UV Curing System Market
is expected to reach USD 6.7 billion by 2025, at a CAGR of 15.0% during the
forecast period. The UV Curing System Market is divided based on Technology,
Type, Pressure Type, Application and geography.
Driver:
Growing inclination toward eco-friendly products, along with stringent
regulations regarding use of green products
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 gases, thereby impacting
the environment and the ozone layer. VOCs are usually 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 these VOCs can
cause headaches and dizziness, along with a few long-term effects, although
uncertain, such as cancer.
Restraint:
Limited depth of curing
UV curing technology
is limited to opaque parts and leaves adhesives on the surfaces owing to oxygen
inhibition. While curing in the presence of air, free radicals can react with
oxygen before initiating polymerization, which leads to incomplete curing and a
sticky surface. UV curing systems also have the issue of a high degree of
shrinkage, thereby making it difficult to cure deep sections and shadowy areas.
To overcome shadows,
a second cure operation in a heat curing oven is possible. However, there are
many electronic component assemblies, especially in industries such as
automotive, agriculture, consumer electronics, and construction that cannot be
exposed to secondary cure. The secondary operation slows down the production
assembly process and consumes more energy than that of traditional curing
systems.
Opportunity:
High-growth prospects of UV curing technology in new applications
Currently, coating,
bonding, and printing are the most prominent applications in which UV curing
systems are used. Industries such as printing, healthcare, and automotive are
the major users of UV curing systems.
Other emerging
applications of UV curing are 3D printing, digital printing, and metal coating,
which hold high-growth potential. These applications are currently in the phase
of development with effective commercialization expected in the coming years.
According to the American Coatings Association (ACA) article, in 2013, metal
decorating, the sixth-largest growing UV/EB application, accounted for an
annual growth rate of 9.3% and 3D printing accounted for the fastest growth
rate of 27.3%, while the overall annual growth rate for UV curing from 2015 to
2017 was 6.7%.
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UV curing technology
is also expected to be recognized as one of the leading technologies for metal
coating applications than for plastic and wood coatings in the future. The
metal coating market includes several potential industries, such as automotive
and aerospace & defense.
Challenge:
Slowdown in production of manufacturing industries due to COVID-19
According to the
United Nations Conference on Trade and Development (UNCTAD), the COVID-19
outbreak can cause global FDI to shrink by 5% to 15%, due to the downfall in
the manufacturing sector due to factory shutdowns. The negative impact of
COVID-19 on FDI investments is expected to be high in energy and automotive
industries among others due to the unavailability of raw materials. In the
consumer electronics industry, smartphones and consumer electronics companies
have started a reduction in production operations and postponed the
introduction of new products owing to interruption in the supply of components.
Therefore, due to COVID-19, there is a slowdown in the production of
manufacturing industries, which would impact the demand for UV curing systems
in such industries. This hinders the growth of the UV curing system market for
a few months/years.
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