UV Adhesives Market Trends

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 adhesives is estimated to increase. Different types of adhesives used in construction are polymer adhesives, hot melt adhesives, acrylic adhesives, resin adhesives, 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 adhesives 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 adhesives is growing in order to pack food. Silicone adhesives is the most frequently used adhesives 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 adhesives.

Challenges

• Side Effects of UV Adhesives – It is necessary to avoid human exposure to adhesives. 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 adhesives market.

• Lack of Awareness Regarding UV Adhesives

• Stringent Government Regulations