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Pulished Date April, 2021
ID: 8644
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UV Adhesives Market Segmentation By Resin Type (Acrylic, Epoxy, Cyanoacrylate, Silicone, Polyurethane, Others), By Application (Medical, Electronics, Packaging, Glass Bonding, Industrial, Transportation, Others) & By Region | 2021 - 2026

Pulished: April, 2021
ID: 8644
Pages: 175

UV adhesives Market Size, Share & Trends (2021 - 2026)

The UV adhesives Market is expected to reach $ 1,601.7 million by 2026, with a CAGR of 11.54% between 2021 & 2026.

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.

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, 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.

  • In May 2018, H.B. Fuller launched ultraviolet fluorescent adhesives. HALF PENSION. Fuller announced that it is helping container converters achieve flawless production with its expanded line of UV fluorescent adhesives. Designed to work with some of the most difficult substrates, these innovative adhesive solutions provide the added peace of mind to meet food safety requirements.

  • In September 2019, Techsil introduces a new UV curable adhesive in the UK. The adhesive was designed for use in bonding display screens and optical laminates. Its low viscosity allows it to quickly fill cavities without trapping air.

  • In November 2019, Bostik launched BORN2BOND™, a range of new engineering adhesives. Engineers face critical challenges such as smaller and more complex designs, the need for a faster and more adaptable drying process, as well as more stringent environmental, health and safety regulations. Bostik's new Born2Bond ™ products are designed to meet these challenges.

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 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 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 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 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.

UV Adhesives Market Key Players:

Companies such as Henkel AG & Co. KGaA (Germany), H.B. Fuller (U.S.), Ashland Inc. (U.S.), Dymax Corporation (U.S.), the 3M Company (U.S.), and Permabond Engineering Adhesives (U.K.) are the key players in the UV adhesives market.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 Resin Type                  

                                5.1.1 Introduction           

                                5.1.2 Acrylic       

                                5.1.3 Cyanoacrylate        

                                5.1.4 Epoxy        

                                5.1.5 Silicone     

                                5.1.6 Polyurethane         

                                5.1.7  Y-o-Y Growth Analysis, By Resin Type        

                                5.1.8  Market Attractiveness Analysis, By Resin Type      

                                5.1.9  Market Share Analysis, By Resin Type        

                5.2 Application                 

                                5.2.1 Introduction           

                                5.2.2 Medical    

                                5.2.3 Electronics               

                                5.2.4 Glass Bonding        

                                5.2.5 Packaging

                                5.2.6 Transportation      

                                5.2.7 Industrial Assembly             

                                5.2.8 Y-o-Y Growth Analysis, By Application         

                                5.2.9 Market Attractiveness Analysis, By Application       

                                5.2.10 Market Share Analysis, By Application      

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Resin Type

                                                6.1.3.3 By Application

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Resin Type

                                                6.1.4.3 By Application

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Resin Type

                                                6.1.5.3 By Application

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leaders' Analysis                                        

                8.1 ITW India Ltd.                            

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 3M Company                             

                8.3  MasterBond                              

                8.4 Permabond Adhesives                          

                8.5 Dymax Corporation                 

                8.6 Henkel AG & Co.                      

                8.7 Ashland Inc.               

                8.8 H.B.Fuller Co.                             

                8.9 Hibond Adhesives                   

                8.10 Beacon Adhesives Inc.                        

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of by resin type,by application,along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global UV Adhesives Market By Region, From 2021-2026 ( USD Million )

  2. Global UV Adhesives Market By Resin Type, From 2021-2026 ( USD Million )

  3. Global Acrylic Market By Region, From 2021-2026 ( USD Million )

  4. Global Cyanoacrylate Market By Region, From 2021-2026 ( USD Million )

  5. Global Epoxy Market By Region, From 2021-2026 ( USD Million )

  6. Global Silicone Market By Region, From 2021-2026 ( USD Million )

  7. Global Polyurethane Market By Region, From 2021-2026 ( USD Million )

  8. Global UV Adhesives Market Market By Application, From 2021-2026 ( USD Million )

  9. Global Medical Market By Region, From 2021-2026 ( USD Million )

  10. Global Electronics Market By Region, From 2021-2026 ( USD Million )

  11. Global Glass Bonding Market By Region, From 2021-2026 ( USD Million )

  12. Global Packaging Market By Region, From 2021-2026 ( USD Million )

  13. Global Transportation Market By Region, From 2021-2026 ( USD Million )

  14. Global Industrial Assembly Market By Region, From 2021-2026 ( USD Million )

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