UV Cured Adhesives Market: About the Report
Growth of the UV cured adhesives market can be attributed to the electronics and medical sectors, which capture a lion’s share of the market. In the short term, the market is set to be propelled by medical applications, owing to the need for UV cured adhesives for rapid ventilator assembly lines and swab manufacturing.
Fact.MR’s report also talks about how electronics, packaging, and optical applications are set to grow at a stable rate over the long-term forecast period. There is also date and discussion about how East Asia and South Asia are set to surge past North America and Europe in this space over the next ten years.
Global UV Cured Adhesives Market Overview
The global UV cured adhesives market has witnessed moderate growth at a CAGR of 6.7% over the past half-decade. However, in 2nd and 3rd quarter of FY2020, the market has stepped on the brakes of demand for fast curing adhesives such as UV cured adhesives, owing to contraction in demand for such adhesives across industries amidst the COVID-19 pandemic.
In the 3rd quarter, industries across almost all regions have restarted at a normal pace, owing to rise in demand for electronic and medical products. Decline in demand in the 2nd and 3rd quarters is set to normalize by the end of Q2 FY2021, owing to rise in investments in the adhesives market.
Gradual uptake of electronics and optical products is set to provide a domino effect to the expansion of the UV cured adhesives market size during the short-run forecast period. All in all, the market is set to swell 2.1X over the forecast period of 2020 to 2030.
UV Cured Adhesives Market Insights by Resin Type
UV cured adhesives are majorly manufactured utilizing four prominent resins - silicone, urethane, acrylic, and epoxy, for different application across industries. Of these resins types, acrylic is set to capture around 40% of the UV cured adhesives market, owing to higher product penetration across regions.
Apart from product penetration, factors such as manufacturers’ production feasibility, price points, and range of applications enhance the product stance in the market. Epoxy is gaining prominence across industries owing to rise in its range of application across the electronics, medical, and optical industries. In the short term, urethane and acrylic will be the flag bearers, while acrylic and epoxy are set to be the potential resin types by the end of the forecast period.
UV Cured Adhesives Market Insights by Application
UV cured adhesives are significantly consumed in the electronics industry, and this segment captures nearly 40% of global demand. Increasing need for rapid assembly lines in the electronics industry has forced manufacturers to optimize production lines, which could be rectified by adjusting production parameters such as capital and labor.
Manufacturers in the electronics industry have adopted UV cured adhesives in order to enhance production rates. In FY2020, Delo (Adhesive manufacturer) and Muhlbauer (Equipment manufacturer) collaborated to supply rapid RFID inlays production lined to Impinj, which included UV cured adhesives as a key component. This development in the industry provides an image of rapid inculcation of UV cured adhesives in assembly lines in the electronics industry.
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Regional Outlook of UV Cured Adhesives Market
Europe holds a prominent UV cured adhesives market share. However, this trend is set to flip by the end of the forecast period, as East Asia is set to take over the market crown. Currently, Europe accounts for over 35% of the demand for UV cured adhesives. Followed by Europe, North America is set to capture a quarter of the market share in FY2020, but is also set to fall by 2030, owing to market saturation in the region. In the long run, East Asia and South Asia are set to remain prominent regions in the UV cured adhesives market.
UV Cured Adhesives Market: Key Strategies of Manufacturers
The global UV cured adhesives market is highly fragmented in nature. Henkel, 3M, Denka, and Delo are the only key market players in tier-1, accounting for more than 40% of global production of UV cured adhesives. Players have adopted organic strategies in prominent growth regions. For instance, in FY2020, Dymax utilized the opportunity and leveraged medical UV cured adhesives to ventilator assembly lines in the United States.
The Analyst’s Viewpoint
“Manufacturers have adopted the production possibility curve to convert the COVID-19 outbreak from a disaster into an opportunity.”
An Adaptive Approach to Modern-day Research Needs
COVID-19 Impact on UV Cured Adhesives Market
The global UV cured adhesives market has slowed down owing to contraction in demand from a majority of the industries such as electronics, optics, packaging, and others, due to the COVID-19 outbreak. As time goes by, with a rise in production activities across the electrical and electronics industry, a positive effect for the UV cured adhesive is set to be observed.
In the perspective of market competition, players such as Delo and Dymax have adopted the production possibility curve to extend their medical UV cured adhesives for rapid assembly lines of ventilators. This shows market flexibility at the times of depression. UV cured adhesives, being a moderately diversified market, is set to hold minor risk over the long-term forecast period.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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