curable resin compositions.
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Key Companies Profiled
- Allnex Belgium SA/NV
- BASF SE
- Alberdingk Boley GmbH
- Royal DSM N. V.
- Covestro
- Nippon Gohsei
- Wanhua Chemical Group Co. Ltd.
- Miwon Specialty Chemical Co. Ltd.
Key Developments
- In 2022, DSM and Firmenich signed a business combination agreement ("BCA") to form the leading creation and innovation partner in nutrition, beauty, and well-being ("DSM-Firmenich").
- The merger combined Firmenich's distinctive leading Perfumery and Taste businesses, as well as its world-class research platforms and related co-creation capabilities, with DSM's exceptional Health and Nutrition portfolio and recognized scientific knowledge. Four very productive and complimentary companies, each with a leadership position and supported by top-notch research, will make up the new organization.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global waterborne UV curable resin market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global waterborne UV curable resin market, the market is segmented on the basis of type (urethane acrylate, blend of urethane acrylate with acrylic dispersion), application (wood, graphics, opto and electronics, foil and inks, plastics) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
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Key Segments Profiled in the Waterborne UV Curable Resin Market
By Type:
- Urethane Acrylate
- Blend of Urethane Acrylate with Acrylic Dispersion
By Application:
- Wood
- Graphics
- Opto and Electronics
- Foil and Inks
- Plastics
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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