Industry: Chemicals and Materials
Published Date: January-2025
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 195
Report ID: PMRREP35048
The global ultraviolet curable resin market is projected to witness a CAGR of 6.9% during the forecast period from 2024 to 2031. It is anticipated to increase from US$ 6.5 Bn recorded in 2024 to a considerable US$ 10.4 Bn by 2031.
The market for UV-curing solutions is experiencing strong growth, driven by booming automotive and electronics industries. Additionally, increasing demand for sustainable, high-performance materials is set to spur sales.
In the automotive industry, global new car sales rose by nearly 10% in 2023, spurred by significant growth in battery-electric vehicles and production surges across key regions such as Europe, China, and the U.S. These resins are important in automotive coatings and adhesives, providing superior durability, quick curing times, and eco-friendly options.
In the electronics industry, China continues to play a dominant role, accounting for 33% of global electronics exports in 2023. Technological innovations, particularly in 5G, have significantly boosted demand for UV-curing materials due to their precision, high performance, and ability to meet complex manufacturing requirements. With ongoing investments in UV/LED curing technologies and expansions by leading players, the industry is likely to maintain strong growth trajectory across high-demand regions and applications.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Ultraviolet Curable Resin Market Size (2024E) |
US$ 6.5 Bn |
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Projected Market Value (2031F) |
US$ 10.4 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
6.9% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
6.4% |
East Asia’s UV-curable resin industry is anticipated to rise at a 7.3% CAGR during the forecast period, with China serving as the key driver of this expansion. As the world’s largest automotive market, the country’s robust vehicle production, including a significant increase in New Energy Vehicle (NEV) production, is fueling demand for high-performance coatings. The country is projected to hold a share of 35.7% in 2024.
China’s emphasis on sustainability and innovation in its automotive sector is accelerating adoption of UV-curable materials. Policies promoting NEV growth, such as vehicle trade-in incentives and rising exports, have raised demand for new coatings. These trends are further reinforced by the rising use of UV-curable materials in vehicle exteriors, interiors, and electronic components.
South Asia and Oceania’s market is projected to rise at a 7.7% CAGR during the forecast period, driven by the booming automotive industry. For example,
Rising incomes and surging middle class population are fueling vehicle ownership, increasing the use of UV-curable resins in applications such as headlight coatings, interior adhesives, and protective films. Superior properties of UV resins, including fast curing, durability, and resistance to chemicals, make them indispensable for meeting stringent quality standards.
Rapid growth of the Electric Vehicle (EV) market amplifies demand for UV-curable resins in South Asia and Oceania. Lightweight materials and novel coatings are critical for improving energy efficiency and aesthetics in EVs. With the global EV market projected to rise from US$ 250 Bn in 2021 to US$ 1,318 Bn by 2028, the regional automotive sector increasingly adopts innovative solutions like UV-curable resins to meet evolving needs.
India’s automotive sector, contributing over US$ 36 Bn in FDI inflows and accounting for 7.1% of GDP, underscores the region’s importance in the market. Growing investments and output, coupled with the need for environmentally sustainable solutions, are driving demand. UV-curable technologies align with regulatory requirements and sustainability goals, reinforcing their critical role in the automotive industry across South Asia and Oceania.
Acrylic resins are set to witness a CAGR of 6.6% through 2031 due to their superior properties, including excellent durability, weatherability, and fast curing capabilities. These resins are extensively used in coatings, adhesives, and inks, especially in sectors demanding high transparency and UV stability, such as automotive, electronics, and packaging. The segment is anticipated to hold a share of 38.7% in 2024.
Acrylic-based UV resins offer flexibility and enhanced adhesion to various substrates, making these versatile for several industrial applications. Growing consumer preference for sustainable, high-performance solutions continues to reinforce the dominance of acrylic resins. It is driving innovations and new product developments in this segment to meet evolving demands.
The automotive industry holds the most prominent share in the market and is set to witness a CAGR of 7% through 2031 and hold a share of 42.6% in 2024. It is due to extensive use of UV-based coatings, adhesives, and inks for enhancing vehicle durability, aesthetics, and performance.
The industry's focus on lightweighting and sustainable manufacturing aligns well with the eco-friendly nature and high-performance characteristics of UV curable resins. These help reduce Volatile Organic Compound (VOC) emissions.
Growth of Electric Vehicles (EVs) further drives demand for UV resins in applications like battery components and electronic assemblies. Rapid surge of automotive production worldwide, exemplified by a 10% increase in global car production in 2023, emphasizes the critical role of UV-curable materials in improving operational efficiency and production speed.
The global ultraviolet curable resin market has witnessed significant developments in both product innovation and application diversity. As industries increasingly prioritize sustainability, eco-friendly UV resins with reduced carbon footprints, like those introduced by BASF, are gaining traction.
Ongoing transition toward energy-efficient solutions in manufacturing processes is driving demand for UV curing technologies that offer faster, more precise results with lower environmental impact. Manufacturers are also exploring opportunities in novel electronics and medical applications, where the need for high-performance materials continues to rise.
Technological developments are one of the most prominent trends in the UV curable resin industry, as companies invest in high-performance resins for specialty applications like 3D printing, flexible electronics, and automotive coatings. Increasing adoption of LED curing technologies is further shaping the market. With manufacturers focusing on global expansion and leveraging partnerships to meet local demand, the market is set to experience substantial growth driven by both innovation and demand from emerging markets.
The global market witnessed a CAGR of 6.4% from 2019 to 2023, fueled by increasing demand for sustainable and high-performance coatings. Key drivers include the automotive sector’s push for fast-curing, durable coatings, especially with the rise of electric and new energy vehicles.
