The Global UV Adhesive Market is valued at USD 772.91 Million in 2022 and is projected to reach a value of USD 1441.26 Million by 2030 at a CAGR of 8.10% over the forecast period.
Demand for UV-cured adhesives is rising, and the electronics and medical industries are mostly to blame for this growth. The global electronics market is expected to be worth USD 1 trillion by 2027, and UV Adhesive will play an important role in this market. Shortly, the medical sector is expected to be the market's primary driver due to the demand for UV-cured adhesives to produce rapid assembly lines for ventilators and swabs. According to IHS Markit, the domestic auto market will be valued at $200 billion by 2025. The increased adoption of autonomous vehicles and soft body panels will drive this growth. UV Adhesive products are used in various industrial and consumer applications, including automotive, electrical, and electronic products; packaging; construction; medical devices; and aerospace. The opportunities offered by the UV Adhesive market include increased usage across various industrial segments; new applications such as 3D printing and coatings; and expansion into emerging markets such as China.
UV Adhesive Market Size, 2022 To 2030 (USD Million)
According to a study by the World Health Organization, the number of skin cancer cases is projected to increase by around 1.8 million annually between 2021 and 2022. More than 1 million Americans will develop skin cancer this year, and more than 200,000 will die. Silicon-based adhesives account for the largest share of the UV Adhesive market with a share of around 60%. The American Academy of Dermatology (AAD) warns that using UV Adhesive regularly can increase a person's risk of developing skin cancer by up to 50%. The global UV Adhesive market is dominated by three major players – 3M Corporation and Evonik Industries – with a more than 60% share.
During the forecast period, the global electronics market will be the major driver of the UV Adhesive market. Increasing inclination towards eco-friendly products and stringent regulations about environmental protection is expected to drive the demand for UV Adhesives in the global electronics market. Additionally, the increasing use of ultraviolet (UV) cured adhesives in various electronic devices is also anticipated to propel the growth of this market. However, some challenges, such as the high cost and low performance of UV Adhesives are restraining their adoption in certain applications. Thus, efforts should be made by stakeholders such as industry players, suppliers, and end users to address these issues to achieve significant growth in this market. Limited market penetration: The UV Adhesive market is currently limited to a select few applications due to the high cost of the technology. This will likely limit the market growth over the next decade. High costs: UV Adhesives are expensive, making them unsuitable for many applications. This will restrict the market growth in the short term. Safety concerns: Concerns about safety and environmental impact have held back the adoption of UV Adhesives in the past. However, these concerns may diminish as technology advances and consumers become more aware of their environmental impact.
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UV Adhesives are a popular choice for many construction and repair projects because they are strong, flexible, and easy to use. However, the modern adhesive processes used to create UV Adhesives have harmed their popularity. The first problem with modern adhesive processes is that they require a high heat level to cure the adhesive. This heat can easily damage or destroy the object or surface to which the adhesive is being applied. Modern adhesive processes often require too much time to cure the adhesive properly. This can result in unwanted wrinkles or ridges in the final product. Another area for improvement with modern adhesive processes is that they produce many waste products. Most UV Adhesives require special chemicals and temperatures to function properly, which means that much waste is created during production. This waste must be disposed of carefully to avoid contaminating water sources or creating environmental problems.
Impact On Business Growth
In conclusion, the UV Adhesive market is an ever-growing industry that offers businesses a great opportunity to make a name for themselves. Whether you are a small business looking to break into this lucrative market or a larger company looking for new and innovative ways to reach your target audience, you have many opportunities. Small-scale businesses can benefit from the increased demand for UV Adhesives due to lower costs and faster production times. In contrast, large-scale businesses can benefit from their ability to scale up operations and produce more products per hour. They can also use technology to improve productivity and efficiency.
Top Market Trends
- Increasing prevalence of skin cancer - The increasing awareness about the harmful effects of UV radiation on human skin is likely to drive the demand for UV Adhesives among consumers. The growing adoption of solar roofs and other environmentally friendly applications is also expected to fuel the growth of the UV Adhesive market.
- Another factor contributing to the growth of the UV Adhesive market is the increasing adoption of nanotechnology across various industries. This rise in the use of nanotechnology helps reduce manufacturing costs and enhances product performance.
- Growth in the tattoo industry - One reason why UV Adhesive usage proliferates is that it is safe and easy to use. Unlike other tattooing methods, such as ink and needles, UV Adhesive does not require special training or prior experience. In addition, it is also non-invasive, meaning that it does not require any surgery or anesthesia. Another reason why UV Adhesive usage proliferates because it allows various customizations and designs. For example, people can get large and small tattoos, delicate and bold, and even multi-layered designs. Additionally, UV Adhesive products are versatile enough for applications other than tattoos, such as decals and body art.
