Photocurable Resins Market Forecast (2024-2031), Size, Share
The Photocurable Resins Market is expected to register a CAGR of 6% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
The photocurable resins market report is segmented by type (oligomers, monomers, photoinitiators, and others). The market is segmented based on application (coatings, printing inks, adhesives, 3D printing, and others). The market is segmented based on technology (solvent-borne, water-borne, powder, and others). The market is segmented based on the end-use industry (wood and furniture, electrical and electronics, automotive, paper and packaging, building and construction, and others). The global analysis is further broken down at the regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis, segments, regions, and countries. The report covers market trends, as well as market dynamics such as drivers, restraints, and key opportunities. The report also covers industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the market.
Purpose of the ReportThe report Photocurable Resins Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Photocurable Resins Market Segmentation
Type- Oligomers
- Monomers
- Photoinitiators
- Coatings
- Printing Inks
- Adhesives
- 3D Printing
- Solvent-Borne
- Water-Borne
- Powder
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Photocurable Resins Market Growth Drivers- Surge in Demand for Photocurable Resins Driven by 3D Printing and Sustainability Focus: The adoption of 3D printing technologies in several industries like automotive, healthcare, and aerospace, among others, is a major factor surging the demand for the photocurable resins market. Photocurable resins, which are utilized in photopolymerization processes, are integral for the production of tailored high-accuracy parts in the course of rapid prototyping and for endurance category components. As 3D printing integrates into more of the manufacturing and design processes, the requirement for high-performance photocurable resins is forecasted to escalate further.
- Key Applications of Photocurable Resins: The 3D printing photocurable resin finds significant applications in electronics and semiconductor industries, especially in encapsulation, coating, and interlayer dielectric materials. The implementation of advanced electronic gadgets, including smartphones, tablets, and wearables, has contributed to the demand for specialized resins that are usually low in viscosity and have high thermal stability and high insulation resistance. As the electronics sector is growing with the entrance of new technologies for example, 5G and IoT, the demand for advanced photocurable resins will increase correspondingly.
- Photocurable Resins and Sustainability: The adoption of 3D printing technologies across diverse industries, such as automotive, healthcare, and aerospace, is a key factor propelling the growth of the photocurable resins market. As these resins play an essential role in photopolymerization processes, enabling the rapid prototyping of customized, high-accuracy parts, their demand is closely linked to the ongoing expansion of 3D printing applications.
- Forecasting the Trends in the Photocurable Resin Market: Forecast the existing photocurable resin market trends to consider the diversification of the resin materials through the incorporation of conductive fillers, nanoparticles, flame-retardant materials, and other such functional additives. This is due to the necessity of developing materials with more enhanced and specialized characteristics for use in the automotive (electric vehicles for example), aerospace industry as well as in healthcare (medical devices). The addition of functional materials to photocurable resins facilitates innovations in these products that improve performance, durability, and range of applications.
- Customization of Photocurable Resins for Specific Applications: The excessive advancements in 3D printing, electronics, and automobiles have made it critical for complex photocurable resins to be provided on demand. It involves making the resins with special curing time, mechanical strength, and optical properties for particular applications. In this regard, manufacturers are increasingly attempting to condition their offerings by enabling potential users to specify the resins according to their intended performance whether it is for printing with high accuracy, temperature variation, or flexibility in use.
- The Role of UV LED Technology in Resin Curing: The photopolymer resins market is under other development where another important tendency is the use of UV LED technology in the curing process. UV LED curing has advantages compared to classic mercury vapor UV curing; these include reduced energy requirements and radiator lifetime, higher curing speed, and longer lamp life. This is because as UV LED technology improves, its evolution and spread in other segments, like that of print, coat, and 3D technologies, becomes a matter of time. This transformation will create the need for photocurable resins that are specially designed for curing in UV LED systems to enable a shorter production time and a lower energy consumption process.
- Healthcare and Medical Device Applications: The most encouraging prospect for the photocuring resin market can be found in health care and even more so in the manufacturing of medical devices and implants. Photocuring resins find their application in manufacturing biocompatible parts, dental composites, splints, and prostheses. Take photocurable resins ideal for such applications as increased demand for customized services brings more personalized medicine, faster modeling technologies and patient-oriented implants. In tandem with the development of healthcare services, there will be an increasing need for specialized photocurable resins as well.
