The report
"UV Curing System Market
with Covid-19 Impact Analysis by Technology (UV LED, Mercury Lamp), Type (Spot
Cure, Flood and Focused Beam, Conveyor), Pressure Type (High, Medium, Low),
Application, Vertical and Geography - Global Forecast to 2026" The UV
curing system market is projected to reach USD 8.6 billion by 2026 from USD 3.6
billion in 2021; it is expected to grow at a CAGR of 18.6% from 2021 to 2026.
The growth of the UV curing system market in North America is mainly driven by
large-scale funded programs by the government. Moreover, the high adoption rate
and technological advancements also drive the growth of the UV curing system
market in North America. The North American region is the largest market as the
region is home to major players in the market such as Dymax (US), Phoseon (US),
and Baldwin Technology (US). Stringent regulatory framework by agencies such as
EPA (Environment Protection Agency) and the American Industrial Hygiene
Association (AIHA) is playing a key role in the monitoring and
commercialization of UV curing technology. The large share enjoyed by the
region is due to the vast presence of various large—scale automotive and
medical machinery manufacturers. The outbreak of the novel coronavirus is
expected to affect the UV curing system market, but steady recovery is expected
by 2022. The expansion of the market is due to the rising demand from the
semiconductor & electronics industry as well as from the medical
sector. Developing countries in APAC
have a vast growth potential as well as a favorable environment for product
manufacturers. Therefore, the UV curing system market in APAC is expected to
grow at the highest rate during the forecast period.
Growing inclination toward
eco-friendly products, along with stringent regulations.
Regarding use of green products would
further fuel the adoption of UV curing systems in APAC. Furthermore, greater
benefits of UV Curing systems than traditional curing systems and rising demand
of UV LEDs across industries are also favoring the growth of the UV curing
system market in the region. High-growth prospects of UV curing technology in
new applications and preference for UV technologies for print label and
packaging due to COVID-19 are the major opportunities for the UV curing system
market. On the other hand, factors such as the lack of awareness and high cost
of UV curable coatings and limited depth of curing are restraining the growth
of the UV curing system market. Risks related to hazardous effects of mercury
present in UV mercury lamps, slowdown in production of manufacturing industries
due to COVID-19 and cracking defects on UV curable coating products are few
challenges that the manufacturers are facing.
In technology, the UV LEDs segment is
expected to grow at the highest rate of the UV curing system market.
UV LED technology is expected to
dominate the UV curing system market during the forecast period due to the
increase in demand for energy-efficient LEDs and enhanced user experience. UV
LEDs have a longer life span than mercury lamps and are environmentally
friendly. Apart from these, UV LEDs do not use mercury, which harms health and
causes life-threatening diseases. North America is expected to be the largest
market for UV LED during the forecast period. This is due to its features such
as instantaneous switching on and off, fast and uniform drying and curing, low
heat emission, and low power consumption. North America adapts and changes
quickly with the latest technologies and needs. The increased demand for UV LED
is due to the increase in awareness of green energy and its minimal power
consumption.
The bonding & assembling
application segment, of UV curing system market is projected to hold a larger
share during the forecast period.
The bonding & assembling segment
accounted for the largest share of the UV curing system market in 2020, whereas
the printing segment is expected to grow at the highest CAGR during the
forecast period. UV LED is used for printing purposes. Benefits of using UV LED
in printing are faster drying, eco-friendly, material versatility, color
enhancement, and high-quality finishing. UV curing uses light instead of heat
when drying. It takes only a couple of seconds to harden adhesives, inks, or
coatings that have been used. This is much better than the traditional and
outdated printing methods as the older technology made coatings shrink by more
than half, so they werent too kind to the environment either. The UV LED
segment is expected to grow at a higher CAGR during the forecast period. This
high growth can be attributed to increased awareness of energy consumption and
green energy. UV LED uses 50-70% less energy than mercury lamps.
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The UV curing system market in APAC
is projected to have the highest CARG during the forecast period (2021-2026).
The UV curing system market in APAC
comprises China, Japan, South Korea, India, and the Rest of APAC, which
primarily includes Australia, Taiwan, Thailand, Indonesia, Singapore, Malaysia,
the Philippines, and New Zealand. It is expected to be the fastest-growing
market for UV curing system during the forecast period. China is expected to be
the largest market for UV curing systems and is also expected to witness the
highest CAGR during the forecast period. The use of UV-curable adhesives in the
packaging sector is growing at a tremendous rate in the country, owing to their
advantages over the usage of conventional adhesive systems used. The demand
from industries, like consumer goods, food and beverage, and others for packing
materials is increasing in China, owing to the increasing exports, as well as
domestic consumption. China accounted for the largest share of 40% of the UV
curing system market in APAC in 2020 due to the increased manufacturing
activities and exports of UV curing systems from the country. Countries such as China, Japan, India, and
South Korea are major contributors to the growth of the UV curing system market
in APAC. China and Japan are considered early adopters of UV technology in the
electronics manufacturing industry. The growth prospective of the UV curing
system market in APAC is promising with a steady growth rate in the near
future. The COVID-19 pandemic has affected the market in APAC. However, a steady
recovery in 2021 is expected, with significant chances of market expansion. The
growing demand and implementation of policies that include emission control and
eco-friendly products have led to innovations and developments in the UV curing
industry.
Key Players of UV curing system
Market:
Baldwin Technology (US), Dymax (US),
Nordson (US), Excelitas Technologies (US), Heraeus (Germany), Phoseon
Technology (US), Hönle (Germany), DELO (Germany), IST Metz (Germany), American
Ultraviolet (US), Hanovia (US), Omron Corporation (Japan), Uvitron (US),
Atlantic Zeiser (Germany), Benford UV (US), Miltec UV (US), Thorlabs (US),
UVEXS Incorporated (US), GEW (EC) Limited (UK), APL Machinery Pvt. Ltd.
(India), Kyocera Corporation (Japan), Senlian (China), Panasonic (Japan),
DoctorUV (US), Shenzhen Naimeite (China), and Jenton International (UK).
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