UV Glue Market to Expand at a CAGR of over 6%
According to latest research by Fact.MR, UV glue market is projected to grow at a steady pace during 2021-2031.While the market is set to show recovery from crisis in the mid-term of the projection period, for the long term, demand is expected to showcase higher than the historical growth. Increasing adoption of UV glue in a variety of applications including glass bonding, plastic bonding and others has been further propelling the demand.
Furthermore UV glue is used for several industrial purposes as well, such as in automotive and medical sectors for large volume manufacturing or assembly of automotive and medical equipment. This is expected to boost growth of UV glue sales over forecast period.
What is Driving UV Glue Sales?
In late 1960s, UV glue was invented, but surprisingly it took 50 years for manufacturers to unravel the UV glue potential. Back in the days, consumers were aware about limited applications of UV glue such as, using UV glue on glass, plastic and other materials. At that time, UV glue was primarily used for residential purpose. With the development in technology, several industries including medical and automotive, understood the benefit of UV glue over the time. In past few years, the UV glue sales boosted, owing to its properties like formation of strong bond when exposed to UV rays, thereby named likewise.
Additionally, UV glue gained popularity in the manufacturing sector due to rapid curing time and strong bond strength. Similarly, other glue cannot withstand harsh temperature and loosen their bond over the time. Hence, manufacturing of medical components such as ventilator assembly and swab manufacturing is secured by UV glue, due to its prior testing in all temperature. These factors formed drivers for the UV glue market and anticipated to attract more demand over the forecast period.
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COVID-19 Hinder the Global UV Glue Sales
During pandemic, UV glue market witnessed shrink in demand, owing to complete shutdown across various industries including automotive, electronics and others. This has significantly shaken the UV glue sales figure, due to drop in consumption and disruption in the supply chain. However, COVID-19 offered lucrative opportunity for UV glue market due to high demand from healthcare sector.
During this time, the healthcare sector started investing in manufacturing of several components due to surge in the patient count. Which in turn, formed smooth road for UV glue as there is a boost in the demand. This helped the sector to utilize this time and double the demand from healthcare sector.
However, few months later to lockdown, UV glue observed growth in demand from automotive industry as well due to steady growth in the automobile sales. Similarly, this has contributed in expanding the UV glue demand even further. Manufacturers started increasing their production capacity of UV glue in order to gain more profit. Though, the market witnessed blockage in the UV glue demand from several industry still it will benefit in the forecast period due to ample demand.
U.S and Canada UV Glue Demand Outlook
North America predominate the UV glue market due to presence of large number of manufacturing industries. In past few years, the U.S UV glue demand is growing due to increasing adoption of UV glue for several applications such as graphic arts, electronics, automotive, plumbing and others. This has significantly showcased growth in U.S. UV glue market in the forecast period.
Similarly, U.S and Canada has presence of several UV glue manufacturers such as Henkel, 3M, Denka, and Delo and others. Similarly, growing healthcare sector is also creating traction in the market. According to Policy Advice, U.S. has the largest healthcare spending, with around US $10,224 per capita. Hence, the market is anticipated to grow in both U.S. and Canada.
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Europe Demand Outlook for UV Glue
Similar to their North American counterpart, the demand of UV glue has been increasing at a rapid pace in European countries, owing to growth in automotive industry. Some of the European countries including Germany, U.K, Italy, and Spain are witnessing significant growth in the UV glue sales due to well established automotive manufacturers. Similarly, the European UV glue demand is growing due to constant investment in R&D in automotive sector. For instance, according to European Automobile Manufacturers Association, EU automotive investment in R&D has increased by 6.1% to reach US $72 billion annually. This has positively influenced the Europe UV glue demand.
Who are the Key Manufacturers and Suppliers of UV Glue?
Some of the key market participants of key UV glue are
- Henkel AG & Co. KGaA
- H.B. Fuller
- Ashland Inc.
- Dymax Corporation
- The 3M Company
- Permabond Engineering Adhesives
- Master Bond Inc.
- Panacol-Elosol GmbH
- Epoxy Technology Inc.
Some emerging Chinese suppliers of UV glue includes,
- Hangzhou Joinleader New Materials Co. Ltd.
- Yu-Kuang Chemical Industry Corporation
- Hejian Anjiefa Building Material Co. Ltd.
- Shijiazhuang Yijierongshang Import
- Export Trading Co. Ltd.
- Qinghe Yongxing Industrial Co. Ltd.
An Adaptive Approach to Modern-day Research Needs
UV Glue 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
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
By Product Technology
- Glass Bonding
By End Users
- Industrial Purpose:
- Residential Customers
By Distribution channel
- Direct Sales/B2B
- Online Retail
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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.
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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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