UV ADHESIVES MARKET ANALYSIS

UV adhesives are a type of radiation curable adhesives, which cure quickly under radiation such as electromagnetic radiation; this also includes visible light and electron beam. UV adhesives provide excellent adhesion to a variety of surfaces such as wood, plastics, metals, and paper. They emit low or zero emissions of volatile organic compounds during application.

The global UV Adhesives market is estimated to be valued at US$ 126.48 Mn in 2022 and is expected to exhibit a CAGR of 6.62% over the forecast period (2023-2030).

Drivers

 Growing demand for UV adhesives

Growing demand for UV adhesives due to its fast curing rates, high bond strength, and low VOC emissions is driving the market growth. Increasing environmental concerns coupled with growing strict norms regarding VOC emissions are expected to foster the market growth. For instance, Europe has issued EMICODE and M1 labels for showing low VOC emissions from adhesives. Thus, growing environmental rules and regulations is expected to propel the market growth of UV adhesives.

The growing popularity of smaller, thinner, and compact electronic devices is propelling the market growth of UV adhesives. Penetration of electronic devices such as tablets, laptops, mobile phones, and television has further augmented the demand for UV adhesives. UV adhesives are rapidly gaining demand as a substitute for conventional screws, clamps, and hinges in the miniaturization of electronic devices. Hence, the growing demand for miniaturization of electronic devices is accelerating the market growth of UV adhesives. 

Figure 1. UV Adhesives Market Value Share (%), By Region, 2022

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North America held dominant position in the global UV adhesives market in 2022, accounting for 39% share in terms of value, followed by Asia Pacific and Europe, respectively. Increasing environmental restrictions pertaining to VOC emission has shifted North American adhesives markets in favor of UV adhesives.

Market Restraints

Easy availability of low cost and effective alternative adhesives

The easy availability of low cost and effective alternative adhesives is expected to restrict market growth. There are many low-cost alternatives available in the market that can be used in place of UV adhesives. This factor is hindering the market growth.

Lack of awareness regarding UV adhesives across developing regions as it is new in the market and still in a nascent phase is acting as a major factor affecting the demand.

Market Trends

Increasing demand for UV adhesives from the Aerospace sector is expected to propel the market growth. Rise in the aerospace industry due to increasing travel and tourism is augmenting the market. This is also attributed to the rise in the investment by the airline industry for enhancing services and growing spending by consumers on the travels. All these factors are driving demand for high performance and novel adhesives that can be used in the bonding of the aerospace components.

The rise in the construction industry coupled with the increased spending by consumers on the home decor due to improving standard of living is expected to augment the market growth. UV adhesives are widely used in the floor tile installation, ceramic tile, prefinished panel installation, etc. Also, the growing demand for various consumer goods such as stationery products and decorative films is further accelerating the market growth of the UV adhesives over the forecast timeframe.

Figure 2. UV Adhesives Market value Share (%), By Product Type, 2022

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Recent Developments

• On May 23, 2022, Bostik introduced its latest smart adhesive solutions for woodworking, the SG6518 and SG6520 under its Supergrip adhesive solutions line. Supergrip is a Hot Melt Polyurethane Reactive (HMPUR) adhesive solution produced for use for edge banding in the woodworking industry.
• On February 28, 2022, Arkema, the parent company of Bostik, finalized the acquisition of Permoseal and strengthened its position in adhesives in South Africa.
• On January 10, 2023, the DOW Chemical Company and the Last Mile Education Fund and Dow  announced a collaborative fund to invest in low-income students nearing completion of their manufacturing and skilled trades programs at institutions in Dow communities

Competitive Section

Major players operating in the UV Adhesives market include 3M Company, Ashland Inc, H.B. Fuller Company, Henkel AG & Co. KGaA, BASF SE, Huntsman Corporation, Avery Dennison Corporation, Adhesives Research Inc, The Dow Chemical Company, Bostik SA