WASHINGTON, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The Global UV Adhesive Market is valued at USD 715.2 Million in 2021 and is projected to reach a value of USD 1147.6 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 8.2% over the forecast period 2022-2028.
The growth in the medical sector is anticipated to accelerate market expansion. The UV Adhesive market is anticipated to be driven by several additional reasons, including the rising need for flexible packaging applications, rising demand for compact electronic devices, rising demand for high-tech machinery & equipment from manufacturing industries, and rising urbanization.
We forecast that the automatic category in UV Adhesive market sales will account for more than 55% of total sales by 2028. These adhesives have several exceptional qualities, including the capacity to create connections that can endure high temperatures, the ability to keep their flexibility after curing, and great resistance to chemicals and water.
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Expanding Uses in Several End-Use Industries to Support the Growth of the UV Adhesives Market Many end-use industries utilize UV Adhesives extensively. Market participants in the UV Adhesives market have spent the last ten years primarily concentrating on taking advantage of the lucrative potential in the healthcare industry. The expanding use of UV Adhesives in medicine, dentistry, and pharmaceuticals is anticipated to fuel the expansion of the UV Adhesives market globally. While the medical industry has continued to utilize UV Adhesives, the adoption of UV Adhesives in various industrial applications is anticipated to outstrip that of the healthcare industry. UV Adhesives are used as sealing agents to fend off corrosion and oxidation and offer strong adherence.
Growing Automotive Production Will drive Market Expansion UV Adhesives' wealth of qualities, including their quick drying times, thermal stability, and corrosion resistance, have made them an effective raw material for use in automobiles' mass production and assembly. UV Adhesives with polymer bases, such as silicone and epoxy, are very useful in the automotive industry, where they assemble parts like headlights, fenders, engine parts, and seat belt monitoring switches. The demand for both passenger and commercial vehicles is on the rise, and technological advancements in the industry have led to tremendous expansion in automotive production over time.
Top Players in the Global UV Adhesive Market
H.B. Fuller Co. (US)
Henkel AG & Co. KgaA (Germany)
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Top Trends in the Global UV Adhesive Market
One trend that Vantage Market Research (VMR) expects to see in the UV Adhesive industry is a rise in usage in the construction industry. Given that UV Adhesives are increasingly being utilized for prefinished panel installation, ceramic tile installation, floor tile installation, etc., the construction industry is predicted to offer a wealth of prospects.
Another trend that VMR predicts will continue in the UV Adhesive industry is a rise in packaging industry adoption. Due to its ability to quickly attach many materials, including plastic, rubber, metal, glass, and ceramic materials, UV-curable adhesives are used in the packaging industry. UV-curable adhesives are ideal for packaging applications due to their superior strength and flexibility, tolerance to harsh environments, and exceptional moisture resistance.
Based on Resin Type, most of the UV Adhesive market's revenue is controlled by the automatic category. Due to their strong chemical & temperature resistance, low surface tension, and hydrophobic nature, silicone-based UV Adhesives are widely utilized across various end-use industries for various purposes.
Based on Applications, most of the UV Adhesive market's revenue is controlled by the medical category. Medical devices such as IV administration systems, syringes, catheters, hearing aids, silicone rubber components, and others are likely to see growing demand as the population ages and medical processes advance. Due to the growing use of UV Adhesives in producing these devices, the market for UV Adhesives is anticipated to expand due to the increase in device demand.
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Recent Developments in the Global UV Adhesive Market
Henkel Adhesives Technologies India Ltd, a wholly owned Henkel AG & Co subsidiary, said in February 2020 that it would invest US$54 monthly to expand its existing adhesive facility in Kurkumbh near Pune (India). For that company, this is one of the largest factories in the world. The growth is hoped to allow the company to keep up with the increasing global demand for UV Adhesives.
Medical Category in UV Adhesive Market to Generate Over 25% Revenue Vantage Market Research has analyzed the market for UV Adhesive to understand its current state and potential future growth factors. For better understanding, based on the application, the UV Adhesive market is divided into Medical, Electronics, Glass Bonding, Packaging, Transportation, Industrial Assembly, and Others.
During the forecast period, the market for UV Adhesive is anticipated to experience the highest CAGR for the medical category. Medical devices such as catheters, syringes, and medical filters used to treat chronic conditions like diabetes are manufactured using UV Adhesives like acrylic UV Adhesives. Over time, more people have been given diabetes diagnoses as a result of genetic, environmental, and insulin resistance variables.
On the other hand, the electronics category is anticipated to grow significantly. UV glue will boost the product market when used in touch screens, mobile phones, hard drives, and micro-speakers. Global sales of mobile phones were estimated at 2.414 million units in 2020 and are expected to rise significantly by the end of the forecast period, supporting the UV glue sector even more.
North America Region in UV Adhesive Market to Generate More 34% Revenue North America dominates the market throughout the projection period. The incidence of chronic diseases has significantly increased, and the introduction of numerous public welfare programmes is anticipated to increase the region's production of cutting-edge diagnostic equipment.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on UV Adhesive Market Forecast Report (2022-2028).
Global UV Adhesive Market Segmentation
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3M Company, Ashland Inc., Beacon Adhesives Inc., Dymax Corporation, Flint Group, H.B. Fuller Co., Henkel AG & Co. KgaA, Hibond, Masterbond Inc., Permabond Engineering Adhesives
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