UV Adhesives Global Market Report 2024

UV adhesives, also known as ultraviolet adhesives, are a type of adhesive that cures and hardens when exposed to ultraviolet (UV) light. These adhesives offer several advantages over traditional adhesives, including fast curing times, high bond strength, and the ability to form a permanent bond without the need for heating.

The main resins used in UV adhesives include acrylic, cyanoacrylate, epoxy, silicone, polyurethane, and other resin types. Each type of resin has its specific characteristics and applications. Acrylic, for example, is a versatile and durable synthetic polymer used in various applications such as pressure-sensitive applications, packaging and laminating, woodworking, assembly, and more. UV adhesives find applications across different industries, including medical, electronics, automotive, furniture and interior design, packaging, and others.

The UV adhesive market research report is one of a series of new reports from The Business Research Company that provides UV adhesive market statistics, including UV adhesive industry global market size, regional shares, competitors with UV adhesive market share, detailed UV adhesive market segments, market trends, and opportunities, and any further data you may need to thrive in the UV adhesive industry. This UV adhesive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The uv adhesives market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The historic growth in the UV adhesives market can be attributed to several factors, including demand from the electronics industry, stringent environmental regulations, increased automation, the growing importance of green bonding solutions, and expanding applications in medical devices. These factors indicate a broader trend toward environmentally friendly and efficient bonding solutions, especially in industries where precision and reliability are crucial, such as electronics and medical devices.

The uv adhesives market size is expected to see strong growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The forecasted growth in the UV adhesives market can be attributed to emerging applications in renewable energy, increasing focus on electric vehicles, rising demand in the packaging industry, a shift towards eco-friendly solutions, and global economic trends. Additionally, major trends in the forecast period include innovations in the medical industry, continued technology evolution, advancements in curing technologies, and a growing emphasis on bonding dissimilar materials. These trends reflect the ongoing evolution of adhesive technologies to meet the diverse needs of various industries while addressing sustainability concerns.

The anticipated surge in demand for UV adhesives in the electronic industry is poised to drive the growth of the UV adhesives market. The electronic industry, encompassing the design, development, manufacturing, and distribution of electronic components, devices, and systems, benefits from the exceptional precision offered by UV adhesives in joining various components. This ensures reliable and long-lasting performance across a diverse range of electronic devices. For instance, LG, a South Korea-based consumer electronics company, reported its highest annual revenue ever in January 2023, with an increase of 12.9% from 2021, exceeding $52.70 billion in sales. The revenue for LG's Home Appliance & Air Solution Company in 2022 reached $22.5 billion, marking a 10.3% increase from the previous year. Consequently, the escalating demand for UV adhesives in the electronic industry is propelling the UV adhesives market's growth.

The expansion in automotive manufacturing is expected to be a significant driver for the UV adhesives market. The automotive industry, covering the design, development, production, and maintenance of motor vehicles, utilizes UV adhesives for their rapid curing properties. This enhances manufacturing efficiency by bonding components, reducing production time, and delivering robust and durable bonds crucial for vehicle safety and longevity. According to the European Automobile Manufacturers Association (ACEA), there were 85.4 million automotive vehicles produced worldwide in 2022, marking a 5.7% increase from 2021. Additionally, the International Energy Agency reported in September 2022 that electric car sales set a new high in 2021, increasing by four percent to reach 6.6 million, contributing to the total of 16.5 million electric vehicles on the road. Hence, the growth in automotive manufacturing is fostering the UV adhesives market.

The surge in raw material prices is anticipated to pose a challenge to the UV adhesives market's growth. Elevated raw material prices can result in higher production costs, potentially limiting the affordability and accessibility of UV adhesives. Key raw materials such as epoxy, acrylic monomers, and photoinitiators have experienced significant price increases in recent years, impacting overall production costs. For example, Qingdao Echemi Digital Technology Co. Ltd., a China-based B2B digital commerce platform, reported an approximately 100 yen per kg increase in bisphenol A type and F type epoxy resin in June 2021, reaching around 5822 CNY per ton. Consequently, the increase in raw material prices is restraining the growth of the UV adhesives market.

Leading companies in the UV adhesives market are strategically focusing on introducing specialized one-step UV cure epoxy adhesives to gain a competitive advantage. Specialized one-step UV cure epoxy adhesives combine the benefits of epoxy adhesive properties with UV curing technology in a single step. They offer rapid curing when exposed to UV light, creating a strong and durable bond suitable for applications requiring quick, reliable bonding. In July 2023, Henkel AG & Co. KGaA introduced Loctite Ablestik NCA 01UV, a one-step cure active alignment UV adhesive that cures in a single step with just three seconds of UV LED light exposure. This eliminates the need for oven curing, saving time, energy, and reducing CO2 emissions. The adhesive is designed for high-resolution advanced driver assistance systems (ADAS) cameras and lidar modules, making it an ideal solution for the automotive industry.

In July 2022, Arkema acquired Permoseal Ltd., a South African-based chemical company, for an undisclosed amount. This strategic move is expected to reinforce Arkema's position in the South African adhesives market and expand its range of adhesive solutions. Permoseal Ltd. specializes in offering a variety of UV light-curable glues and UV adhesives for different applications and industries.

Major companies operating in the uv adhesives market report are BASF SE, Dow Inc., Mitsubishi Chemical Holdings, 3M Company, Henkel AG & Co. KGaA, ITW Performance Polymers, Arkema SA, Sika AG, Avery Dennison Corporation, Huntsman Corporation, H.B. Fuller, Altana AG, Flint Group, Ashland Inc., Toyo Ink Group, Toagosei Co. Ltd., Lord Corporation, ThreeBond Holdings Co. Ltd., Mactac, L&L Products, Dymax Corporation, Chemence Inc., Epoxy Technology Inc., DELO Industrial Adhesives, Panacol-Elosol GmbH, MG Chemicals, Permabond Engineering Adhesives, Beacon Adhesives Inc., Master Bond Inc., Parson Adhesives Inc., Uvexs Inc.

North America was the largest region in the UV adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the uv adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the UV adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The UV adhesives market consists of sales of fillers, pigments, UV-curable inks, and UV adhesive tapes. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

UV Adhesives Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on uv adhesives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for uv adhesives ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The uv adhesives market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Resin Type: Acrylic; Cyanoacrylate; Epoxy; Silicone; Polyurethane; Other Resin Types
• 2) By Application: Pressure Sensitive Applications; Packaging And Laminating; Wood-Working; Assembly; Other Applications
• 3) By End-User: Medical; Electronics; Automotive; Furniture And Interior Design; Packaging; Other End Users
• Companies Mentioned: BASF SE; Dow Inc.; Mitsubishi Chemical Holdings; 3M Company; Henkel AG & Co. KGaA
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.