Photoinitiator Market

Photoinitiator Market Analysis by Free Radical and Cationic for Adhesives, Inks, and Coatings from 2024 to 2034

Analysis of Photoinitiator Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Photoinitiator Market Outlook (2024 to 2034)

The global photoinitiator market size was pegged at US$ 2 billion in 2023 and has been forecasted to expand at a noteworthy CAGR of 8.5% to climb to a value of US$ 4.93 billion by the end of 2034.

Photoinitiators are light-sensitive compounds that play a crucial role in various industries. When exposed to radiation sources such as ultraviolet light, they undergo structural transformations, generating highly reactive free radicals. These reactive species initiate chain reactions with monomers, facilitating polymer formation.

Simplicity of photoinitiators, coupled with their low synthesis cost, makes them a preferred choice across diverse industrial sectors. Their low toxicity, ease of operation, and straightforward formulation have led to their high popularity as essential components in numerous applications.

Increasing focus on sustainability has led to a rise in the demand for alternatives to volatile organic compounds (VOC), resulting in a high demand for photoinitiators. Water-soluble photoinitiators, UV absorbers, and reactive diluents are expected to exhibit high demand as a result of this key photoinitiator market trend.

Increasing scope of application for photoinitiators in 3D printing, bioprinting, and packaging is expected to positively influence their sales through 2034. New photoinitiator formulations such as camphorquinone that are safe to use in dental applications will further bolster overall photoinitiator market growth over the coming years.

  • Regulatory bodies such as the European Chemicals Agency (ECHA) have classified certain photoinitiators, including diphenyl (2,4,6-trimethyl benzoyl) and phosphine oxide (commonly known as Photoinitiator TPO), as substances of very high concern (SVHC). Consequently, their use is restricted and will be banned unless companies obtain authorization from the European Commission.
Report Attribute Detail
Photoinitiator Market Size (2023A) US$ 2 Billion
Estimated Market Value (2024E) US$ 2.18 Billion
Forecasted Market Value (2034F) US$ 4.93 Billion
Global Market Growth Rate (2024 to 2034) 8.5% CAGR
East Asia Market Share (2024) 31.1%
China Market Growth Rate (2024 to 2034) 9.1% CAGR
Key Companies Profiled Anstar; Arkema Group; DOUBLE BOND CHEMICAL IND. CO., LTD.; Eutec Chemical Co., Ltd.; Hampford Research Inc; IGM Resins; Jingjiang Hongtai Chemical Engineering Co., Ltd; Mayzo, Inc.; Polynaisse Resources Chemicals Co; RAHN AG.; Songwon Industrial Co., Ltd.; Tianjin Jiuri New Materials Co., Ltd.; Tokyo Chemical Industry Co., Ltd. (TCI; Tronly New Electronic Materials Co., Ltd.; Zhejiang Yangfan New Materials Co., Ltd.; Other Prominent Players.

Don't Need a Global Report?

save 40%! on Country & Region specific reports

Consumption Analysis of Photoinitiators (2019 to 2023) vs. Market Projections (2024 to 2034)

The historical growth rate of the global photoinitiator market was recorded at 8.2% CAGR from 2019 to 2023.

  • Short Term (2024 to 2028): Advancements in UV-curable coatings and inks, particularly in packaging and 3D printing, will boost UV-curing technology adoption due to its environmental benefits and cost-effectiveness. Despite regulatory pressures, the demand for eco-friendly, less toxic photoinitiators will keep rising.
  • Medium Term (2028 to 2030): Photoinitiators will be subject to stringent government regulations in Europe and other regions. This will significantly impact market growth. As such, companies that successfully develop and commercialize non-toxic, high-performance photoinitiators will gain a competitive edge. This period will also see increased mergers and acquisitions as companies aim to consolidate resources to navigate regulatory challenges and expand their product portfolios.
  • Long Term (2030 to 2034): Growth of end-use industries such as adhesives, coatings, inks, and paints will push market expansion in the long run.

The photoinitiator market has been projected to grow at a CAGR of 8.5% during the forecast period from 2024 to 2034, according to Fact.MR, a market research and competitive intelligence provider.

Where is Worldwide Usage of Photoinitiators Increasing?

“Rising Consumption in Dental and Medical Applications”

Photoinitiators are extensively utilized in dental and medical applications, including dental restoratives, adhesives, and medical coatings.

  • The American Dental Association (ADA) underscores the exceptional performance of photoinitiator-based materials, emphasizing their notable attributes such as rapid curing speed and superior mechanical properties.

This recognition by DA has led to the increasing integration of photoinitiators within dental practices and the manufacturing of medical devices.

“Market Benefiting from Surging Demand for UV-Curable Coatings and Inks”

Surging utilization of UV-curable coatings and inks across diverse sectors such as automotive, electronics, and packaging is a primary driver pushing the demand for photoinitiators. These coatings present notable advantages, including swift curing durations, heightened durability, and reduced environmental footprint.

  • According to the Environmental Protection Agency (EPA), widespread adoption of UV-curable technologies has resulted in a significant decrease in volatile organic compound usage in manufacturing processes, positioning them as an environmentally conscious choice.

This transition toward eco-friendly alternatives underscores the crucial role of photoinitiators in meeting industry demands while mitigating environmental impacts.

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

What are the Challenges Faced by Manufacturers of Photoinitiators?

“Stringent Environmental Regulations and Impact on Human Health”

Procurement of chemicals involved in photoinitiator manufacturing and the high cost of the equipment involved are key factors that are expected to have a restraining effect on overall market growth. Moreover, security concerns over the use of toxic chemicals that are harmful to human health are also expected to slow down manufacturing.

