The global UV curable resin market
was valued at $4,745.6 million in 2018 and is estimated to reach $9,769.7 million by 2026, growing at a CAGR of 9.4% from 2019 to 2026.
Resins that are polymerized and cured by the energy radiated from ultraviolet irradiation devices are referred as UV curable resins. These resins majorly find their application in coatings, graphic arts, adhesives, and other related industries.
The growth of the global UV-curable resins market is majorly driven by surge in demand for UV-curable resins in applications such as adhesives, coating, and packaging.
Also, the development of new photo initiators for UV curing technology enables to produce more effective curable resins, thereby boosting the market growth. Furthermore, increase in popularity of eco-friendly curable products is expected to boost the growth of the market in the near future.
However, limited light penetration depth is expected to restrict the market growth. Conversely, advancements in coatings and development of the 3D printing industry are anticipated to offer remunerative opportunities to the market expansion.