Overview
The study papers by MRFR imply that in the “UV Curable Resins and Formulated Products Market Research Report Information by Region, Application, and Composition – Forecast Till 2032”, the UV Curable Resins and Formulated Products market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a substantial CAGR of nearly 14.00%. The study papers even offer predictions related to the global market’s expanding revenue numbers, which will likely attain a market of USD 12.68 billion by the end of 2032. As per the reports, the market was valued at nearly USD 3.9 billion in 2022.
Market Scope
The global UV Curable Resins and Formulated Products industry has progressed extremely recently. The primary parameter causing a surge in market performance is the better performance of curable resins and reduced VOC and reactive dilute.
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Competitive Analysis
The listing of the prominent participants across the global market for UV Curable Resins and Formulated Products incorporates players such as:
- IGM Resins (Netherlands)
- BASF SE
- Alberdingk Boley GmbH
- Wanhua Chemical Group Co.
- Showa Denko Materials Co.
- Covestro AG
- Miwok Specialty Chemical Co. Ltd.
- Alberdingk Boley GmbH
- Allnex Netherlands B.V
- Among others.
Market U.S.P. Covered
Market Drivers
The global UV Curable resin and Formulated Products industry has progressed extremely recently. The primary parameter causing a surge in market performance is the better performance of curable resins and reduced VOC and reactive dilute. Furthermore, the escalating demand for sustainable and eco-friendly products across the globe is also considered to be one of the vital aspects causing a surge in global market performance. Moreover, the growing adoption of 3D printing technology coupled with its growing use as printing materials in stereolithography (SLA) and digital light processing (DLP) 3D printing technologies are also projected to boost the development of the global market over the coming years.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for UV Curable Resins and Formulated Products. One of the primary parameters restricting the advancement of the market’s performance of the global market is the high prices associated with raw materials.
COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for UV Curable Resins and Formulated Products. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for UV Curable Resins and Formulated Products over the coming years.
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Segment Analysis
Among all the products, the wood & paper coatings segment secured the leading spot across the global market for UV curable resins and formulated products in 2022. The main aspect causing a surge in the performance of the market segment is their superior performance properties and environmental benefits. Given the benefits offered by these coatings, they are widely adopted in several automotive, aerospace, and electronics applications.
Among all the compositions, the oligomers segment secured the leading spot across the global market for UV curable resins and formulated products in 2022. The main aspect causing a surge in the performance of the market segment is the bulk of the physical properties of the cured resin.
Regional Analysis
The global market for electronic-grade isopropyl alcohol is analyzed across five major geographies: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
The study papers by MRFR imply that The North American Region ensured the leading spot across the global UV Curable Resins and Formulated Products industry in 2022 with the largest contribution of nearly 45.80. The region is known for the presence of vital expansion contributors such as Mexico, the U.S., and Canada. The main aspect backing the expansion of the regional UV Curable Resins and Formulated Products market is the escalating demand from several industries such as printing, electronics, and automotive. Furthermore, the growing emphasis on environmental regulations and sustainable manufacturing processes is also likely to enhance the regional market’s growth over the coming years.
The European Region projects to ensure the second spot across the global UV Curable Resins and Formulated Products industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. The region’s main parameters supporting regional market expansion are the region’s stringent regulations regarding VOC emissions, rising demand from the packaging & automotive industries, and the increasing use of UV Curable resin and Formulated Products in producing electric vehicles.
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