CHICAGO, Nov. 24, 2021 /PRNewswire/ -- According to the new research report the "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", published by MarketsandMarkets™, 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.
Browse in-depth TOC on "UV Curing System Market" 204 – Tables 56 – Figures 216 – Pages
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 weren't 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.
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.
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