market dynamics
The increasing demand for high-tech machinery and equipment from the processing industry has fueled the rise of the market. The global market for UV adhesives has grown significantly over the past decade due to increased demand from application segments such as glass bonding, electronics, packaging and lamination, medical and pharmaceutical, and industrial applications. In addition, the industry should benefit from the increasing growth of the electronics industry.
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Some of the notable players in this market are Henkel AG, BASF SE, 3M Company, Ashland, HB Fuller, Permabond Engineering Adhesives, Epoxy Technology, Dow Chemical, Bostik, Huntsman Corporation and others.
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The UV adhesives market is growing due to improved performance for industrial applications, increasing demand for lightweight electronic devices and high demand for flexible packaging applications. The rising trend of e-commerce, e-retail and online grocery ordering and delivery services has increased the demand for packaging materials, especially flexible packaging, which is expected to boost demand for UV adhesives over the forecast period.
The use of LEDs instead of UV radiation, which is a modern technical advancement and innovation, would give a new direction to the UV adhesive industry. Government policies around the world are facilitating the growth of green goods in line with their promise to protect the environment while maintaining economic prosperity, which will push the sector even further.
On the other hand, the growth of the market is expected to be hampered by relatively high machine costs compared to other adhesives as well as unfavorable conditions, which are exacerbated by the COVID-19 outbreak.
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market segmentation
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