As a result of these advances, adhesives are increasingly being employed in pharmaceutical and biomedical applications across a wide range of industries. For the production of biocompatible and high-quality adhesives, extensive research and development has been undertaken. The introduction of contemporary technology, together with the rising need for environmentally friendly adhesives, has prepared the way for growth of the global UV Adhesives Market over the forecast period, from 2020 to 2030. Significant advancements in polymer derivatization and nanotechnology have resulted in the creation of a variety of UV adhesives that are widely utilized in a variety of end-use sectors, including industrial assembly, medical, construction, and electronics amongst others.
Some of the key players in the global UV adhesives market comprise Panacol-Elosol GmbH, Master Bond Inc., Permabond Engineering Adhesives, The 3M Company, Dymax Corporation, and Henkel AG & Co. KGaA
The global UV adhesives market is expected to grow at a rate of 8% CAGR over the forecast period, from 2020 to 2030. The market is expected to reach US$ 900 Mn through 2030. In the near future, the construction sector is expected to provide attractive possibilities for the UV adhesives market.
Driven by US, North America is Expected to Remain at the Forefront of Marker Growth over the Forecast Period
In terms of region, the global UV adhesives market is classified into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. It is anticipated that regional classifications would provide a better knowledge of the market dynamics at play at the regional level.
The US is a major player in the global UV adhesives market, contributing for a considerable chunk of the total market share in North America. Due to supporting rules and norms surrounding volatile organic compounds, the country is likely to see significant growth opportunities. Furthermore, by 2024, the market is estimated be fueled by increased expenditure in high-tech medical equipment and innovation in the US.
The UV adhesive market in India is expected to expand at a considerable pace throughout the forecast period. Different government initiatives, such as the “Make in India” and “Digital India” programmes, will assist various electronic businesses in establishing manufacturing facilities in India. The product has a wide range of applications in electronic components industry, including bonding, potting, and encapsulating. By the end of 2024, this factor is likely to boost the market considerably.
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Extensive of UV Adhesives in Construction and Medical Industries to Spell Growth for the Market
UV adhesives are widely utilized in a variety of sectors. Market participants in the UV adhesives market have primarily focused on capitalizing on attractive possibilities in the healthcare industry during the last few years. The rising usage of UV adhesives in medicine, dentistry, and pharmaceuticals is projected to boost the global UV adhesives market. While the medical industry’s use of UV adhesives is projected to continue to grow, its adoption in a variety of industrial applications is anticipated to outstrip that of the medical sector. UV adhesives are used as sealing agents to avoid oxidation and corrosion, in addition to giving a high level of adhesion.
UV adhesives are finding increasing utilization in prefinished panel installation, floor tile installation, ceramic tile installation, and many other applications, so the construction industry is expected to provide plenty of opportunities for the market. UV adhesives are utilized in a variety of consumer products, such as ornamental stationery and films. Transportation and packaging industries have steadily developed as important end users, with UV adhesives being utilized more frequently. All these factors are expected to work in favor of the global UV adhesives market over the forecast period, from 2020 to 2030.