Albany, NY, March 24, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new market report titled "UV Adhesives Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". According to the report, the global UV adhesives market was valued at US$ 69.3 Mn in 2013 and is expected to reach US$ 116.9 Mn by 2020, expanding at a CAGR of 8.1% during the forecast period between 2014 and 2020. In terms of volume, the global UV adhesives market stood at 17,166.2 tons in 2013.
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Fast curing rates, good bond strength, and low to zero volatile organic compound (VOC) emissions are expected to boost the demand for UV adhesives in the near future. Additionally, rising popularity of smaller compact electronic devices, especially mobile phones and tablets, and rising demand for UV adhesives for flexible packaging applications is projected to drive UV adhesives market between 2014 and 2020. However, high cost of installation of advanced machinery for UV curing for applications such as packaging & laminating and product assembly in the electronics industry may hamper market growth during the forecast period. Extensive research, especially on cheaper alternatives for UV curing, and on new product development with low VOC emissions supported by private sponsorship and government funding, is expected to provide growth opportunities in the near future.
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Acrylic products emerged as the largest and fastest-growing product segment, accounting for over 35% of the global UV adhesives market volume in 2013. Silicone UV adhesives is another emerging product segment with rising demand from assembly applications in the electronics industry. Epoxy and polyurethane adhesives are other significant product segments of UV adhesives utilized for formulations that are mostly applied in construction and packaging industries. Others product segment includes polyesters, polyethers, styrene butadiene copolymer (SBC) and polyvinyl acetate (PVAc)
Packaging & laminating applications dominated the global UV adhesives market in 2013, constituting more than 25% share in terms of volume. Assembly applications segment is likely to be the fastest-growing market for UV adhesives during the forecast period from 2014 to 2020. Other applications of UV adhesives include paneling, labeling, glazing, and graphic arts. These are estimated to grow at a slower pace during the forecast period.
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North America dominated the global UV adhesives market, accounting for more than one-third of the global market in terms of volume in 2013. Asia Pacific is projected to be the fastest-growing market between 2014 and 2020. Europe also held a significant share of the global UV adhesives market in terms of volume in 2013. Major demand growth in Europe is expected to be from emerging Eastern European countries, especially Russia. RoW accounted for smaller share of the total volume in 2013.
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The market is fragmented with top four players accounting for less than 50% of the market. Some of the key players in the market include Henkel AG & KGaA, HB Fuller Company, The Dow Chemical Company, 3M Company, BASF SE, Adhesives Research Inc., and Avery Dennison Corporation.
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The Report Segments the Global UV Adhesives Market as:
UV Adhesives Market - Product Segment Analysis
- Others (Including polyesters, polyethers, SBC and PVAc)
UV Adhesives Market-Application Analysis
- Packaging & laminating
- Pressure sensitive applications
- Others (Including paneling, labeling, glazing, and graphic arts)
UV Adhesives Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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