Analysis of Photoinitiator market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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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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.
“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.
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“Start-ups Can Target New Application Areas of Photoinitiators”
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.
“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.
“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.
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Photoinitiator manufacturers are anticipated to focus on bolstering their production capacity to meet increasing demand from various industry verticals.
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In 2022, the global photoinitiator market is valued at US$ 1.86 billion.
The photoinitiator market is slated to reach US$ 4 billion by 2032.
Sales of photoinitiators are expected to rise at 8.2% through 2032.
The China photoinitiator market accounts for US$ 577 million in 2022.
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