Innovations in eco-friendly formulations and developments by companies like BASF and Arkema have further supported this growth. Rapid shift toward energy-efficient curing methods has played a significant role in market growth.
The market is projected to rise at a CAGR of 6.9% from 2024 to 2031. Continued demand from the automotive, electronics, and renewable energy industries, along with innovations in UV/LED curing technologies, will likely drive this growth. Innovations focused on sustainability, such as carbon-neutral solutions and energy-efficient curing processes, are anticipated to further fuel expansion. These are positioning UV-curable resins as a key component in high-performance applications across various sectors.
Increasing Number of New Product Launches to Propel Demand
New product launch activities are significantly driving growth in the market, responding to evolving industry needs and environmental priorities. For example,
Royal DSM’s AgiSyn™ 248, launched as part of its Skins® family, targets the flexographic and screen overprint varnish market with its silk-feel properties and versatility for substrates like paper and plastics. Furthermore, ThreeBond’s introduction of the 3094 Series UV-curing resins in August 2024 caters to the medical equipment sector by offering fast and reliable bonding solutions with high reactivity and low shrinkage.
Constant product developments meet growing demand in industries ranging from packaging to medical applications. These are driving market growth by offering innovative, high-performance solutions tailored to specific market needs.
Surging Participation of Companies in Acquisitions to Augment Demand
Acquisitions are proving to be a powerful driver in the market by enabling companies to extend their capabilities, strengthen portfolios, and boost market presence. For example,
Mitsubishi Chemical Corporation's acquisition of shares in The Nippon Synthetic Chemical Industry Co., Ltd. reflects a deliberate strategy to strengthen its position in the ultraviolet curable resin market and broaden its chemical portfolio. This move underscores the importance of leveraging acquisitions to boost technological capabilities and innovation in the chemical industry, enhancing Mitsubishi's ability to cater to diverse applications of UV curable resins.
Royal DSM's acquisition of a 51% stake in Taiwan's AGI Corporation further illustrates how strategic acquisitions enable market expansion. By integrating AGI's environmentally friendly UV curable resins into its operations, DSM significantly enhanced its offerings for coatings and inks across multiple sectors. Such acquisitions demonstrate how strategic market moves drive innovation and fuel the industry's growth trajectory.
High Initial Investment in Specialized Equipment to Hamper Demand
A significant barrier to the growth of the market is the high initial investment required for specialized UV curing equipment. Need for specific machinery, such as UV lamps and photoreactors, adds to the total cost, which can be prohibitive for small and medium-sized businesses.
Such investments are especially challenging in industries where budget constraints limit the capacity for these upgrades. Furthermore, the high cost of equipment is coupled with the need for regular maintenance and calibration to ensure optimal performance, adding additional operational costs. As a result, industries that might otherwise benefit from UV curable resins may delay or forgo adopting this technology, slowing market penetration and growth.
Companies to Strengthen Innovation and Local Production through Expansions
Expansion activities are creating significant opportunities for the global ultraviolet curable resin market by enhancing innovation capabilities and increasing local production capacity to meet high customer demands. For instance,
Rising Focus on Sustainability is Propelling Development of Eco-friendly Formulations
The global market is witnessing a shift toward high sustainability, driven by increasing adoption of energy-efficient and eco-friendly formulations. Companies like allnex are leading the charge with their launch of energy-curable resins for the textile and leather industry.
It significantly reduces energy consumption by 70 to 80% while eliminating the need for hazardous solvents. Such innovations are not only enhancing the environmental footprint of resin applications but also offering better performance benefits, such as improved durability and aesthetics. These developments are in line with the broader trend of environmentally conscious solutions gaining traction across various industries.
Another key trend is the development of highly specialized resins for applications in the electronics industry. Introduction of Dexerials' Jettable SVR, an optical elastic resin for inkjet coating applications, exemplifies the rising demand for UV-curable resins in consumer electronics.
The innovation enhances visibility and shock resistance for display panels, particularly in tablets, PCs, and smartphones. As consumer electronics continue to evolve, with a greater emphasis on functionality and aesthetics, demand for high-performance, specialized UV-curable resins is set to rise. This trend reflects the industry's drive toward technological developments, with reins offering improved efficiency and performance for next-generation electronics.
The ultraviolet curable resin market is currently fragmented, with a wide range of players- right from multinational corporations to regional and niche manufacturers. However, the market is gradually witnessing consolidation through strategic mergers, acquisitions, and joint ventures as companies strive to strengthen their positions and extend product portfolios.
Key players are increasingly focusing on technological developments and sustainability. It includes the development of eco-friendly and energy-efficient solutions such as BASF's ZeroPCF acResin® and Arkema's specialty UV/LED curing resin.
Companies are also extending their global footprints through capacity expansions, especially in high-growth regions like Asia Pacific, to meet rising demand from end-use sectors like electronics, automotive, and packaging. Innovations in UV curing technologies, particularly in the electronics and medical device sectors, are creating opportunities for growth. Manufacturers like Arkema, BASF, and IGM Resins are investing in sustainable solutions and unique material innovations to cater to diverse applications, from novel electronics to renewable energy.
Recent Industry Developments
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Resin Type
By Formulation
By End Use
By Region
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The market is projected to witness a CAGR of 6.9% through 2031.
Acrylic resins are likely to showcase a CAGR of 6.6% through 2031, attributed to their superior performance characteristics.
North America is poised to witness a CAGR of 5.6% through 2031.
East Asia is predicted to witness a significant CAGR of 7.3% through 2031.
A few key manufacturers include Arkema Group, DSM Group, BASF SE, DIC Corporation, Astorg (IGM Resins), and The Threebond Group.
