UV Curing System Market Share, Size, Trends, Industry Analysis Report, By Technology (UV LEDS, Mercury Lamps), By Type (Spot Cure, Flood & Focused Beam, Conveyor), By Application (Printing, Bonding & Assembling, Coating & Finishing, Others), By Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 110
- Format: PDF
- Report ID: PM2242
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global UV curing system market was valued at USD 3.63 billion in 2021 and is expected to grow at a CAGR of 18.9 % during the forecast period. The increasing adoption of the UV curing system, as well as the launch of large-scale funded programs by the government, is augmenting the industry growth. The curing systems utilize UV LED for offering heat and curing to the materials like paints, adhesives, and coatings. Additionally, the execution of stringent regulatory policies for the adoption of green products is leading to the rising inclination for eco-friendly goods. Moreover, the frequent technological developments offer various advantages such as generating a range of UV bandwidths for deep-level curing, the ability to cure diverse substrates, etc. Thus, the acceptability of the product across a wide range of industries is further supporting market growth around the world.
Know more about this report: request for sample pages
The onset of the COVID-19 reflects the downfall in the UV curing system market growth owing to the slowdown in manufacturing activities. This pandemic leads the FDI to shrink by 5% to fifteen, owing to the breakdown across the manufacturing sector because of factory shutdowns as per the UN Conference on Trade and Development (UNCTAD). Thereby, the negative impact of the COVID-19 on FDI investments is likely to be on the automotive and energy sector, among others, due to the lack of availability of raw materials. The disruption in the supply chain, lockdown measures, and limited consumer and corporate spending hamper the industry development. However, the need for the technology is projected to bounce back with high demand owing to its safety, fast curing applications in medical and industrial equipment, and eco-friendly nature acts as a significant factor for the industry growth in the approaching years.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
The growing demand for UV LED-based curing over conventional curing methods is impelling the UV curing system market demand. In the comparison of other curing systems, the UV LED-based curing systems offer various upgraded properties such as adhesion, elasticity, durability, chemical resistance, and better abrasion resistance. Also, this system presents rapid drying of the products along with the improved operational speed of the machines. Moreover, it also decreases the emission of the volatile organic compounds (VOC) released at the time of coatings, painting, adhesives, inks, and comparable substances, which is the primary factor for the higher penetration of this technology in various applications like automotive, furniture, electronics, healthcare, and others.
Furthermore, the rising inclination towards these systems across developing economies is also bolstering the UV curing system market growth. The development of the economies is creating a major concern for environmental protection thereby; regulatory bodies are executing several policies to cut down the emission of VOC. The proliferation of this technology is surging in countries such as India, Japan, China, and others. Hence, this growing adoption of this technology across the emerging economies is fueling the market growth in the approaching years.
Report Segmentation
The market is primarily segmented on the basis of technology, type, application, vertical, and region.
|
By Technology |
By Type |
By Application |
By Vertical |
By Region |
|
|
|
|
|
Know more about this report: request for sample pages
Insight by Application
The bonding & assembling application segment is recorded to hold the larger share in 2021 and is expected to lead the market in the forecasting years. The adoption of these systems is fostering in the segment application. These systems are utilized for bonding and sticking materials such as metals, plastic, and glass, majorly in consumer and semiconductor electronics industries. Thereby, characteristics of these systems such as flexible, rapid, and efficient methods are further driving the segment growth across the globe.
The printing application segment is projected to show the fastest growth rate in the forecasting years. The UV LED is generally adopted for printing purposes as it offers several benefits such as presents rapid drying, eco-friendliness, material versatility, color enrichment, as well as high-quality finishing. This technology exploits light instead of heat when drying, and it takes only several seconds to harden inks, coatings, or adhesives that have been used. Thereby, it is the best alternative in comparison to traditional and outdated printing methods as the outdated technology leads coatings to shrink by more than half, which is not environmental-friendly either. Hence, these factors are fueling the segment growth in the near future.
Geographic Overview
Geographically, North America accounted for the largest market revenue share in the global market. The growing demand for electric vehicles, as well as the presence of the leading players, is propelling market growth across the region. In addition, Tesla- one of the chief car electric vendors, sells approximately 6,500 electric cars each month across the U.S. Thereby, the regional government is also promoting the sales of electric cars by offering incentives and discounts because of the unavailability of oil resources and rising demand for the petrol. Hence, the rising acceptability of UV curing systems across a wide range of industries is further boosting the market development in North America.
Moreover, the Asia Pacific UV curing system market is anticipated to exhibit the highest CAGR over the forecasting years. The rising adoption of UV-curable adhesives for packaging purposes as it is the superior conventional adhesive system. Additionally, the demand for packaging across such as food and beverage, electronics, consumer goods, and others is fostering due to the rising export of goods, along with domestic consumption. The nations such as South Korea, India, Japan, and China are primarily attributing towards the market growth. The increasing number of manufacturing firms and growing population are amplifying the growth of the manufacturing industries. The region shows stable growth in the approaching period. However, rising demand and execution of regulatory policies, which comprises emission control and eco-friendly products, are driving the developments in the UV curing industry.
Competitive Insight
Some of the major players operating in the global market include American Ultraviolet, APL Machinery Pvt. Ltd., Baldwin Technology, Dymax, Excelitas Technologies, IST Metz, Jenton International, Kyocera Corporation, Omron Corporation, Panasonic, Phoseon Technology, Shenzhen Naimeite.
UV Curing System Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 3.63 billion |
|
Revenue forecast in 2030 |
USD 16.45 billion |
|
CAGR |
18.9% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Technology, By Type, By Application, By Vertical, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
American Ultraviolet, APL Machinery Pvt. Ltd., Baldwin Technology, Dymax, Excelitas Technologies, IST Metz, Jenton International, Kyocera Corporation, Omron Corporation, Panasonic, Phoseon Technology, Shenzhen Naimeite |