- Sustainability and Eco-Friendly Photocurable Resins: With sustainable development being one of the main global concerns, it presents greater chances to create and sell environmental-friendly photocurable resins. For those resins, renewable raw materials can be oriented for use as bio-based monomers, which are aimed at low environmental effects such as low toxicity, low energy usage, and high recyclability. These advancements would reflect the global trends in sustainability, leveling the playing field of industries such as automotive and packaging, which have a high current and latent demand for eco-friendly products.
- Solar Energy and Renewable Energy Applications: The use of photocurable resins also has prospects in the solar energy industry, especially in the design and production of photovoltaic systems, as they are utilized as encapsulants and coatings. Since there is an increased focus on the use of renewable energy resources, in particular, solar energy, photocurable resins will be very useful in enhancing the performance and durability of solar panels and energy storage devices. They can also be applied in the production of other energy-efficient items, such as light-emitting diodes (LEDs) and smart building windows. Companies are well positioned to take substantial market share if they can develop resins aimed at these fast-growing markets.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Photocurable Resins Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Photocurable Resins Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Photocurable Resins Market is estimated to witness a CAGR of 6% from 2023 to 2031
Rising demand for 3D printing is driving the market growth.
Solvay, Arkema, BASF SE, IGM Resins, DuPont, Hexion, Huntsman International LLC, Kemipex, SPOLCHEMIE, and Covestro AG are the key players operating in the photocurable resins market.
Based on end-use industry, the automotive segment is expected to witness the fastest growth during the forecast period.
Based on geography, Asia Pacific held the largest share of the photocurable resins market due to the strong growth of the automotive and furniture industry in the region.
Integration of functional materials is expected to be the key market trends.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Photocurable Resins Market - By Type
1.3.2 Photocurable Resins Market - By Application
1.3.3 Photocurable Resins Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PHOTOCURABLE RESINS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. PHOTOCURABLE RESINS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PHOTOCURABLE RESINS MARKET - GLOBAL MARKET ANALYSIS
6.1. PHOTOCURABLE RESINS - GLOBAL MARKET OVERVIEW
6.2. PHOTOCURABLE RESINS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PHOTOCURABLE RESINS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. MONOMERS
7.3.1. Overview
7.3.2. Monomers Market Forecast and Analysis
7.4. OLIGOMERS
7.4.1. Overview
7.4.2. Oligomers Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. PHOTOCURABLE RESINS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. MEDICAL
8.3.1. Overview
8.3.2. Medical Market Forecast and Analysis
8.4. ELECTRONICS
8.4.1. Overview
8.4.2. Electronics Market Forecast and Analysis
8.5. COATINGS
8.5.1. Overview
8.5.2. Coatings Market Forecast and Analysis
8.6. ADHESIVES
8.6.1. Overview
8.6.2. Adhesives Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. PHOTOCURABLE RESINS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Photocurable Resins Market Overview
9.1.2 North America Photocurable Resins Market Forecasts and Analysis
9.1.3 North America Photocurable Resins Market Forecasts and Analysis - By Type
9.1.4 North America Photocurable Resins Market Forecasts and Analysis - By Application
9.1.5 North America Photocurable Resins Market Forecasts and Analysis - By Countries
9.1.5.1 United States Photocurable Resins Market
9.1.5.1.1 United States Photocurable Resins Market by Type
9.1.5.1.2 United States Photocurable Resins Market by Application
9.1.5.2 Canada Photocurable Resins Market
9.1.5.2.1 Canada Photocurable Resins Market by Type
9.1.5.2.2 Canada Photocurable Resins Market by Application
9.1.5.3 Mexico Photocurable Resins Market
9.1.5.3.1 Mexico Photocurable Resins Market by Type
9.1.5.3.2 Mexico Photocurable Resins Market by Application
9.2. EUROPE
9.2.1 Europe Photocurable Resins Market Overview
9.2.2 Europe Photocurable Resins Market Forecasts and Analysis
9.2.3 Europe Photocurable Resins Market Forecasts and Analysis - By Type
9.2.4 Europe Photocurable Resins Market Forecasts and Analysis - By Application
9.2.5 Europe Photocurable Resins Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Photocurable Resins Market
9.2.5.1.1 Germany Photocurable Resins Market by Type
9.2.5.1.2 Germany Photocurable Resins Market by Application
