LONDON, March 27, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s UV Adhesives Global Market Report 2024, the UV adhesives market has experienced robust growth in recent years, propelled by increasing demand from diverse industries and applications. Market analysis indicates that the market size will grow from $2.08 billion in 2023 to $2.26 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.6%. Furthermore, the UV adhesives market is forecasted to reach $2.98 billion by 2028, showcasing a CAGR of 7.2%.
Key Drivers of Market Expansion - Emerging Applications and Growing Importance of Eco-Friendly Solutions
The anticipated growth in the UV adhesives market is attributed to a myriad of factors, including emerging applications in renewable energy, the rise in electric vehicles, increasing demand in the packaging industry, and a shift towards eco-friendly bonding solutions. Major trends in the forecast period include innovations in the medical industry, technological evolution, advancements in curing technologies, and a growing emphasis on bonding dissimilar materials. UV adhesives play a critical role in various industries, providing exceptional precision and reliability in joining components across diverse applications.
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Focus on Specialized One-Step UV Cure Epoxy Adhesives
Leading companies in the UV adhesives market, such as Henkel AG & Co. KGaA and Arkema, are driving innovation through the development of specialized one-step UV cure epoxy adhesives. These adhesives combine the benefits of epoxy adhesive properties with UV curing technology, offering rapid curing and superior bond strength. For instance, Henkel AG & Co. KGaA recently launched Loctite Ablestik NCA 01UV, a one-step cure active alignment UV adhesive designed for high-resolution advanced driver assistance systems (ADAS) cameras and lidar modules in the automotive industry. Strategic acquisitions, such as Arkema's acquisition of Permoseal Ltd., further enhance companies' adhesive portfolios and market presence.
Asia-Pacific Emerges as Fastest-Growing Region
North America led the UV adhesives market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The UV adhesives market is segmented by resin type into acrylic, cyanoacrylate, epoxy, silicone, polyurethane, and other resin types. Applications encompass pressure-sensitive applications, packaging and laminating, wood-working, assembly, and other sectors, while end-users include medical, electronics, automotive, furniture and interior design, packaging, and more.
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The UV adhesives market is on a trajectory of significant growth, driven by emerging applications, technological advancements, and a growing emphasis on sustainability. Major players continue to innovate, introducing specialized solutions to meet evolving industry demands while contributing to environmental stewardship. With diverse opportunities across regions and applications, the UV adhesives market presents promising prospects for stakeholders and industry participants.
UV Adhesives Global Market Report 2024 by The Business Research Company provides insights on the UV adhesives market size, UV adhesives market segments, UV adhesives market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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