Spot Curing System Market Forecast and CAGR
According to the latest research by Fact.MR, the spot curing system market is set to grow at a CAGR of over 4.5% during 2021-2031. The increasing usage of the product for disinfection in the medical sector and various other associated enterprises is set to be the key driving factor.
In addition, owing to the COVID-19 pandemic as well as the rapid growth of the electronics and the automotive industries in developed and developing regions of the world are anticipated will drive the demand forward in the forthcoming years.
What is Driving Demand for Spot Curing System?
The global spot curing systems market is expected to witness progressive growth in the coming years. The growth is due to increasing demand for low energy consumption and less space occupying spot curing machines. In addition, myriad benefits of spot curing systems is creating higher demand in the end-use industries.
Such as there is no concern regarding pot life since it is a one-part system where there is no need to mix or measure. It helps in the removal of possible quantities of work in process scrap by allowing testing of parts soon after assembly and many more.
The end-users needs are evolving and so the demand for newer product variety is increasing, which is, in turn, creating ample opportunities for the manufacturers.
The inclining of end-users towards UV LED spot curing machines due to their enhanced efficiency and versatility over the conventional ones due to UV curing systems coupled with the aforementioned advantages is anticipated to propel the growth of the market during the forecast period.
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Automotive Recovery Likely to Augment Spot Curing System Sales
The COVID-19 pandemic has significantly impacted the automotive industry owing to lowered demand. This has led the automotive sector to show a negative curve in the sales graph.
As the automotive sector slowly and steadily recovers from the pandemic, the manufacturers will speed up the work upon the innovative and environmentally friendly products which will, in turn, enhance the prospects of the spot curing systems that are employed for various applications in the sector such as coating, printing, sealing and bonding among others.
North America Spot Curing System Market Outlook
Various large-scale manufacturing industries, such as automotive, medical, and electronics, as well as semiconductors, are located in North America.
These industries are rapidly adopting spot curing technology to meet market demand, and this trend is expected to continue in the near future. The manufacturing facilities in the region are highly automated, producing high-precision goods in a short amount of time.
North American countries such as the United States and Canada are known for their massive exports of various capital goods and machinery, as well as a significant contribution from the defense and aerospace sectors.
Owing to the aforementioned factors the regional market is anticipated to grow at a CAGR of over 4.7% during the forecast period, with the key players focusing on increasing the exports of the products, supporting the spot curing business.
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Asia Pacific Demand Outlook for Spot Curing System
The Asia Pacific is one of the prominent regions in the spot curing system market after North America and Europe. The regional market is anticipated to grow at a CAGR of over 5.5% during 2021-31. China and Japan are the key countries in the region for these products and collectively account for more than 50% of the regional spot curing business.
Such a share is attributed to the fact that China is a leading electronics manufacturers and has higher sales rates for these products, owing to variety at low cost. Whereas, the demand from Japan is due to high-tech products, with longer life-cycle.
In addition, the easy availability of the raw materials to manufacture spot curing machines has led to a higher number of players in these countries. The regional players are extensively investing in developing low-power-consuming compact spot curing systems. Players such as Panasonic are already into it are advancing in the development of such products.
Also, factors such as rapid urbanization due to the ever-increasing population in the developing nations are increasing the urge for better standards of living which is leading to the growth of the automotive industry in the region thereby driving the demand for spot curing systems.
Who are the Key Manufacturers and Suppliers of Spot Curing System?
Some of the leading manufacturers and suppliers of spot curing system include
- IST METZ
- Hönle Group
- American Ultraviolet
- Uvitron International
The players manufacturing spot curing systems are strengthening their online presence in order to cater the customer across the globe. In addition, they are signing long-term contracts with the end-users for the supply of machine and its replacement parts with on demand services and technical assistance. There is still room for the new entrants in this business and can enter by partnering with the top players.
An Adaptive Approach to Modern-day Research Needs
Spot Curing System Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- UV LED
- Mercury Lamp
- Spot cure
- Flood cure
- Focused Beam
By Pressure Type
- Bonding & Assembling
- Coating & Finishing
- Temporary Masking
- HVAC Systems
- LED Grow Lights
- Control Systems & Sensors
By End-use Industry
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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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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