The inclination toward environmentally friendly products, along with stringent regulations regarding the use of green products and high performance & increased speed of UV curing systems than that of traditional ones are among major driving factors for UV curing system market
The UV curing system market is expected to reach USD 6.1 billion by 2024 from USD 3.7 billion in 2019, at a CAGR of 10.3%. This growth can be attributed to the inclination toward environmentally friendly products, along with stringent regulations regarding the use of green products and high performance & increased speed of UV curing systems than that of traditional curing systems. Factors restraining the growth of the UV curing system market are the limited depth of cure.
Mercury lamp to hold the larger market share during the forecast period in UV curing system market
The UV curing system market for mercury lamps is expected to hold a larger market share during the forecast period. Mercury-based UV lamps have been extensively adopted for industrial and printing applications owing to the technological advancements and reduction in manufacturing time compared to traditional curing methods. Further, increasing government efforts, especially in the US and European countries to implement eco-friendly curing technologies, are encouraging industries to adopt UV curing systems.
UV flood curing system to grow at the highest share during the forecast period in UV curing system market
The market for UV flood curing systems is expected to grow at the highest CAGR during the forecast period. A UV flood curing system is designed to cure a large area or multiple assemblies at the same time, making it an ideal system for applications such as curing adhesives, sealants, and coatings.
Bonding & assembling application to hold the largest share of UV curing system market during the forecast period
The bonding & assembling application is expected to hold the largest share of the global UV curing system market during the forecast period. UV curing systems in the bonding & assembling application are used to bond or stick materials, such as glass, plastic, and metals which are required typically in industries, such as semiconductor and consumer electronics. The demand for UV curing systems for bonding & assembling is increasing because of their fast, flexible, and eco-friendly curing methods.
North America to be the largest shareholder, whereas RoW to register the highest CAGR during the forecast period
North America is expected to account for the largest share of the global UV curing system market during the forecast period, owing to the presence of key UV curing system manufacturers, such as Dymax, Phoeseon, and Baldwin Technology. The UV curing system market in RoW is expected to grow at the highest CAGR during the forecast period. The Middle East accounted for a substantial share of the UV curing system market in ROW. Increasing awareness regarding the benefits of the technology is fueling the growth of the UV curing market in RoW.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25%
- By Designation: C-Level Executives = 75% and Directors = 25%
- By Region: North America = 10%, Europe = 20%, APAC = 40%, and RoW = 30%
Players in the UV curing system market include Baldwin Technology (US), Dymax (US), Nordson (US), Panasonic (Japan), Excelitas (US), Heraeus (Germany), Phoseon (US), Honle (Germany), Delo (Germany), Ist Metz (US), American Ultraviolet (US), Omron (Japan), Uvitron (US), Atlantic Zeiser (Germany), Benford (UK), Gew (EC) (UK), Hanovia (UK), Miltec (US), Thorlabs (US), and Hoya (Japan).
Factors such as high-growth prospects of UV curing technology in new applications and high acceptance of UV curing with the rapid development of bio-based products and resins are expected to generate opportunities for players in the UV curing system market.
- Illustrative segmentation, analysis, and forecast for the market based on technology, pressure type, type, application, end-user, and geography have been conducted to offer an overall view of the UV curing system market.
- Major drivers, restraints, opportunities, and challenges of the UV curing system market have been detailed in the report.
- Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for market leaders.
- Strategic profiling of key players in the UV curing system market has been included in the study, and the players have been ranked, along with their core competencies comprehensively analyzed.
- The study also covers the competitive leadership mapping for 25 players in the UV curing system market.
Reasons To Buy This Report
The report would help leaders/new entrants in the UV curing system market in the following ways:
- This report segments the UV curing system market comprehensively and provides the closest market size estimations for segments across regions.
- The report will help stakeholders understand the pulse of the market and provide them information on key drivers, restraints, challenges, and opportunities governing market growth.
- This report will help stakeholders understand their competitors better and gain insights to improve their position in the business.
- The competitive landscape section includes the competitor ecosystem, and growth strategies such as product launches, acquisitions, expansions, agreements, and collaborations.