UV Adhesive Market – Overview
UV-curing adhesive is particularly suitable for the production of glassware, glass furniture and acrylic glass, as well as for products in the optical industry and in medical technology. Loctite provides UV-adhesive with medical clearance especially for this purpose. Owing to the efficacy the UV Adhesives demonstrates, it is widely used across a diverse range of industrial sectors. Based on the industries and its use, UV Adhesives have been bifurcated such as Epoxy, Acrylic, Cyanoacrylate, Silicone and Polyurethane. Moreover, recent trends favouring the use of UV adhesives in medical & pharmaceutical and electronics sector is expected to drive the global UV Adhesive market.
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However, lower profit margins due to the usage of high-cost chemicals and lack of awareness of UV Adhesives among consumer in developing countries may restrain the market in future. Also, the bargaining power of the supplier is very high for UV adhesives as there are less number of suppliers available in the market. This also impacts the bargaining power of the buyers to be low. Generally, manufacturers of UV adhesives are in monthly contract with raw material suppliers of UV adhesives due to high cost of raw chemical and fluctuation in its price.
Global Key Player:
- Henkel AG
- BASF SE
- 3M Company
- Ashland
- H.B. Fuller
- Permabond Engineering Adhesives
- Epoxy Technology
- Dow Chemical
- Bostik
- Huntsman Corporation
Competitive Landscape
In competitive landscape, the MRFR studies the key developments adopted by the companies between 2011 and 2016. Players in this market adopted various strategies to expand their footprint and augment their market share. The key strategies followed by most companies in the global UV adhesive market were agreements and collaborations, mergers and acquisitions, joint ventures and expansion. Due to rising optical industry and in medical technology in the U.S., China, Germany and other developing countries, manufacturers in the region are mostly using the expansion strategy in the global UV adhesives market.
Industry/ Innovation/ Related News:
November 2016 – H. B. fuller has launched two new water-based adhesives, containing a UV fluorescing agent, developed to help corrugators who are investing to achieve zero defects in their production lines. The new product launch would help H.B. fuller to attract the consumer and hence increase its market share.
August 2016 – Panasonic Corporation announced that it has developed a “Time-lagged UV Curing Adhesive (Fine Glue)” suitable for gluing and assembly of mobile device housings and panels, and will start mass-producing it in September 2016. This liquid material cures after a certain amount of time following exposure to UV irradiation, making it easier to carry out the assembly process and rendering it possible to attach a UV-protection (UV-proof) panel afterirradiation. As this new adhesive can be applied in a thin width and thick layer, it is suitable for mobile devices that have limited space for adding adhesive.
July 2017 – Vitralit® UC 6686 is a newly developed light curable epoxy adhesive from manufacturer Panacol lloking at the growing demand of UV adhesives in the market. Upon exposure to ultraviolet light, it cures in seconds to form a crystal clear, extremely hard, scratch resistant surface perfect for dome coatings and for decorating glass and plastics. The acquisition has been done in order to expand the UV operation in Hong Kong in order to address the forthcoming demand.
February 2017 – Innovative Chemical Products (the ICP Group) announced the acquisition of MinusNine Technologies, a leading formulator and manufacturer of UV/EB coatings, adhesives, primers and specialty products for graphic arts and industrial applications. MinusNine, headquartered in Birdsboro, PA, will be integrated into ICP Industrial, Inc., one of the three divisions of the ICP Group. The acquisition has been done in order to address the forthcoming demand.
April 2015 – Henkel has agreed to acquire Novamelt GmbH, a privately owned German company that offers a wide range of hotmelt pressure sensitive UV adhesives based on thermoplastic rubber under the brand name Novamelt PS. With this transaction Henkel as leading solution provider worldwide for adhesives, sealants and functional coatings will further enhance its competence in the area of hotmelt adhesives.
November 2017 – Covestro has begun operations at a new production facility for aqueous polyurethane dispersions (PUDs) at its Dormagen site. Along with a current expansion of production in Barcelona, the company is thus boosting its capacities in Europe significantly. In order to meet global demand, Covestro is also building a new facility in China, as well as planning to resume production in the United States and at the same time modernizing and expanding facilities there.
UV Adhesive Market – Regional Analysis
Geographically, Asia Pacific region accounted largest market share in the global UV Adhesive market and expected to dominate during the forecast period due to growing economies in the region, rise in in medical & pharmaceutical and electronics sector in the region. China being largest consumer and manufacturer of UV Adhesives. Growing demand in glass bonding, electronics, packaging & laminating and industrial application in the country is expected to drive the UV Adhesive market in China. In addition to this, North America & Europe have witnessed healthy growth owing to rising packaging & laminating and industrial sector with increasing demand of epoxy and acrylic based UV adhesives in the region.
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