UV Curable Inks Market Is Showing Tremendous Growth from All Over the Region by 2031
UV curable ink market was valued at $1.1 billion in 2021, and is projected to reach $4.5 billion by 2031, growing at a CAGR of 14.68% from 2022 to 2031
OREGON, PORTLAND, UNITED STATES, October 26, 2022 /EINPresswire.com/ — Allied Market Research recently published a report, titled, “UV Curable Ink Market by Product Type (Free radical, Cationic), by End Use (Automobile, Consumer goods, Medical, Publications and printing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. The global UV curable ink industry was accounted for $1.1 billion in 2021, and is expected to reach $4.5 billion by 2031, growing at a CAGR of 14.68% from 2022 to 2031.
Major determinants of the market growth
Rise in need for UV curable ink in printing application and advancements in technology drive the global UV curable inks market. However, volatile raw material prices hinder the market growth. On the contrary, surge in demand for UV inks in 3D printing would unlock new opportunities in the future.
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Major Market Players
• Hewlett-Packard Company
• Leibinger Group
• RUCO Druckfarben
• APV Engineered Coatings
• Eastern Marking Machine Corporation
• Flint Group
• Toyo Ink SC Holdings Co., Ltd.
• Gans Ink & Supply Co.
• T&K Toka Corporation
• Nutec Digital Ink Pvt. Ltd.
• The Covid-19 pandemic led to ban on import and export of non-essential items, which disrupted the supply chain and hampered the market growth.
• During the pandemic, the demand for UV curable inks reduced from the end-use industries such as automobile, consumer goods, and publication & printing. Moreover, fluctuation in prices of UV curable inks hampered the market.
The free radical segment dominated the market
By product type, the free radical segment held the largest share in 2021, accounting for around four-fifths of the global UV curable ink market, as it obtained through polymerization process that needs less time and produce low temperature that do not hamper the curing process. However, the cationic segment is estimated to register the highest CAGR of 17.5% during the forecast period, due to low emission levels, non-odorous nature, and taint-free properties.
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The consumer goods segment to portray the highest CAGR through 2030
By end use, the consumer goods segment is projected to manifest the highest CAGR of 17.04% from 2022 to 2031, as it is used in various applications such as for the production of electronic circuits and devices. However, the publications and printing segment held the largest share in 2021, accounting for more than two-thirds of the global UV curable ink market, due to high demand for unique and individualized consumer goods with attractive colors that are fostered by the UV curable inks
Asia-Pacific to manifest the highest CAGR by 2030
By region, the global UV curable ink market across Asia-Pacific is anticipated to showcase the highest CAGR of 15.17% during the forecast period, due to rising popularity of the 3D printing. However, the market across Europe dominated in 2021, accounting for nearly two-fifths of the market, owing to growth in environmental awareness among the population in the region and adoption of UV curable ink in various end-use industries.
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