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According to the market research report published by P&S Intelligence, global ultraviolet curing system market share was valued at $1.4 billion in 2018 and is projected to reach $2.4 billion by 2024, exhibiting a CAGR of 8.8% during the forecast period (2019–2024). Among the key end users, the automotive industry held the largest share in the market in 2018, and the electronics industry is expected to witness the fastest growth during the forecast period. According to the Institute of Electrical and Electronics Engineers (IEEE), globally, around 18 billion connected devices would be in use in 2020, and this number is projected to increase during the forecast period. Thus, with the high adoption of electronics, the demand for UV curing systems is projected to rise.
The growing adoption of UV curing technologies for packaging applications is one of the major factors supporting the growth of the UV curing system market. Surging population, rapid urbanization, rising disposable income, and growing e-commerce industry have contributed significantly to the growth of the food and beverages (F&B) industry in recent years. This has intensified competition in the F&B market. Furthermore, packaging is a vital factor for developing a point of difference in the competition. According to the European Commission report A European Strategy for Plastics in a Circular Economy, over 95% of the food sold in the European market in 2017 was packaged.
Based on technology, conventional UV generated the highest revenue in the UV curing system market, wherein it accounted for over 65% revenue in 2018. Conventional UV offers various advantages, including the ability to cure various types of substrates and produce various UV bandwidths for deeper-level curing. These are the prime factors for the high adoption of this technology in the F&B industry, wherein it is majorly deployed for packaging applications.
On the basis of pressure, medium-pressure UV curing systems held the major share in the market, accounting for over 60% revenue in 2018. These systems are largely used for applications such as adhesion/bonding, varnishing, metal decoration, PCBs curing, and glass decoration. Thus, the wide application area of these systems contributes to their market dominance.
Based on application, the coating category generated over 30% revenue in the UV curing system market in 2018. The demand for finished products, ranging from consumer electronics to aerospace and defense equipment, is on the rise across the world. Thus, the demand for UV curing systems for coating applications is further expected to grow during the forecast period.
APAC generated the highest revenue, accounting for more than 35%, in the global UV curing system market in 2018. This can be attributed to the presence of a large number of automotive and electronics manufacturing companies in the region, primarily in countries such as China, India, South Korea, and Japan. Moreover, APAC is projected to be the fastest-growing regional market during the forecast period.
Within the region, the UV curing system market is expected to witness the fastest growth in India, with 13.5% CAGR, during the forecast period, owing to the rapid growth in the electronics industry of the country. According to the India Brand Equity Foundation (IBEF), the Indian electronics market was valued at $100 billion in 2016 and is projected to advance at a CAGR of 41.4% between 2016 and 2020, to reach $400 billion by 2020. This is suggestive of the huge potential for the growth of the market players in the country.
Players in the UV curing system market are primarily focused on product launches to cater to the growing demand from various verticals. For instance, in May 2018, Heraeus Holding GmbH launched an IoT-enabled UV curing system named Light Hammer 10 Mark III. The system features a cloud-based advanced integrated monitoring system (AIMS) that enables remote monitoring in real time, further resulting in reduced downtime and total cost of ownership.
Some other important players operating in the UV curing system market are Phosean Technology, Panasonic Corporation of North America, Hoenle AG, Baldwin Technology Company Inc., American Ultraviolet Inc., IST Metz GmbH, DELO Industrie Klebstoffe GmbH & Co. KGaA, Omron Corporation, Atlantic Zeiser GmbH, and Uvitron International Inc.
UV Metallized Caps & Closures Market
Globally, Europe has been recording the highest revenue in the UV metallized caps and closures market. From the supply side, the growth of the European market is driven by the increase in the production capacity and production cost optimization by manufacturers through low cost raw material sourcing.
UV Curable Resins Market
During the forecast period, the fastest growth in volume sales of these resins is expected in Asia-Pacific (APAC), with a CAGR of 7.9%. Countries such as China, India, and Indonesia are some of the leading APAC nations which have a fast-growing construction industry.
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