Market Overview:
UV-curing
adhesive is particularly suitable for the production of glassware, glass
furniture and acrylic glass, as well as for products in the optical industry
and in medical technology. Loctite provides UV-adhesive with medical clearance
especially for this purpose. Owing to the efficacy the
UV Adhesives demonstrates, it is widely used across a diverse range of
industrial sectors. Based on the industries and its use, UV Adhesives have been
bifurcated such as Epoxy, Acrylic, Cyanoacrylate, Silicone and Polyurethane. Moreover,
recent trends favouring the use of UV adhesives in medical & pharmaceutical
and electronics sector is expected to drive the global UV Adhesive market.
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However,
lower profit margins due to the usage of high-cost chemicals and lack of
awareness of UV Adhesives among consumer in developing countries may restrain
the market in future. Also, the bargaining power of the supplier is very high
for UV adhesives as there are less number of suppliers available in the market.
This also impacts the bargaining power of the buyers to be low. Generally,
manufacturers of UV adhesives are in monthly contract with raw material
suppliers of UV adhesives due to high cost of raw chemical and fluctuation in
its price.
Global Key
Player:
·
Henkel AG
·
BASF SE
·
3M Company
·
Ashland
·
H.B. Fuller
·
Permabond
Engineering Adhesives
·
Epoxy
Technology
·
Dow Chemical
·
Bostik
·
Huntsman
Corporation
Competitive
Landscape
In
competitive landscape, the MRFR studies the key developments adopted by the
companies between 2011 and 2016. Players in this market adopted various
strategies to expand their footprint and augment their market share. The key
strategies followed by most companies in the global UV adhesive market were
agreements and collaborations, mergers and acquisitions, joint ventures and
expansion. Due to rising optical industry and in medical technology in the
U.S., China, Germany and other developing countries, manufacturers in the
region are mostly using the expansion strategy in the global UV adhesives
market.
Industry/ Innovation/ Related News:
November 2016 – H. B. fuller has launched two new
Water-Based
Adhesives,
containing a UV fluorescing agent, developed to help corrugators who are
investing to achieve zero defects in their production lines. The new product
launch would help H.B. fuller to attract the consumer and hence increase its
market share.
August 2016 – Panasonic Corporation announced
that it has developed a "Time-lagged UV Curing Adhesive (Fine Glue)"
suitable for gluing and assembly of mobile device housings and panels, and will
start mass-producing it in September 2016. This liquid material cures after a
certain amount of time following exposure to UV irradiation, making it easier
to carry out the assembly process and rendering it possible to attach a
UV-protection (UV-proof) panel after irradiation. As this new adhesive
can be applied in a thin width and thick layer, it is suitable for mobile
devices that have limited space for adding adhesive.
July 2017 – Vitralit® UC 6686 is a newly
developed light curable epoxy adhesive from manufacturer Panacol lloking at the
growing demand of UV adhesives in the market. Upon exposure to ultraviolet
light, it cures in seconds to form a crystal clear, extremely hard, scratch resistant
surface perfect for dome coatings and for decorating glass and plastics. The
acquisition has been done in order to expand the UV operation in Hong Kong in
order to address the forthcoming demand.
February 2017 – Innovative
Chemical Products (the ICP Group) announced the acquisition of MinusNine
Technologies, a leading formulator and manufacturer of UV/EB coatings,
adhesives, primers and specialty products for graphic arts and industrial
applications. MinusNine, headquartered in Birdsboro, PA, will be integrated
into ICP Industrial, Inc., one of the three divisions of the ICP Group. The acquisition has been done in
order to address the forthcoming demand.
April 2015 – Henkel has agreed to acquire
Novamelt GmbH, a privately owned German company that offers a wide range of
hotmelt pressure sensitive UV adhesives based on thermoplastic rubber under the
brand name Novamelt PS. With this transaction Henkel as leading solution
provider worldwide for adhesives, sealants and functional coatings will further
enhance its competence in the area of hotmelt adhesives.
November 2017 – Covestro
has begun operations at a new production facility for aqueous polyurethane
dispersions (PUDs) at its Dormagen site. Along with a current expansion of
production in Barcelona, the company is thus boosting its capacities in Europe
significantly. In order to meet global demand, Covestro is also building a new
facility in China, as well as planning to resume production in the United
States and at the same time modernizing and expanding facilities there.
Regional Analysis
Geographically, Asia Pacific region accounted
largest market share in the global UV Adhesive market and expected to dominate
during the forecast period due to growing economies in the region, rise in in medical & pharmaceutical and electronics sector
in the region. China being largest
consumer and manufacturer of UV Adhesives. Growing demand in glass bonding,
electronics, packaging & laminating and industrial application in the
country is expected to drive the UV Adhesive market in China. In addition to
this, North America & Europe
have witnessed healthy growth owing to rising packaging & laminating and
industrial sector with increasing demand of epoxy and acrylic based UV
adhesives in the region.
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