The global UV adhesives market is witnessing a high growth in the recent times on account of the increasing demand for compact electronic devices. The demand for UV adhesives for flexible packaging solutions will also help drive the growth prospects of this market. Key benefits of using UV adhesives include, high bond strength, low volatile organic compound emissions, and fast curing rates. Thus, UV adhesives are excellent for applications needing fast curing, such as permanent bonding.
Since the adherence of UV adhesives to substrates made of wood, plastics, metals, and similar other materials are excellent, they are extensively used for both structural and non-structural applications. Therefore, the global UV adhesives market is projected to witness a healthy growth over the forecast period. On the other hand, the high initial installation cost is acting as a restraint for the growth of this market. The end users are inhibiting form investing in the advanced machinery required for UV curing, owing to the high cost. This is having a negative impact on the growth of the UV adhesives market. On a positive note, the novel applications of UV adhesives will create growth opportunities in the market. The development of alternative solutions such as LED UV lamps for curing and innovation of new products will drive the growth prospects of the UV adhesives market across the globe.
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Assembly Application to Emerge Dominant Leaving Behind Packaging and Laminating Segment
The packaging and laminating applications had been leading in the global UV adhesives market and occupied considerable shares in the past, trailed by the assembly application segment. However, this scenario will flip and the assembly application segment will become the leading segment in the market, witnessing the fastest growth during the forecast period. The rapid growth in construction activities is slated to fuel the demand for UV adhesives across the globe. These adhesives are used and in demand for flooring, wood working and other interior applications.
On the basis of most lucrative region in the world for the UV adhesives market, it is Asia Pacific that will appear in the forefront. Driven by the surge in construction activities, Asia Pacific will witness the fastest growth in the years to come. The North America region led in the market in the recent past and accounted for considerable share. The Rest of the World is anticipated to witness a healthy and steady demand for UV adhesives during the forecast period. The rise in infrastructural activities and growth in the construction and building industries will fuel the demand for UV adhesives from this part of the world.
Epoxy UV Adhesives to Lose Shares in Future
UV adhesives are produced using a variety of chemistries such as styrene-butadiene copolymer (SBC), acrylic, polyurethane, polyvinyl acetate (PVAc), silicone, and epoxy. Of these the high bond strength provided by acrylic makes it the most widely accepted and used product type. Acrylic not only offers optical clarity, but is low in price. Thus, it is being increasingly preferred. Moreover, acrylic is anticipated to expand at the fastest growth rate in the coming years. Epoxy UV adhesive, which was one of the leading product segments in the past, is however slated to lose market shares to acrylic, silicone, and polyester.