UV Adhesives Market: Introduction
In terms of value, the global UV adhesives market is anticipated to expand at a CAGR of ~8% from 2020 to 2030 and reach ~US$ 900 Mn by 2030. Asia Pacific dominated the global UV adhesives market in terms of volume in 2019. It is estimated to be the leading region of the global UV adhesives market during the forecast period. The construction industry is projected to offer lucrative opportunities for the UV adhesives market in the near future.
UV Adhesives Market: Major Drivers and Restraints
High rate of urbanization in emerging markets, such as Latin America and Asia Pacific, has led to expansion of the construction industry. This includes not only residential and commercial construction, but also development of infrastructure such as roads, highways, dams, airports, railway stations, and bridges. UV adhesives are widely used in construction activities. Therefore, rise in construction activities is anticipated to boost the demand for UV adhesives across the globe.
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The increase in usage of UV adhesive in various medical applications is propelling the global UV adhesives market. UV adhesives are applied onto a wide variety of medical products including catheters, IV delivery systems, endoscopes, and cannulas. They provide biocompatibility, improved durability, lubricity, and resistance to chemicals and scratches. Several players have taken strategic initiatives, such as capacity expansion, in order to expand their UV adhesives business, owing to high demand for UV adhesives in various industrial applications. This is also projected to boost the UV adhesives market during the forecast period.
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For instance, in March 2019, BASF SE increased its manufacturing capacity for UV acrylic hot-melt adhesives, which are sold under the brand name of acResin, at its Ludwigshafen site in Germany. Through this move, the company strengthened its position as a leading solution provider for various applications in the adhesives sector. High cost of UV adhesives vis-à-vis conventional adhesives is likely to restrain the global UV adhesives market during the forecast period. The cost of an adhesive and a UV lamp is high. On the other hand, conventional adhesives are inexpensive and possess similar bonding properties to that of UV adhesives. This is expected to hamper the UV adhesives market in the near future.
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UV Adhesives Market: Prominent Segments
In terms of value, the acrylate resin segment held major share of the global UV adhesives market in 2019. This trend is anticipated to continue during the forecast period, due to considerable usage of acrylate in construction and medical industries. Based on end use, the transportation segment constituted significant share of more than 25% of the global UV adhesives market in 2019. This trend is estimated to continue throughout the forecast period. On the other hand, the building & construction segment is projected to expand at a rapid pace during the forecast period.
Competition Landscape
Major global manufacturers of UV adhesives include Henkel AG and Company KGaA, 3M, H. B. Fuller, Dow Inc., Avery Dennison Corporation, BASF SE, Bostik SA, and Sika AG. The capital-intensive and technologically advanced nature of the UV adhesives acts as a significant barrier for new players to enter the market.