  • The European Union's Registration, Evaluation, Authorization, and Restriction of Chemicals regulation imposes strict guidelines on the use of certain chemicals, including some photoinitiators.

Responding to these regulations can be costly and time-consuming for manufacturers, as they need to invest in research and development to find alternative, more environment-friendly photoinitiators or modify their production processes to comply with several regulations.

Country-wise Insights

Why is the United States a Leading Market in This Space?

“Substantial Domestic Production of Photoinitiators”

The market in the United States is estimated at a value of US$ 225.5 million in 2024 and is projected to expand at a CAGR of 8.9% through 2034. This market is projected to generate a US$ 305.5 million absolute opportunity from 2024 to 2034.

The United States is a hub for all major manufacturers and suppliers of photoinitiators, which contributes to the high adoption rate of these products in the country. Domestic availability and production of photoinitiators ensure a reliable supply chain and ease of access for industries that rely on these materials. This domestic presence of manufacturers having expertise in research and support services enables the integration of photoinitiators into various industrial processes across the country.

What are Photoinitiator Manufacturers Targeting in China?

“Diverse Industrial Landscape and Advanced Manufacturing Capabilities”

China accounts for 55.6% photoinitiator market share in East Asia in 2024 with a valuation of US$ 377 million.

China's robust and varied industrial landscape includes key sectors such as printing, coatings, adhesives, and electronics, all of which rely heavily on photoinitiators. The country's emphasis on incorporating advanced manufacturing technologies, especially UV-curing processes, has significantly increased the use of photoinitiators across these industries.

This technological adoption ensures efficient and high-quality production, making photoinitiators essential for achieving the desired results. By leveraging these innovations, China's industries are looking to maintain their competitive edge and meet the growing demand for superior products. Integration of photoinitiators into diverse applications will support the country's industrial growth and technological advancements over the coming years.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Category-wise Insights

Which is the Most Preferred Type of Photoinitiators in the Market?

“Substantial Demand for Free Radical Photoinitiators Due to Their High Performance and Versatility”

Expanding at a CAGR of 9.3%, the free radical type segment is projected to increase from a valuation of US$ 1.16 billion in 2024 to US$ 3.56 billion by the end of 2034.

Free radical photoinitiators are in higher demand compared to cationic photoinitiators due to their superior performance, broader application range, and cost-effectiveness. Industries such as printing, coatings, and adhesives prefer free radicals for their reactivity and compatibility with various materials, enabling faster curing times and better product performance. Their higher adoption rates are also attributed to their lower costs.

Free radicals also have beneficial mechanical properties such as flexibility and adhesion, which are crucial for coating and adhesive manufacturing. However, cationic photoinitiators are still preferred for their unique features such as chemical resistance. The choice between the two types depends on specific application requirements and desired performance attributes.

Competitive Landscape

Key players in the photoinitiator industry are Anstar, Arkema Group, Eutec Co. Ltd, Hampford Research Inc, IGM Resins, Jingjiang Hongtai Chemical Engineering Co., Ltd, Mayzo, Inc., Polynaisse Resources Chemicals Co, RAHN AG., Tianjin Jiuri New Materials Co., Ltd., and Songwon Industrial Co., Ltd.

  • In 2023, Songwon Industrial Co., Ltd., the second-largest manufacturer of polymer stabilizers and a global specialty chemical company, announced a distribution partnership with KRAHN Italia S.p.A. for its business unit (BU) coatings.

Fact.MR has provided detailed information about the price points of key manufacturers of photoinitiators positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published market report.

Segmentation of Photoinitiator Market Research

  • By Product Type :

    • Free Radical
    • Cationic
  • By Application :

    • Adhesives
    • Inks
    • Coatings
    • Others
  • By Region :

    • North America
    • Latin America
    • Western Europe
    • Eastern Europe
    • East Asia
    • South Asia & Pacific
    • Middle East & Africa

- FAQs -

How big is the photoinitiator market in 2024?

The global photoinitiator market is estimated at a value of US$ 2.18 billion in 2024.

What are the projections for the global photoinitiator market?

The market for photoinitiators has been forecasted to expand at 8.5% CAGR to reach US$ 4.93 billion by 2034.

How fast is the market projected to expand in East Asia?

The East Asia market is projected to expand at a CAGR of 8.8% from 2024 to 2034.

What is the sales forecast for free radical photoinitiators?

Sales of free radical photoinitiators are projected to reach US$ 3.56 billion by the end of 2034.

What size is the photoinitiator market in China projected to reach by 2034?

The market in China has been projected to reach US$ 901 million by 2034.

How is the market for photoinitiators faring in the United States?

The U.S. market is forecasted to expand at 8.9% CAGR through 2034.

- Also of Interest -

Printing Ink Market

Printing Ink Market Study by Lithographic, Flexographic, Gravure, Digital, and Letterpress Ink for Label & Packaging, Commercial Printing, and Publications from 2024 to 2034

Digital Textile Printing Ink Market

Digital Textile Printing Ink Market Study by Dye Sublimation, Reactive Dyes, Acid Dyes, Disperse Dyes, and Pigments for Fashion, Sportswear, Home Textiles, and Soft Signage from 2024 to 2034

Adhesive Market

Adhesive Market Study by Water- & Solvent-based, Hot Melt, Reactive, and Pressure Sensitive for Packaging, Construction, Transportation, Footwear & Leather Goods, and Others from 2024 to 2034

Photoinitiator Market

Schedule a Call