Rockville, MD, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The global Photoinitiator Market is estimated at a valuation of US$ 2.18 billion in 2024, according to a recently updated and comprehensive study released by Fact.MR. Over the forecast period (2024 to 2034), the market has been forecasted to expand at a CAGR of 8.5%, driven by the rising adoption of photoinitiators in coatings, adhesives, and 3D printing.
Photoinitiators are specialized compounds that initiate polymerization reactions upon exposure to ultraviolet (UV) or visible light radiation. They play a crucial role in numerous applications, including UV-curable coatings, inks, adhesives, and 3D printing resins, enabling rapid curing and superior performance characteristics.
Increasing focus on sustainable and energy-efficient manufacturing processes is favoring the use of photoinitiators in UV-curing systems that offer faster curing times and lower energy consumption. Advancements in photoinitiator formulations are enhancing their efficiency, stability, and compatibility with various substrates and applications.
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The photoinitiator market is highly competitive, with key players investing in research and development to introduce innovative and specialized photoinitiator formulations. Collaborations and partnerships between manufacturers and end users are set to complement market expansion in the years ahead.
The coatings industry remains a key consumer of photoinitiators, fueled by the increasing demand for environment-friendly, low-volatile organic compound (VOC) coatings in automotive, wood, and industrial applications. East Asia is the leading regional market for photoinitiators, followed by North America.
Key Takeaways from Market Study:
- The market for photoinitiators expanding at a CAGR of 8.6% between 2019 and 2024.
- Worldwide sales of photoinitiators are projected to increase at 8.5% CAGR and reach US$ 4.93 billion by 2034.
- East Asia is projected to hold a market share of 31.9% by 2034.
- Leading manufacturers of photoinitiators include Archema Group, Rayn AG IGM Resins, and Songwon Industrial Co., Ltd.
- Demand for free radicals, under the type segment, is estimated to rise at a CAGR of 9.3%, creating an absolute $ opportunity of US$ 2.1 billion between 2024 and 2034.
- The market in the United States is expected to reach a size of US$ 531 million by the end of 2034.
“Strategic collaborations with end-use industries, such as those dealing in coatings, adhesives, and 3D printing, will provide a crucial competitive edge for companies by developing customized and application-specific photoinitiator formulations,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Photoinitiator Market:
Key industry participants like Anstar; Arkema Group; DOUBLE BOND CHEMICAL IND. CO., LTD.; Eutec Chemical Co., Ltd.; Hampford Research Inc; IGM Resins; Jingjiang Hongtai Chemical Engineering Co., Ltd; Mayzo, Inc.; Polynaisse Resources Chemicals Co; RAHN AG.; Songwon Industrial Co., Ltd.; Tianjin Jiuri New Materials Co., Ltd.; Tokyo Chemical Industry Co., Ltd. (TCI; Tronly New Electronic Materials Co., Ltd.; Zhejiang Yangfan New Materials Co., Ltd.; Other Prominent Players.
Country-wise Insights:
The market in the US is expected to grow at a compound annual growth rate (CAGR) of 8.9% through 2034, with a projected value of US$ 225.5 million in 2024. Between 2024 and 2034, this market is expected to provide an absolute potential worth US$ 305.5 million.
The fact that the United States serves as a central location for all significant producers and suppliers of photoinitiators is one factor in the high rate of product acceptance in this nation. Industries that depend on photoinitiators are guaranteed a dependable supply chain and convenience of access thanks to domestic production and availability of these materials. The incorporation of photoinitiators into a range of industrial processes throughout the nation is made possible by the presence of domestic manufacturers with proven research and support services capabilities.
Photoinitiator Industry News:
Photoinitiator manufacturers are focusing on developing sustainable, high-performance, and application-specific formulations to cater to the evolving needs of different end-use industries. Key players in the market are actively investing in research and development initiatives, collaborating with industry partners, and exploring new market opportunities.
For instance, in 2023, Arkema announced new partnerships with industry leaders to design the next generation of 3D-printed materials and solutions.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global photoinitiator market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on product type (free radical, cationic) and application (adhesives, inks, coatings, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
Segmentation of Photoinitiator Market Research:
By Product Type :
- Free Radical
- Cationic
By Application :
- Adhesives
- Inks
- Coatings
- Others
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