UV Adhesive Market Size & Share, by Product (Silicon, Acrylic, Polyurethane, Epoxy); End-user (Medical, Electronics, Automotive, Cosmetics, Industrial Assembly) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4769
  • Published Date: Mar 30, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

UV Adhesive Market size is estimated to cross USD 2 billion by the end of 2035, growing at a CAGR of 9% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of UV adhesive was over USD 800 million. The growth of the market can be attributed to growing market for consumer electronics owing to rise in spending on technologies by consumer. About 500 billion US dollars, or approximately 3 percent more than last year, is expected to be spent by consumers on both established and new technologies in 2023 globally.  When exposed to intense UV light, UV adhesives cure instantly and are frequently used as adhesives in electronics manufacturing. Hence, with growth in electronics market, the demand for UV adhesive is also estimated to increase.

Moreover, the demand for eco-friendly adhesives is also growing. Liquid adhesive residues could end up contaminating the soil and eventually the groundwater if they are not properly disposed of using a hazardous waste collection system. This poses grate health dangers to anyone who comes into touch with it as well as the potential loss of wildlife and plant life. Moreover, potential water contamination might result from UV adhesive. Hence, large number of manufacturers are performing research and planning to launch their eco-friendly adhesive in the UV adhesive market. A study on the eco-efficiency of adhesive labels for long-lasting items was conducted by BASF in 2018: It was discovered that acResin-based adhesives are both more affordable and environmentally friendly than solvent-based adhesives. It was estimated that 100% UV-curable acrylic hotmelt that is low in odor, has high skin compatibility, and has very little volatile organic compounds (VOC).


UV Adhesive Market
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UV Adhesive Sector: Growth Drivers and Challenges

Growth Drivers

  • Rise in Construction Activities - In the US, investments in public housing building increased in value significantly between 2002 and 2021. Over USD 10 billion was put into residential construction projects by the public sector in 2021. Therefore, the demand for UV adhesive is estimated to increase. Different types of adhesives used in construction are polymer adhesive, hot melt adhesive, acrylic adhesive, resin adhesive, and others. They are usually used on various material including, wood, fabric and glass. Moreover, owing to their water-resistivity quality it is more preferred by construction industry.
  • Growing Adoption of Smartphones - Hence with the growing adoption of smartphones the demand for UV adhesive is also estimated to increase. This is owing to its growing usage in cell phone screen reparation or affixing the outer glass to the LCD and/or digitizer in a smartphone display assembly.With about 5 billion smartphone users worldwide as of 2023, this means that approximately 85% of the world's population would be smartphone owners.
  • Surge in Manufacturer of Medical Products - As of 2023, there were about 897 medical device manufacturing companies in the US, up from approximately 2% from 2022. Manufacturers of a wide range of medical products, including syringes, catheters, hearing aids, dialysis machines, medication patches, hydrogels, filters, test strips, and more, find that UV curing of coatings, inks, and adhesives speeds production and lowers costs while guaranteeing high product quality.
  • Growth in Demand for Ready-To-Eat Food - The percentage of Americans who ate ready food in 2020 was close to 35%. Hence, the demand for UV adhesive is growing in order to pack food. Silicone adhesive is the most frequently used adhesive in food industry. Silicone adhesives have several beneficial characteristics that make them perfect for the food industries. Silicones are suitable for use in damp environments or with liquids since of their strong water and moisture resistance. Another quality of silicones is their physical endurance, which allows them to withstand frequent usage and wear even in hazardous and exposed environments. The diverse and demanding conditions of the food business are a perfect fit for silicone adhesives owing to all of these qualities.
  • Upsurge in Extraction of Crude Oil - India produced about 33 million metric tons (MMT) of crude oil in FY 2018–19 (P). Epoxy, polyurethane, and acrylate are necessary raw materials for the production of UV adhesives. Most of these come from petrochemicals and crude oil. Hence, the growing production of crude oil is estimated to boost the manufacturing of UV adhesive.

Challenges

  • Side Effects of UV Adhesive – It is necessary to avoid human exposure to adhesive. Certain adhesives are hazardous to inhale as a result of how they interact with the substrate. Sniffing glue poses a serious risk to life. The dangers of glue and other inhalants include the potential for severe breathing issues and brain damage, even if the outcome is not fatal. Moreover, an irregular heartbeat could result from exposure to glue's chemicals. The irregular heartbeats could occasionally cause fatal heart failure. It could happen after just one attempt and is referred to as sudden sniffing death syndrome (SSDS). Hence this factor is estimated to hinder the growth of the UV adhesive market.
  • Lack of Awareness Regarding UV Adhesive
  • Stringent Government Regulations

UV Adhesive Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

9%

Base Year Market Size (2022)

 USD 800 Million

Forecast Year Market Size (2035)

 USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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UV Adhesive Segmentation

End-user (Medical, Electronics, Automotive, Cosmetics, Industrial Assembly)

The global UV adhesive market is segmented and analyzed for demand and supply by end-user into medical, electronics, automotive, cosmetics, and industrial assembly. Out of which, the medical segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing manufacturing of medical devices. Medical devices usually include hearing aids, dialysis machines, medication patches, hydrogels, and more. Owing to the growing need for treatment the demand for these devices is estimated to increase. For instance, according to the World Health Organization, over 5% of the global population, or 430 million people, require rehabilitation to address their debilitating hearing loss (432 million adults and 34 million children). Over 700 million people, or one in ten people, are predicted to have a hearing loss that makes them unable to function by the year 2050. Hence, with the growing demand for hearing aids the UV adhesive market is estimated to boost. Moreover, manufacturers are attempting to overcome a number of difficulties related to medical devices. A few of these difficulties are health compatibility and the need for permanent connecting and high-precision manufacturing in the materials utilized for bonding. Medical items are also required to endure various sterilizing techniques, enhancing the need for robust bonding. Hence, the demand for UV adhesive is estimated to increase.

