Environment-friendly UV Adhesives Gain Worldwide Acceptance amid Mounting Environmental Concerns
Since their discovery, nearly 3,300 years ago, adhesives have been extensively used for various bonding applications. Adhesives have come a long way since then and are increasingly being used in various biomedical, industrial, and pharmaceutical applications. Considerable research and development activities have been carried out to produce high-quality and biocompatible adhesives. In the current scenario, environment-friendly adhesives have gained considerable popularity and the trend is likely to continue during the forecast period. The advent of modern technologies coupled with the growing demand for eco-friendly adhesives is among the leading factors that have paved the way for UV adhesives in the current market landscape.
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Significant developments in nanotechnology and derivatization of polymers have led to the development of a range of UV adhesives that are extensively used in a myriad of end-use industries, such as electronics, building & construction, medical, industrial assembly, etc. In addition, owing to mounting environmental concerns and limited availability of raw materials natural, the demand for natural adhesives has witnessed a considerable decline in the past few years. On the contrary, the UV adhesives market has witnessed significant growth, and as per current observations, the trend is projected to garner further momentum during the forecast period. At the back of these factors, the global UV adhesives market is expected to reach a market value of ~US$ 900 Mn by the end of 2030.
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Demand for Synthetic Adhesives to Remain Higher than Natural Variants
Natural adhesives came into the limelight in the 20th Century and since then, started to gain immense popularity. The aerospace sector was at the forefront in terms of using adhesives in aircraft manufacturing and over the years, the growth of the aviation sector has played a key role in influencing adhesive technologies. The growing demand for UV adhesives with optimum structural strength and high resistance triggered the development of novel high-performance adhesive materials that are increasingly being used in domestic as well as industrial applications.
Although a number of eco-friendly synthetic UV adhesives has been introduced to the market, the demand for natural adhesives is likely to remain steady, owing to low cost. Synthetic UV adhesives are likely to dominate the UV adhesives market during the forecast period, due to exceptional moisture-resistant properties and high-strength. Some of the key factors that are likely to set the tone for the development of the UV adhesives market include globalization, the advent of numerous technological processes, and changing government regulations across the world.
Widening Applications in Several End-use Industries to Aid UV adhesives Market Growth
UV adhesives are widely used across a host of end-use industries. Over the past decade, market players operating in the UV adhesives market are largely focusing on capitalizing the lucrative opportunities in the healthcare sector. The growing applications of UV adhesives in the dentistry, pharmaceutical, and medical field are expected to provide an impetus to the overall growth of the global market for UV adhesives. While the adoption of UV adhesives from the medical sector continues to move in the upward trajectory, the adoption of UV adhesives in a range of industrial applications is expected to outpace that of the healthcare sector. Apart from providing a high level of adhesion, UV adhesives are also being utilized as sealing agents to prevent corrosion and oxidation. The construction sector is anticipated to provide abundant opportunities, as UV adhesives are increasingly being used for ceramic tile installation, floor tile installation, prefinished panel installation, etc. UV adhesives are used in a number of consumer goods, including decorative films and stationery products. Packaging and transportation sectors have also gradually emerged as prominent end-use industries, wherein UV adhesives are increasingly being used.
Market Players to Focus on Manufacturing Essential Products amid COVID-19 Crisis
The COVID-19 pandemic is expected to have a strong short-term impact on the growth of the global UV adhesives market. Due to inevitable lockdowns and restrictions on trade and transportation, market players are likely to face significant barriers in the supply chain. The healthcare sector is expected to provide considerable opportunities for the market participants as the production of epoxies and adhesives is likely to remain unaffected as it is classified as a critical product in multiple nations. Market players are currently turning their attention toward supplying UV adhesives and other essential products required to combat the novel COVID-19 virus. While international demand is likely to decline during the COVID-19 event, market players should focus on fulfilling the growing demand from the domestic healthcare sector.
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