The utilization of environment-friendly industrial coatings is increasing rapidly as the consumers are becoming more aware regarding the side-effects of traditional coating solutions. Conventional inks, coatings, and adhesives contain hydrocarbon solvents, which are released in the atmosphere during the process of curing. These hydrocarbons have volatile organic compounds (VOC) that are carcinogenic in nature and cause severe health problems. Because of this, governments of different countries have started implementing strict norms in order to control the release of VOCs in the environment. Since ultraviolet curable products do not release VOCs and have comparatively less impact on the environment, their demand is increasing.

UV curing, a subset of radiation/energy curing, involves the usage of a light source for curing different products such as adhesives, coatings, and inks. According to a report by P&S Intelligence, in 2017, the global UV curable resins market generated a revenue of $3,473.9 billion and is projected to attain $5,403.9 million in 2023, advancing at a 7.7% CAGR during the forecast period (2018–2023). The different formulations of UV curable resins include monomers, oligomers, and photoinitiators. Some other formulations include pigments and additives. Among these, the highest demand was created for oligomers during 2013–2017 and the situation is projected to remain the same in the coming years as well.

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The end users of UV curable resins include electronics, industrial coatings, and graphic arts. Some other applications include mining, aerospace, and defense. Out of these, the highest requirement for UV curable resins was created by the industrial coatings’ category during 2013–2017, and the application is further predicted to retain its position during the forecast period. This is because of the extensive usage of UV curable resins in various industries, such as automotive, wood & paper, metal, and plastic. The fastest growth is demand is expected to be witnessed by the electronics category.

The rising demand for UV curable inks for packaging applications is a driving factor of the UV curable resins market. As mentioned earlier, UV curable inks have zero emissions and are safe, which is why the packaging industry is increasingly adopting them. In addition to this, UV curable inks are approved by the Food and Drug Administration, due to which they are also being utilized in the pharmaceuticals and food & beverage industries. Manufacturers are focusing on providing quality packaging at a lower price, which is further driving the demand for UV resins. In addition to this, the expanding packaging industry in countries including India and China is further creating growing requirement for these inks.

Among the different regions, namely Asia-Pacific (APAC), North America, Europe, and rest of the World, the APAC region created the largest demand for UV curable resins during 2013–2017 and is further expected to witness the fastest growth in demand for these products during the forecast period. The reasons for this are the growing implementation of strict VOC emission norms, surging consumer awareness and environmental concerns, and rising requirement from the electronics sector. In the region, China created the largest demand for UV curable resins during 2013–2017.