The global photoinitiators market is expected to reach an estimated $1,294.4 million by 2023 and it is forecast to grow at a CAGR of 8.5% from 2018 to 2023. The major growth drivers for this market are increasing demand for photoinitiators in packaging, automotive and electronic industries as they improve overall productivity by reducing cure time and generating low VOC emissions.
Emerging trends, which have a direct impact on the dynamics of the photoinitiators industry, include improved performance of UV curing coatings in the electronic assembly and advancement in light cure adhesives technology.
On the basis of its comprehensive research, Lucintel forecasts that the inks and adhesives segments will show above average growth during the forecast period.
By product type, the global photoinitiator market is segmented into free radical and cationic type. The free radical type photoinitiator segment is expected to show above average growth during the fore-cast period because of increased usage due to fast cure time.
APAC is expected to remain the largest region and is likely to register the highest growth due to growth in construction, packaging, printing, electrical & electronics, and automotive industries.