UV Adhesives Market

UV adhesives Market Size (2023-2028):

The UV adhesives market is expected to reach $ 1,601.7 million by 2028, with a CAGR of 11.54% between 2023-2028

Ultraviolet (UV) adhesives are adhesives that cure when exposed to ultraviolet light. It is a photochemical reaction that eliminates the need for heat or solvents to cure. This method offers several advantages over conventional curing methods, such as fast curing speed and easy application. The improved physical properties, such as high adhesive strength, abrasion resistance, and chemical resistance, provide better product performance than the alternatives. In addition, the reduction in drying labor and waste further reduces costs. Significant advances in nanotechnology and polymer derivatization have led to the development of a range of UV Adhesives widely used in a myriad of end-use industries, such as electronics, building, and construction, medicine, industrial assembly, etc. In addition, due to growing environmental concerns and the limited availability of natural raw materials, the demand for natural adhesives has declined dramatically in recent years. In the current scenario, eco-friendly adhesives have gained popularity and the trend is expected to continue during the foreseen period. The advent of modern technologies, coupled with the growing demand for eco-friendly adhesives, is one of the major factors that have paved the way for UV adhesives in today's market landscape.

UV Adhesives Market Drivers

The growth of the medical industry will be the main driver for the development of the global UV adhesives market over the next seven years. The products are widely used in hypodermic needles, syringes, catheters, filters, IV tube junctions.  According to the US Government Accountability Office (GAO), the US medical device industry was worth more than $ 165 billion in 2020, or nearly 46% of the global market. The growth of the geriatric population, as well as the increase in contagious diseases, will influence the market for medical devices. The application of the product in medical devices due to the reduction in emissions of volatile organic compounds will stimulate the market for the product during the forecast period. The U.S. Environmental Protection Agency, as well as state and regional air quality regulators, have highlighted the environmental benefit of UV technology. Several standards, such as ISO 10993 and USP Class VI, which define the evaluation and testing of medical devices, will contribute to the lucrative growth of the product market.

UV Adhesives Market Restraints

Escalated cost of application machinery is acting as a major restraint to the expansion of this market.

Opportunities in the UV Adhesives Market

UV adhesives are widely used in a large number of end-use industries. Over the past decade, the market players operating in the UV Adhesives market are primarily focused on capitalizing the lucrative opportunities in the healthcare industry. As the adoption of UV adhesives in the medical sector continues to evolve on an upward trajectory, the adoption of UV adhesives in various industrial applications is likely to overtake the healthcare sector. In addition to providing a high level of adhesion, UV adhesives are also used as sealants to prevent corrosion and oxidation. It is anticipated that the construction sector will provide many opportunities as UV adhesives are increasingly used for ceramic tile installation, tile installation, installation of prefinished panels, etc. The packaging and transport sectors have also gradually become prominent end-use industries, with UV adhesives increasingly being used.

Challenges in the UV Adhesives Market

The challenges are technical, as the inhibition of oxygen results in an incomplete cure of the adhesive, resulting in the formation of a tacky layer on top of the surface.

UV ADHESIVES MARKET REPORT COVERAGE:

UV Adhesives Market Segmentation

UV Adhesives Market - By Resin Type:

• Acrylic
• Epoxy
• Cyanoacrylate
• Silicone
• Polyurethane
• Others

UV acrylic adhesives have improved mechanical properties, such as impact resistance, surface insensitivity, and moisture protection. UV epoxy adhesives can be customized according to the needs of the product. When mixed with carbon, silver, and gold in varying amounts, they exhibit various properties such as increased or decreased electrical and thermal insulation, chemical resistance, and moisture resistance.

The UV silicone glue will develop with more than 15% CAGR within the anticipated time period. The product is widely used in dentistry and replaces amalgam filling. The growth of cosmetic dentistry will drive the demand for UV silicone adhesives during the study period.

UV Adhesives Market - By Application:

• Medical

• Electronics

• Packaging

• Glass Bonding

• Industrial

• Transportation

• Others

The electronics segment generated sales of over $ 384 million in 2020 and will grow at a substantial rate by the end of 2026. The use of UV glue in touch screens, mobile phones, hard drives,  and micro-speakers will stimulate the product market. Global mobile phone sales were recorded at 2.414 million units in 2020 and will increase at a significant rate at the end of the forecast period, further boosting the UV glue industry at the end of the forecast period.

The transportation segment accounted for over 14% of the global UV adhesives market share in 2020 and will lose its foundation over the next seven years

UV Adhesives Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific is the fastest-growing market due to the rapid growth of the medical and electronics industries. This is due to the emergence of this region as a manufacturing hub due to cheap raw materials and low labor costs. The increase in consumption in the area has also added to the already impressive growth figures.

North America and Europe are the main markets for UV adhesives, given the strict regulations in place regarding VOC content. This resulted in the switch from a solvent and thermal curing process to a UV curing process. In addition, high standards of industrial efficiency have led companies to use highly efficient products.

Several Latin American countries are also severely restricting the use of VOC adhesives, and therefore the use of UV adhesives is estimated to increase. Booming construction and electronics manufacturing are foreseen to drive the global UV adhesives market.

In this region, there is a mix of highly developed and troubled countries. The demand for medical supplies and aid due to lifestyle diseases in wealthy countries such as the United Arab Emirates, Qatar and Saudi Arabia has increased. Additionally, providing medical aid to war-torn countries Iraq, Syria, and Yemen has boosted the medical industry in other regions as a source.

Impact of COVID-19 on the UV Adhesives Market:

Due to the inevitable bottlenecks and restrictions in trade and transport, market players are likely to face significant barriers in the supply chain. The healthcare sector is expected to provide considerable opportunities for market players as the production of epoxies and adhesives is unlikely to be affected as it is classified as a critical product in several countries. Market players are now turning to the supply of UV adhesives and other essential products needed to fight the novel coronavirus. As international demand is likely to decline during the COVID-19 event, market players should focus on meeting the growing demand from the domestic healthcare sector. Market players should also follow contingency plans to overcome the current situation. Demand from other end-use industries, including building and construction, and packaging, is supposed to decline during the pandemic. However, as various countries gradually relax foreclosure restrictions, the UV adhesives market is determined to gradually gain momentum in the last quarter of 2020.

Recent Developments

In July 2020, Lubrizol launched a new quality UV and color-stable TPU for hot melt adhesives in exterior applications. New Pearlbond 920 TPU has superior weather resistance, and excellent hydrolysis resistance, and can be applied to sportswear, furniture edgebanding, linings, reflective tapes, car interiors, and awnings. Smooth, plasticizer free with great flexibility over a very wide temperature range, this new grade can be activated by low-temperature heat on a wide range of equipment such as extrusion (slit die, flat die, blown film, and engraving roller coating machines) and powder coating, making it the ideal choice for bonding delicate substrates such as leather. The good "wetting" properties of Pearlbond 920 TPU ensure very high bond strength without compromising soft feel or flexibility.

UV Adhesives Market Key Players:

1. Henkel AG & Co. KGaA (Germany)

2. H.B. Fuller (U.S.)

3. Ashland Inc. (U.S.)

4. Dymax Corporation (U.S.)

5. 3M Company (U.S.)