- Increase in demand for UV-resistant adhesives - One of the key reasons for this increase in demand for UV-resistant adhesives is their use in electronic components and other sensitive areas. These adhesives are also used in various applications, such as roofing, boatbuilding, and window glazing.
- The proliferation of new adhesive technologies - UV Adhesive products have been approved for use in contact lenses and medical implants, respectively. These applications are expected to drive the growth of the UV Adhesive market over the next several years.
The global UV Adhesives Market is segmented based on Resin Types, Applications, and Region. Based on the Resin Types, the global UV Adhesives market is segmented into Acrylic, Cyanoacrylate, Epoxy, Silicone, Polyurethane, and Other Resin Types. Furthermore, based on Applications, the market is segmented into Medical, Electronics, Glass Bonding, Packaging, Transportation, Industrial Assembly, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Resin Type
In terms of resin type, the UV Adhesive market is dominated by the acrylic segment, followed by the cyanoacrylate segment. The polyurethane segment is expected to grow at the highest CAGR during the forecast period. Other prominent resin types, such as epoxy and silicone also witnessed significant growth during the forecast period. The acrylic segment is expected to grow at the highest rate during the forecast period, followed by the cyanoacrylate segment. The epoxy segment is expected to grow slower during the forecast period. The silicone segment is also projected to grow slower during the forecast period. The polyurethane segment is projected to be the fastest-growing among the resin types during the forecast period.
Based on Application
Medical application is expected to be the major driver of the UV Adhesive market during 2021-2028. This is due to the growing demand for UV Adhesive products for tissue engineering and wound healing applications. The growing popularity of tattoo removal also supports the medical UV Adhesive market growth. Electronics application is also expected to thrive from 2021-2028. This is owing to the increasing demand for UV Adhesives for various electronic devices such as smartphones, gaming consoles, and LED lamps.
Moreover, advancements in printing technology are propelling the growth of the UV Adhesive market in this sector. Glass bonding application is expected to be another key driver of the UV Adhesive market during 2021-2028. This is due to the increasing demand for UV Adhesives for glass bonding applications such as window tinting and car window installations. Moreover, increased demand from the automotive sector is anticipated to drive growth. Packaging and transportation applications are also projected to grow steadily from 2021-2028. This is owing to the increasing demand for UV Adhesives in packaging applications such as food packaging and textile printing. In the transportation sector, UV Adhesive is used to manufacture airplane and car parts. In the industrial assembly sector, UV Adhesive is used in various applications such as construction material manufacturing and car parts manufacturing. However, the transportation segment is expected to grow the fastest during the forecast period.
Based on Region
The UV Adhesive market in North America is forecast to grow at a CAGR of 7.8% during 2021-2028. This is primarily due to the increasing adoption of UV Adhesives in the construction and engineering industries. The UV Adhesive market in Europe is forecast to grow at a CAGR of 5.5% from 2021 to 2028. The Asia Pacific UV Adhesive market will be valued at US$ 7.4 billion by 2028. The UV Adhesive market in Asia Pacific is expected to grow due to increasing demand for adhesives for various applications such as automotive, construction, and manufacturing. The Latin American UV Adhesive market will be valued at US$ 1.8 billion by 2028. The Middle East & Africa UV Adhesive market will be valued at US$ 0.7 billion by 2028.
The key players in the Global UV Adhesive market include- 3M Company (US), Ashland Inc. (US) , Beacon Adhesives Inc. (US), Dymax Corporation (US), Flint Group (Luxembourg), H.B. Fuller Co. (US) , Henkel AG & Co. KgaA (Germany), Hibond (Luxembourg), Masterbond Inc. (US), Permabond Engineering Adhesives (UK) and others.
- Henkel Adhesives Technologies India Ltd, a wholly owned Henkel AG & Co subsidiary, said in February 2020 that it would invest US$54 monthly to expand its existing adhesive facility in Kurkumbh near Pune (India). For that company, this is one of the largest factories in the world. The growth is hoped to allow the company to keep up with the increasing global demand for UV Adhesives.
- The new regulations are intended to improve safety for consumers who use UV Adhesives and protect them from potential health risks associated with exposure to ultraviolet (UV) radiation. Manufacturers of UV Adhesives that do not comply with the new regulations may be subject to civil penalties of up to $1 million per violation.
Segmentation of the Global UV Adhesive Market
- Resin Types (Acrylic, Cyanoacrylate, Epoxy, Silicone, Polyurethane, Other Resin Types)
- Applications (Medical, Electronics, Glass Bonding, Packaging, Transportation, Industrial Assembly, Other Applications)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- 3M Company (US)
- Ashland Inc. (US)
- Beacon Adhesives Inc. (US)
- Dymax Corporation (US)
- Flint Group (Luxembourg)
- H.B. Fuller Co. (US)
- Henkel AG & Co. KgaA (Germany)
- Hibond (Luxembourg)
- Masterbond Inc. (US)
- Permabond Engineering Adhesives (UK)
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