MarketsandMarkets™ Study: How Coronavirus (COVID-19) Impacting Global UV Adhesives Market?

2022-05-12 12:40:52 UTC | Chemicals & Advanced Materials
MarketsandMarkets™ Study: How Coronavirus (COVID-19) Impacting Global UV Adhesives Market?

The UV adhesives market is expected to grow from USD 789.3 million in 2016 to USD 1,222.5 million by 2021, at a CAGR of 9.15% between 2016 and 2021.The growth of the UV adhesives market is expected to be fueled by the rising demand from end-user industries due to rapid industrialization and expansion of installed capacities by various end-user companies. This can be attributed to the high performance of UV adhesive and its rapid adoption in various applications. 

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Asia-Pacific is the fastest-growing market for UV adhesives, in terms of value and volume. Countries such as China, South Korea, and Taiwan, which are major hubs for the production of electronic components are expected to drive the growth of the market in Asia-Pacific. China led the UV adhesives market in Asia-Pacific, having accounted for a share of 53.4% of the market in 2015. The country is projected to be a potential market, owing to growing economy, rapid advances in technology, and increasing manufacturing and end-user industries. India is the fastest-growing market for UV adhesives in Asia-Pacific. The growth of the UV adhesives market in the country is expected to be fueled by research and development by various layers in the country and growing domestic demand for UV adhesives across various application segments.

Silicone is expected to be the fastest-growing segment of the UV adhesives market, by resin type, as silicone-based UV adhesives have low surface tension, high chemical & temperature resistance, and are hydrophobic in nature. The growing demand for silicone-based UV adhesives in applications, such as medical, electronics, and transportation applications is also expected to boost the growth of the UV adhesives market.

The medical segment is projected to be the fastest-growing application segment of UV adhesives. Development of innovative products, advancements in the current applications, and potential emerging uses in the medical sector are the key factors expected to drive the growth of the segment in the coming years.

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Key companies operational in the market have been focusing on strengthening their R&D capabilities to provide cost-effective product grades. These products are manufactured by adhering to the regulations set by various associations and governments. Henkel AG & Co. KGaA (Germany), H.B. Fuller (U.S.), Ashland Inc. (U.S.), Dymax Corporation (U.S.), The 3M Company (U.S.), Permabond Engineering Adhesives (U.K.), Master Bond Inc. (U.S.), Panacol-Elosol GmbH (Germany), and Epoxy Technology, Inc. (U.S.) are some of the key players in the UV adhesives market.

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