9.2.5.2 France Photocurable Resins Market
9.2.5.2.1 France Photocurable Resins Market by Type
9.2.5.2.2 France Photocurable Resins Market by Application
9.2.5.3 Italy Photocurable Resins Market
9.2.5.3.1 Italy Photocurable Resins Market by Type
9.2.5.3.2 Italy Photocurable Resins Market by Application
9.2.5.4 United Kingdom Photocurable Resins Market
9.2.5.4.1 United Kingdom Photocurable Resins Market by Type
9.2.5.4.2 United Kingdom Photocurable Resins Market by Application
9.2.5.5 Russia Photocurable Resins Market
9.2.5.5.1 Russia Photocurable Resins Market by Type
9.2.5.5.2 Russia Photocurable Resins Market by Application
9.2.5.6 Rest of Europe Photocurable Resins Market
9.2.5.6.1 Rest of Europe Photocurable Resins Market by Type
9.2.5.6.2 Rest of Europe Photocurable Resins Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Photocurable Resins Market Overview
9.3.2 Asia-Pacific Photocurable Resins Market Forecasts and Analysis
9.3.3 Asia-Pacific Photocurable Resins Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Photocurable Resins Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Photocurable Resins Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Photocurable Resins Market
9.3.5.1.1 Australia Photocurable Resins Market by Type
9.3.5.1.2 Australia Photocurable Resins Market by Application
9.3.5.2 China Photocurable Resins Market
9.3.5.2.1 China Photocurable Resins Market by Type
9.3.5.2.2 China Photocurable Resins Market by Application
9.3.5.3 India Photocurable Resins Market
9.3.5.3.1 India Photocurable Resins Market by Type
9.3.5.3.2 India Photocurable Resins Market by Application
9.3.5.4 Japan Photocurable Resins Market
9.3.5.4.1 Japan Photocurable Resins Market by Type
9.3.5.4.2 Japan Photocurable Resins Market by Application
9.3.5.5 South Korea Photocurable Resins Market
9.3.5.5.1 South Korea Photocurable Resins Market by Type
9.3.5.5.2 South Korea Photocurable Resins Market by Application
9.3.5.6 Rest of Asia-Pacific Photocurable Resins Market
9.3.5.6.1 Rest of Asia-Pacific Photocurable Resins Market by Type
9.3.5.6.2 Rest of Asia-Pacific Photocurable Resins Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Photocurable Resins Market Overview
9.4.2 Middle East and Africa Photocurable Resins Market Forecasts and Analysis
9.4.3 Middle East and Africa Photocurable Resins Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Photocurable Resins Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Photocurable Resins Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Photocurable Resins Market
9.4.5.1.1 South Africa Photocurable Resins Market by Type
9.4.5.1.2 South Africa Photocurable Resins Market by Application
9.4.5.2 Saudi Arabia Photocurable Resins Market
9.4.5.2.1 Saudi Arabia Photocurable Resins Market by Type
9.4.5.2.2 Saudi Arabia Photocurable Resins Market by Application
9.4.5.3 U.A.E Photocurable Resins Market
9.4.5.3.1 U.A.E Photocurable Resins Market by Type
9.4.5.3.2 U.A.E Photocurable Resins Market by Application
9.4.5.4 Rest of Middle East and Africa Photocurable Resins Market
9.4.5.4.1 Rest of Middle East and Africa Photocurable Resins Market by Type
9.4.5.4.2 Rest of Middle East and Africa Photocurable Resins Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Photocurable Resins Market Overview
9.5.2 South and Central America Photocurable Resins Market Forecasts and Analysis
9.5.3 South and Central America Photocurable Resins Market Forecasts and Analysis - By Type
9.5.4 South and Central America Photocurable Resins Market Forecasts and Analysis - By Application
9.5.5 South and Central America Photocurable Resins Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Photocurable Resins Market
9.5.5.1.1 Brazil Photocurable Resins Market by Type
9.5.5.1.2 Brazil Photocurable Resins Market by Application
9.5.5.2 Argentina Photocurable Resins Market
9.5.5.2.1 Argentina Photocurable Resins Market by Type
9.5.5.2.2 Argentina Photocurable Resins Market by Application
9.5.5.3 Rest of South and Central America Photocurable Resins Market
9.5.5.3.1 Rest of South and Central America Photocurable Resins Market by Type
9.5.5.3.2 Rest of South and Central America Photocurable Resins Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. PHOTOCURABLE RESINS MARKET, KEY COMPANY PROFILES
11.1. CYTEC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. SARTOMER
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ETERNAL
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BASF SE
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. ARKEMA
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IGM RESINS B.V
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. OTHERS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Cytec
2.Sartomer
3.Eternal
4.BASF SE
5.Arkema
6.IGM Resins B.V
7.Others
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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