SELBYVILLE, Del., Jan. 11, 2022
The growth of the UV adhesives market is fueled by the proliferating automotive industry, surging demand for electronics, rising healthcare expenditure, and burgeoning need for medical devices during COVID-19, says this report.
SELBYVILLE, Del., Jan. 11, 2022 /PRNewswire/ -- According to the latest report by Global Market Insights Inc., the UV Adhesives Market was valued at USD 652,926.3 thousand in 2020 and is anticipated to reach around USD 1.25 billion in revenue by 2027, registering with a CAGR of 10% from 2021 to 2027. The research report gives an in-depth analysis of top winning strategies, market size & estimations, drivers & opportunities, wavering market trends, competitive scenario, and major investment pockets.
UV adhesives find extensive usage in various sectors viz., the cosmetics, medical, construction, and automotive industries, as they offer numerous benefits, such as heat & moisture resistance, low viscosity, enhanced productivity, improved reliability, increased energy efficiency, and reduced wastage. Mounting adoption of UV adhesives in the manufacturing of medical equipment and electronics is set to fuel business growth in the coming years. In addition, the expanding medical equipment sector in the U.S. as well as the booming electronics industry in the Asia Pacific region are foreseen to further augment market outlook over the forecast period.
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Epoxy-based UV adhesives offers advantageous properties, such as high shear strength, upon modification. They serve as a robust bonding adhesive for multiple substances, including metal, plastics, and glass, among others. When fully cured, epoxy-based UV adhesives provide a higher level of thermal as well as chemical resistance, along with high cohesive strength and minimum shrinkage. Driven by its prevalent adoption in varied applications, the UV adhesives industry share from the epoxy product segment is expected to register significant growth at a CAGR of approximately 10% through the assessment timeframe.
Meanwhile, the acrylic product segment is speculated to attain a notable share in the UV adhesives market by the end of 2027, growing at a sizable CAGR over the review timeline. Acrylic-based UV adhesives are extensively used in electronics applications on account of their favorable properties, which is likely to bolster segmental progress in the forthcoming years.
Key reasons for UV adhesives market growth:
1. High uptake in automotive industry.
2. Prevalent utilization in industrial assembly.
3. Growing prominence in electronics applications.
4. Soaring demand in medical equipment manufacturing.
2027 forecasts show 'industrial assembly' segment retaining its dominance:
In terms of end-user, the industrial assembly segment held a prominent share in the global market and is estimated to grow at a robust pace over 2021-2027. UV adhesives are applied in assembly of industrial machinery, instruments, and equipment as they are considered suitable in case there are weight restrictions in the finished assembly, if the material is fragile, porous, or sensitive to heat, if there is need for sound deadening or gradual reduction in finished assemblies, or when no other joining method can be employed due to aesthetics. Rapid industrialization supported by the ease of doing business in developing nations is slated to propel segmental adoption in the future.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe UV adhesives market accounts for around 25% of the overall industry revenue and is set to observe considerable expansion through the forecast period. Mounting concerns surrounding congestion and greenhouse gas emissions have prompted research & development activities to identify ways for the development of sustainable transport systems. Moreover, escalating demand for lightweight vehicles in the region has also impelled the need for UV adhesives since they aid in weight reduction of vehicles during assemblies. These factors are calculated to drive regional market growth in the upcoming years.
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Impact of COVID-19 pandemic on UV adhesives market:
The COVID-19 outbreak burdened the global healthcare infrastructure, causing an upsurge in the demand for respirators in intensive care units as well as disposable syringes and other medical products during vaccination and testing campaigns. Medical devices, including catheters, respirator masks, IV needles, blood transfusion sets, syringes, and in-vitro test kits, among others, need perfect bonding between individual components to function reliably and continuously, which has stimulated product uptake, thereby enhancing market dynamics during the pandemic.
Leading market players
Some prominent companies operating in the global UV adhesives industry are BASF SE, 3M, H B Fuller, Permabond Engineering Adhesives, Henkel AG & Co. KgaA, Ashland Inc., Epoxy Technology, Inc., Cartell UK Ltd., DowDuPont (Dow Corning), Excelitas Technologies Corp., DELO Industrial Adhesives, Panacol-Elosol GmbH, Dymax Corporation, Sika AG, and Avery Dennison Corporation, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.