Selbyville, Delaware, Dec. 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global UV Adhesives Market was estimated at USD 770 million in 2022 and is expected to surpass a valuation of $1.5 billion by 2032, progressing at a CAGR of 8.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Consistent developments in the automotive sector are predicted to drive global UV adhesives market progress. UV glue is extensively used in electronic components and other glass bonding applications in this industry. China, one of the world’s top automobile manufacturers, witnessed a surge of 23.1% in the annual sales of passenger vehicles in 2021. Also, over 9.54 million passenger vehicles developed by Chinese brands were sold in 2020, as per the China Association of Automobile Manufacturers.
Despite the many performance advantages of UV adhesives, companies are seeking advanced solutions for different applications as there is limited availability of raw materials and the prices are comparatively high. Many alternative methods, such as solvent-based, water-based, and hot-melt technologies, are more cost-effective, which may limit product demand for some extent.
However, it is expected that UV-cure technology will gain popularity among end-users over the forecast period due to a gradual decrease in the raw material prices and process upgrades. Moreover, favorable government regulations will offer UV cure adhesive manufacturers several growth opportunities owing to their minimal or low-VOC emissions during their lifespan.
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Acrylic UV adhesives gain traction for superior bonding in diverse substrates
Global acrylic UV adhesives market size is expected to register more than 8% CAGR during the forecast period of 2022-2032. Acrylic-based adhesives are ideal for bonding dissimilar materials and small components. They have stronger bonding qualities as compared to mechanical fasteners since the stress is distributed evenly and the gaps are filled for a neat appearance. These adhesives also exhibit excellent environmental & impact resistance and show superior adhesion to almost all types of substrates, further driving product consumption.
Key reasons for infant formula market growth:
- Proliferation in the electronic industry.
- Growth in the medical industry in North America.
- Automotive growth in Asia Pacific.
Health compatibility challenges to boost UV adhesive use in medical device manufacturing
UV adhesives market value from medical end-use segment will surpass USD 313.5 million by 2032, states the report. Manufacturers are looking to overcome several challenges associated with medical devices. Some of these challenges include health compatibility, and the materials used for bonding must enable high-precision production and permanent joining.
Medical products are also required to withstand various sterilization methods, amplifying the need for strong bonding. This applies especially to the adhesives used for assembling the intricate components of medical tools. Medical-grade UV adhesives can be utilized to bond medical products, such as syringes, dialysis filters, blood bags, and tube connections.
R&D efforts in transportation systems to increase usage of UV adhesives in Europe
Europe UV adhesives market is projected to record more than 6.5% CAGR through 2032. The region has a vast presence of reputed companies in various end-user industries, such as transportation and electronics. With the increasing problems of congestion and greenhouse gas (GHG) emissions, research & development programs are being carried out to look for various ways to create sustainable transport systems. The demand to make vehicles lightweight is consequently rising among customers, with UV adhesives gaining momentum, as these products play a vital part in different stages of the vehicle assembly line.
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Facility expansion projects to impact UV adhesives market trends
3M, Permabond Engineering Adhesives, H.B. Fuller, DowDuPont (Dow Corning), Inc., Henkel, Dymax Corporation, Ashland Inc., Epoxy Technology, Sika AG, BASF SE, and Avery Dennison Corporation are among the eminent manufacturers of UV cure adhesives. These organizations are exploring various business strategies to increase their market presence and diversify their product portfolios.
Partial chapters of report table of contents (TOC):
Chapter 3 UV Adhesives Market Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018-2032
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Industry impact forces
3.6 Regulatory trends
3.7 Growth potential analysis
3.8 Regional price trends
3.9 Cost structure analysis
3.10 Porter’s analysis
3.11 PESTLE analysis
3.12 Covid-19 impact on end-use sectors
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share analysis, by region 2022
4.3 Key Stakeholders
4.4 Strategy Dashboard
Chapter 5 By Product by End-user
5.1 UV adhesives market, by product by end-user, 2021 & 2032
5.2 Silicon
5.3 Acrylic
5.4 Polyurethane
5.5 Epoxy
5.6 Others
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
