Photoinitiator Market Analysis, By Product Type (Free Radical Photoinitiator, Cationic Photoinitiator), By End-use Industry (Adhesives, Inks, Coatings), By Region - Global Market Insights 2022 to 2032
Photoinitiator Market Outlook (2022-2032)
The global photoinitiator market accounts for US$ 1.86 billion and is projected to surge to a market valuation of US$ 4 billion by the end of 2032. As per Fact.MR’s analysis, this surge is because worldwide consumption of photoinitiators is predicted to increase at an impressive CAGR of 8.2% from 2022 to 2032.
Increasing focus on sustainability and rising consumption of composites, coatings, and adhesives are primary factors that are projected to positively influence the sales of photoinitiators over the coming years.
Photoinitiator Market Size (2022E)
US$ 1.86 Billion
Forecasted Market Value (2032F)
US$ 4 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2022)
Europe Market Share (2022)
Key Companies Profiled
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Worldwide Photoinitiator Demand Analysis (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)
Photoinitiators are simple and have a low-cost synthesis process which makes them a preferable choice in various end-use industry applications. Their low toxicity, easy operation, and easy formulation are expected to make them a mainstay in several applications over the years to come.
Increasing focus on sustainability has led to a rise in demand for alternatives to VOCs (volatile organic compounds) and hence resulting in high demand for photoinitiators. Water-soluble photoinitiators, UV absorbers, and reactive diluents are anticipated to see high demand owing to the increasing focus on sustainability.
Increasing scope of application for photoinitiators in 3D printing, bioprinting, and packaging is expected to positively influence photoinitiator sales through 2032. New photoinitiator formulations such as camphorquinone that are safe to use in dental applications are expected to further bolster photoinitiator market growth over the forecast period.
However, chemicals used to manufacture photoinitiators are toxic to human health and are banned in several regions and this could have a constraining effect on the market growth.
From 2022 to 2032, the photoinitiator market is slated to witness expansion at an 8.2% CAGR.
How is the Photoinitiator Market Evolving?
“Efficient & Eco-friendly Nature Driving Photoinitiator Demand”
Photoinitiators are highly efficient and very eco-friendly as compared to VOCs (volatile organic compounds). This makes them a preferable alternative across several industry verticals that are trying to achieve their sustainability goals.
Photoinitiators are easily soluble in water with oligomers and hence minimize the harmful impact on the environment. These factors drive demand for photoinitiators throughout the forecast period.
“High Costs & Safety Constraints Impeding Market Potential”
The procurement of chemicals involved in photoinitiator manufacturing and the high cost of the equipment involved are factors that are expected to have a restraining effect on the overall market growth. Moreover, security concerns over the use of toxic chemicals that are harmful to human health are also expected to slow down the manufacturing process.
An Adaptive Approach to Modern-day Research Needs
What Opportunities Can New Market Players Cash in On?
“Start-ups Can Target New Application Areas of Photoinitiators”
- T3DP, a technology innovation start-up based in California and founded in 2019, has created a new innovative 3D printer that is expected to revolutionize the renewable energy industry. Volumetric 3D printing is expected to increase the power output of solar cells two to three times. This new printer by T3DP uses a photoswitchable photoinitiator to direct polymerization at the intersection of two different wavelengths to create a high-resolution 3D component.
New market entrants can focus on exploring such new applications for photoinitiators and create a mark in the global industry. The photoinitiator market is a competitive one and innovative products will need innovative strategies to promote them and generate revenue.
Which Regions Should Photoinitiator Suppliers Target?
“Asia Pacific Leads Demand for Photoinitiators”
Industrialization has increased exponentially in the APAC region over the past few years and this trend is expected to rife throughout the forecast period. Rapidly evolving construction, electronic manufacturing, and automotive manufacturing industries are expected to favour photoinitiator market potential in this region.
The growth in the Asia Pacific region is expected to be led by China and India across the forecast period owing to rising support from the government to bolster the manufacturing sector and boost economic development.
China currently accounts for a dominant market share of 31% and accounts for a revenue total of US$ 577 million in 2022. Presence of robust manufacturing facilities and supportive government initiatives to boost photoinitiator market growth in the country throughout the forecast period.
The photoinitiator market in North America stands at a value of US$ 298 million in 2022 and accounts for a market share of 16%. The demand for photoinitiators in this region is expected to be driven by the increasing adoption of novel technologies.
The Europe photoinitiator market stands at a revenue total of US$ 409 million and is expected to be driven by increasing industrial activity in this region. Germany, the U.K., France, and Spain are expected to be prominent markets in Europe across the forecast period.
Fact.MR, a market research and competitive intelligence provider has assessed a complete regional analysis in this latest photoinitiator market survey.
Which Type of Photoinitiators Will be Popular Going Forward?
“Free Radical Photoinitiators Will be Preferred over Cationic Photoinitiators”
Free radical photoinitiators have been witnessing a substantial increase in popularity owing to their efficiency in curing processes. Free radical photoinitiators are used to convert liquid resin into cured and dry products. Increasing demand for free radical photoinitiators in applications such as adhesives, UV-curable inks, composites, etc.
Cationic photoinitiators are also anticipated to witness an increase in popularity owing to their advantages such as no oxygen inhibition, excellent adhesion, superior coating properties, and low shrinkage. Based on type, the photoinitiator market is bifurcated into cationic and free radical.
Photoinitiator manufacturers are anticipated to focus on bolstering their production capacity to meet increasing demand from various industry verticals.
- In August 2020, IGM Resins, a leading chemical manufacturing organization, announced the launch of its new photoinitiator manufacturing plant in Anqing, China. The expansion was aimed at increasing IGM’s market presence in the Asian market for photoinitiators.
Key Segments Covered in Photoinitiator Industry Research
Photoinitiator Market by Type :
- Free Radical
Photoinitiator Market by End-use Industry :
Photoinitiator Market by Region :
- North America
- Latin America
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