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 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.
Some of the prominent key players are:Baldwin Technology (US),Dymax (US),Nordson (US),Excelitas Technologies (US),Heraeus (Germany),Phoseon Technology (US),Hönle (Germany),DELO (Germany),IST Metz (Germany),American Ultraviolet (US),Hanovia (US),Omron Corporation (Japan),Uvitron (US),Atlantic Zeiser (Germany),Benford UV (US),Miltec UV (US),Thorlabs (US),UVEXS Incorporated (US),
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 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.
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.
The bonding & assembling application segment, of UV 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 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.
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.