USD 770 million
Report ID: SQMIG15B2075 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 70 | Figures: 75
Global UV Adhesives Market size was valued at USD 770 million in 2022 and is poised to grow from USD 835.45 million in 2023 to USD 1478.87 million by 2030, at a CAGR of 6.0% during the forecast period (2023-2030).
UV adhesives are versatile compounds widely used for precise positioning and bonding of parts in various industries. They are effective for both structural and temporary bonding and can adhere well to different substrates like metals, rubbers, glass, ceramics, and various plastics including polycarbonates, acrylics, and phenolics.
Some UV adhesives also offer optical clarity, dimensional stability, low shrinkage, and excellent resistance to chemicals, fuels, solvents, and moisture, making them ideal for demanding applications.
The growth of the UV adhesives market is driven by their enhanced performance in industrial applications and the increasing demand for compact electronic products. Additionally, their application in flexible packaging is driving market growth.
However, the high cost of application machinery is a restraint to market expansion. Nevertheless, the adoption of LED UV lamps in industrial applications presents promising growth opportunities for the UV adhesives market. These advancements enable protection from environmental degradation and outdoor weathering, meeting the stringent requirements of end-users.
Global Market Size
USD 770 million
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The global UV adhesives market is segmented based on resin type, application, and geography. By resin type, the market is divided into acrylic, cyanoacrylate, epoxy, silicone, polyurethane, and others. Based on application, it is classified into packaging, electronics, medical, transportation, industrial assembly, glass bonding, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Analysis by Resin
The largest market for UV adhesives is currently dominated by acrylic-based UV adhesives. The widespread use of acrylic adhesives in industries like electronics, medical devices, and automotive assembly, where fast curing and strong bonding properties are essential, has contributed to their significant market share.
The fastest-growing segment in the UV adhesives market is likely to be epoxy-based UV adhesives. Epoxy adhesives are known for their high strength and excellent bonding properties, making them increasingly popular in industries like electronics, aerospace, and automotive, where reliable and durable bonding is critical. As these industries continue to grow and demand innovative bonding solutions, the adoption of epoxy-based UV adhesives is expected to rise rapidly.
Analysis by Application
The fastest-growing segment in the UV adhesives market is expected to be the electronics industry. The increasing demand for smartphones, tablets, wearable devices, and other consumer electronics is fueling the growth of UV adhesives in this sector. The adoption of UV adhesives in the medical industry is also growing rapidly due to the need for advanced medical devices and equipment. Additionally, the packaging and laminating segment is experiencing significant growth, driven by the rising demand for sustainable and efficient packaging solutions.
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As of the latest available data, North America is the largest market for UV adhesives. The region's dominance can be attributed to the presence of a well-established industrial sector, extensive adoption of UV-curable adhesives in various industries, and a strong demand for high-performance adhesive solutions.
Asia-Pacific is the fastest-growing market for UV adhesives. The region's rapid growth can be attributed to the expansion of industrial activities, especially in countries like China and India, which have witnessed significant growth in sectors such as electronics, automotive, packaging, and healthcare. The increasing demand for compact electronic products and the rising popularity of UV adhesives in flexible packaging applications are driving the market growth in the Asia-Pacific region. Additionally, advancements in manufacturing technologies and the adoption of UV adhesives for various industrial applications are fueling the market's expansion in this region.
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The global UV adhesives market is highly competitive and consists of several key players. These companies are actively involved in research and development activities to develop innovative and advanced UV adhesives to cater to various industries' demands. They also focus on expanding their market presence through strategic partnerships, collaborations, mergers, and acquisitions. Additionally, manufacturers are striving to offer customized solutions to meet the specific requirements of end-users. These companies compete based on factors such as product quality, performance, pricing, and customer support. Brand reputation and extensive distribution networks also play a crucial role in their competitive strategies. As the demand for UV adhesives continues to grow across various industries, companies in the market are expected to intensify their efforts to maintain a competitive edge and capitalize on the market opportunities.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global UV adhesives market is expected to witness promising future prospects. The market is projected to grow due to the increasing demand for compact electronic products, rising adoption of UV adhesives in various industrial applications, and the expansion of industries such as electronics, automotive, healthcare, and packaging. The UV adhesives offer enhanced performance and cater to the requirements of precision bonding and positioning of parts. Additionally, the growing preference for UV-curable adhesives due to their fast-curing time, high bond strength, and environmental benefits is likely to drive market growth. The introduction of advanced UV lamp technologies and continuous research and development efforts will further fuel the market's growth in the coming years.
|Market size value in 2022||USD 770 million|
|Market size value in 2030||USD 835.45 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global UV Adhesives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global UV Adhesives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global UV Adhesives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global UV Adhesives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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