UV Adhesives Market is expected to register steady growth by 2032, accredited majorly to the expansion of the medical industry in North America, especially the United States. The product is used in bonding, coating, sealing, and repairing medical devices such as needles, catheters, connectors, and syringes. In addition, a gradual decrease in raw material prices and process upgrade will assist the UV adhesives industry gain a competitive edge in the market.
Besides, several favorable government regulations owing to the product’s low or minimal VOC emissions during their complete life spans will also benefit the industry expansion. Furthermore, in the coming years, the global healthcare industry is also anticipated to expand, considering the adverse impact of the COVID-19 pandemic, thereby resulting in the expansion of the UV adhesives market.
The key players in the UV adhesives industry are constantly incorporating strategic initiatives such as partnerships, mergers and acquisitions, and new product launches to strengthen their foothold in the market. For instance, in October 2019, 3M acquired Acelity in a deal worth approximately $6.7 billion.
Overall, the UV adhesives market is segregated in terms of product, end-user, and regional landscape.
By product, the polyurethane-based UV adhesives segment is anticipated to depict more than 9% CAGR by 2032, as these are deemed to be one of the most valuable types of UV adhesives. PU-based adhesives have various applications for which their properties can be customized. The adhesives are available in both rigid and soft varieties. They create strong binding with high peel and medium-to-high shear strengths and have excellent adhesive qualities for Sheet Molding Composites (SMC); as a result, they are widely employed in the automobile sector.
By end-user, the electronics segment is expected to hold a significant market share in the coming years owing to the usage of a wide variety of UV adhesives in circuit protection and electronic component assembly applications. In addition, several of these products are electrically insulating and designed for operations like thermal management, conformal coating, ruggedizing reinforcement, encapsulation, optical display bonding, and lamination.
Regionally, the Asia Pacific UV adhesive market is anticipated to exhibit more than 10% CAGR from 2023 to 2032. The region will witness massive growth credited majorly to the presence of several key players in the region. Besides, the product is used for assembling various electronic components, and nations like South Korea, China, Taiwan, Japan, and India are among the leading electronic manufacturing hubs in the globe. Several leading companies have manufacturing plants in the APAC continent, which is expected to further augment the product demand in the coming years.