The UV curing system market is
estimated to grow from USD 3.7 billion in 2019 to USD 6.1 billion by 2024, at a
CAGR of 10.3%. The growth of the UV curing system market is driven by factors
such as an inclination toward environmentally friendly products, along with
stringent regulations regarding use of green products; and high performance
& increased speed of UV curing systems than that of traditional curing
systems. 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 few significant factors that are expected to provide growth
opportunities to players in the market.
Mercury
lamp technology to hold the largest share of UV curing system market during the
forecast period
The
UV curing system market for mercury lamps is expected to hold the 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.
“Inclination
toward environmentally friendly products, along with stringent regulations
regarding the use of green products to drive the growth of market”
In
traditional heat-based and air-drying curing techniques, solvents were
evaporated. As a result, environmental pollutants were generated due to the
emission of substantial quantities of carbon dioxide or greenhouse gas, thereby
impacting the environment and the ozone layer. VOCs are usually in the form of
formaldehyde and organic solvents. Most of the VOCs include solvent-based
formulations that evaporate into the atmosphere to contribute to the depletion
of the ozone layer or the greenhouse effect. The generation of volatile organic
compounds (VOCs) during coating or drying applications is highly undesirable
because they can cause headaches and dizziness, along with some long-term
effects, although uncertain, such as cancer.
In
recent years, coating formulators and manufacturers are seeking an eco-friendly
alternative having similar or better performance than the conventional
solvent-borne systems owing to stringent government regulations and public
awareness for environmental concerns. UV curing is the best solution to this.
UV curable resins have many advantages, such as little-to-no VOCs, low odor,
nontoxicity, no skin irritation, and safer production.
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“UV
curing system market in RoW to grow at the highest rate during the forecast
period.”
The
UV curing system market in RoW is expected to grow at the highest during the
forecast period. The Middle East accounted for a substantial share of the
market in ROW. Increasing awareness about the benefits of UV curing technology
is fueling the growth of the UV curing market in RoW.
North
America is expected to hold the largest share of the overall 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.
Stringent regulatory framework by agencies such as EPA (Environment Protection
Agency) and the American Industrial Hygiene Association (AIHA) is playing a
vital role in the monitoring and commercializing the UV curing technology.
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