UV cured adhesives are considered to be a key component in the manufacturing of electronics products. In the past half-decade, UV cured adhesives have gained traction in the RFID inlays market owing to RFID manufacturers’ inclination towards fast curing adhesives to support rapid assembly lines. Apart from RFID manufacturing lines, UV cured adhesives have found a prominent role in the manufacturing of various electronics goods such as mobile phone boards, motherboards of computers, and others, which is set to provide a long-term stance to the market. The medical industry also captures a significant market space owing to the need for inculcation of UV cured adhesives for manufacturing medical equipment such as ventilators, ECGs, and other equipment essential for day-to-day clinical operations.
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The UV cured adhesives market is anticipated to expand at a strong CAGR of 7.5% over the evaluated forecast period of 2020-2030.
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Key Takeaways from UV Cured Adhesives Market
- Acrylic resin type captures nearly 38% of the global UV cured adhesives market.
- Medical application is the fastest-growing segment in the UV cured adhesives market, owing to integration in manufacturing essential lifesaving equipment such as ventilators.
- Electronics application is set to dominate the market revenue in 2020, but is expected to lose 350 BPS in its market share by 2030.
- The packaging application end use segment is anticipated to lose around 308 BPS during the forecast period of 2020-2030
- Europe holds a leading share in the global UV cured adhesives market, of which, Germany leads as far as demand is concerned.
- Over the next ten years, East Asia is set to capture a prominent share in the global UV cured adhesives market.
- Even though trade restrictions and lockdowns have reduced demand for UV cured adhesives, their use in making ventilators during the COVID-19 pandemic has been an important factor.
“There is higher price elasticity of demand for tier-3 manufacturers, owing to price differentiation,” says a Fact.MR analyst.
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Price Factor to Remain Game Changer in Market
The UV cured adhesives market is highly fragmented in nature, with key players in this space, such as Denka Corporation, 3M, Delo Adhesives, Henkel Adhesives, Avery Dennison, Dow Chemicals, Dymax Corporation, Sartomer, Master Bond, Permabond, Arkema, and others.
Companies with lower price points have an edge over branded products and will gain the market share of key players such as Henkel, Dow and 3M. Dymax and Delo, being low-capital firms having competitive pricing and products.
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