The size of the Global Market was around USD 941 Million by revenue, at the end of 2018. It is expected to grow at a CAGR of 9.16 % to reach close to USD 1458.5 Million in the forecast as mentioned earlier period.The UV Adhesives Market has a decent growth pace in the global market, which is driven by the demand for silicone resin in various application and from numerous end-user industries. The UV Adhesives Market is expected to reach a total of USD 1458.5 Million with a 9.16 % CAGR.
3M Inc., a significant market player in the global UV Adhesives market, has announced to have invested in the field of long-term wearable adhesives. The company is currently working on a single coated medical extended wear UV adhesive and non-woven tape which can offer Omni-directional stretch for stronger breathability and conformability.
UV Adhesives Market Drivers and Restraints:
The global market is mainly driven by the demand for silicone resin in various application and from numerous end-user industries. Also, the rising demand in the medical and packaging applications helps in the growth of the global market.However, the costs associated may restrain the market in the forecast period. Also, the market concentration in regions like the Asia Pacific restrains the market expansion into regions like the Middle East and Africa.
UV Adhesives Market Segmentation Analysis:
By Resin Type
Based on the type of resin used, the global market is segmented into Acrylic, Cyanoacrylate, Epoxy, Silicone, Polyurethane. Among the mentioned resin types, the silicone segment is the fastest-growing segment and is expected to lead the global market by the end of this forecast period. The growth is mainly attributed to the demand for silicone-based adhesives from several end-use industries in numerous applications.
Based on the application, the global market is categorized into Medical, Transportation, Electronics, Industrial Assembly, Glass Bonding, Packaging. Of the mentioned applications, the medical sector is the largest and is estimated to have the highest growth rate in the forecast period. The growth is mainly attributed to the demand from the increasing aging population and innovation in medical procedures. These innovations are expected to help in the growth of the global market.
UV Adhesives Market Geographical Analysis:
By geography, the market is segmented as Europe, Asia Pacific, Latin America, North America, and Middle-East & Africa. The Asia Pacific region holds the largest share of the Global Market in the year of 2018, in terms of value and volume. The regional advantages in this region, like the ease of company setup, cheap resources, and a large number of the skilled population are the major reasons for the fast-emerging industries in this region, hence the region’s position in the global market. Also, the fast-developing economies like India, Japan, and China are the main reason for the developing regional market. These reasons make this region the fastest growing regional market in the proposed forecast period.North America is next in the lead of the Global UV Adhesives Market by both value and bulk, as of 2018. The situation of most of the key players in the global market in North America is the main reason for its market position. This region has the second-fastest growth rate on a global scale.Europe is next in the lead of the global market in the year 2018. The presence of a considerable customer base in and around this region is helping in the growth of the UV Adhesives Market in this region. This region is the third fastest-growing region in the global market in the projected forecast period.On the other hand, the Middle East & Africa and Latin America regions, being in the slow-developing countries, have fewer opportunities for market growth. Hence, the market growth is at a slow pace in these regions.
UV Adhesives Market Key Market Players:
By the end of 2018 ITW India Ltd. (India), 3M Company (US), MasterBond (US), Permabond Adhesives (US), Dymax Corporation (US), Henkel AG & Co. (Germany), Ashland Inc. (US), H.B.Fuller Co. (US), Hibond Adhesives (India), and Beacon Adhesives Inc. (US), among others are the leading shareholders of the global market for UV Adhesives Market. There is a constant competition between these companies regarding the pricing and quality of the product.
UV Adhesives Market Research Report Key Highlights:
UV Adhesives Market
UV Adhesives Market