Product (Silicon, Acrylic, Polyurethane, Epoxy)

The global UV adhesive market is also segmented and analyzed for demand and supply by product into silicon, acrylic, polyurethane, and epoxy. Amongst which, the acrylic segment is anticipated to have a significant growth over the forecast period. Many portions of modern industry depend on acrylic adhesives since they offer strong connections that are a good substitute for rivets or various more mechanical joining methods. Acrylics could be joined together with acrylic adhesives, which are helpful for a variety of surfaces. Acrylic adhesives could either be made of thermoplastics, which could be moulded above a particular temperature, or thermosetting polymers, which can only be made once they have "cured" and cannot be remoulded. Acrylic adhesives have a long history of use owing of their powerful structural adhesive qualities. They could be particularly useful as a low-cost structural adhesive in a variety of projects.

Our in-depth analysis of the global UV adhesive market includes the following segments:

 

       By Product

  • Silicon
  • Acrylic
  • Polyurethane
  • Epoxy

 

      By End-User

  • Medical
  • Electronics
  • Automotive
  • Cosmetics
  • Industrial Assembly

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UV Adhesive Industry - Regional Synopsis

North American Market Forecast

The share of UV adhesive market in North America, amongst the market in all the other regions, is projected to have the highest growth, backed by growing demand for packaging industry, along with e-commerce activities which is further estimated to boost the food industry. With an about 24% rise from the previous year, more than 44 million Americans utilized a food delivery app in 2020. Hence, this is further anticipated to boost the demand for packaging, hence driving the market growth in this region. Aside from that, adhesives are frequently employed in the construction industry owing to their wide range of uses, including roofing, flooring, joinery, and assembling of prefabricated components. Moreover, the rise in manufacturing of automobile is also estimated to drive the market growth in this region. The design and production of automotive and truck parts must adhere to strict standards for precision, quality, safety, dependability, and repeatability. Any bonding technique that doesn't adhere to these conditions is disregarded. As a result, hot melt adhesives are frequently chosen by auto and truck makers to join parts. The manufacture of cars and trucks makes extensive use of hot melt, which offers a reliable, flexible bond, in North America region.

APAC Market Statistics

The Asia Pacific UV adhesive market is estimated to be the second largest, to grow at the highest share. The growth of the market in this region can be attributed to increasing use of UV-curable adhesives in packaging, since they outperform traditional adhesive systems. In addition, as domestic consumption and exports of goods rise, so does the demand for packaging across industries such food and beverage, electronics, consumer goods, and others. The expansion of the market is mostly attributable to countries such as South Korea, India, Japan, and China. The expansion of the manufacturing industries is being accelerated by both an increase in the number of manufacturing businesses and a rise in population. Hence, this factor is also estimated to have the significant growth over the forecast period.

Europe Market Forecast

Additionally, the UV adhesive market in Europe region is also estimated to have the significant growth over the forecast period, backed by the expanding demand for the packaging, healthcare, and construction sectors. Moreover, the surge in automotive sector is also estimated to have the significant impact on the demand for UV adhesive. Additionally, there has been growing manufacturing of cosmetics owing to the rise in beauty conscious people which is also estimated to boost the market further in this region.

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UV Adhesive Market Size
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Companies Dominating the UV Adhesive Landscape

top-features-companies
    • 3M Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Permabond Engineering Adhesives
    • H.B. Fuller Company
    • Dow
    • Henkel Adhesives Technologies
    • Dymax Corporation
    • Ashland Inc.
    • Epoxy Technology, Inc.
    • Sika Group
    • BASF SE

In-the-news

In The News

  • DoMo Medical Technologies Inc. is Dymax Corporation’s newest sales partner, adding to the company's expanding network of business associates. Dymax is a prominent producer of rapid curing materials and equipment. DoMo Medical, based in Minnesota, would concentrate its efforts on supporting and marketing the sales of Dymax light-curing products to the medical markets in Minnesota and Wisconsin.

  • By constructing a second production facility at the Ludwigshafen plant in Germany, BASF SE increased its production capacity for UV acrylic hotmelts marketed under the brand name acResin. By doing this, the business improved its standing as the industry's top source of solutions for complex adhesives applications. The new facility, in which BASF made several tens of millions of dollars in investment, is fully operational and could accommodate more production.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4769
  • Published Date: Mar 30, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factor driving the growth of the market are rise in construction activities, growing adoption of smartphones, surge in manufacturer of medical products, and others.

The market size of UV adhesive is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2023-2035.

Side effects of UV adhesive, lack of awareness regarding UV adhesive, and stringent government regulations are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are 3M Company, Permabond Engineering Adhesives, H.B. Fuller Company, Dow, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, end-user and by region.

The medical segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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