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UV Curing System Market to Top $6 Billion by 2024
July 25, 2019 | PRNewswireEstimated reading time: 2 minutes
The UV curing system market is expected to reach USD 6.1 billion by 2024 from USD 3.7 billion in 2019, at a CAGR of 10.3%.
The inclination toward environmentally friendly products, along with stringent regulations regarding the use of green products and high performance & increased speed of UV curing systems than that of traditional ones are among major driving factors for UV curing system market.
This growth can be attributed to the inclination toward environmentally friendly products, along with stringent regulations regarding the use of green products and high performance & increased speed of UV curing systems than that of traditional curing systems. Factors restraining the growth of the UV curing system market are the limited depth of cure.
The UV curing system market for mercury lamps is expected to hold a larger market share during the forecast period. Mercury-based UV lamps have been extensively adopted for industrial and printing applications owing to the technological advancements and reduction in manufacturing time compared to traditional curing methods. Further, increasing government efforts, especially in the US and European countries to implement eco-friendly curing technologies, are encouraging industries to adopt UV curing systems.
The market for UV flood curing systems is expected to grow at the highest CAGR during the forecast period. A UV flood curing system is designed to cure a large area or multiple assemblies at the same time, making it an ideal system for applications such as curing adhesives, sealants, and coatings.
The bonding & assembling application is expected to hold the largest share of the global UV curing system market during the forecast period. UV curing systems in the bonding & assembling application are used to bond or stick materials, such as glass, plastic, and metals which are required typically in industries, such as semiconductor and consumer electronics. The demand for UV curing systems for bonding & assembling is increasing because of their fast, flexible, and eco-friendly curing methods.
North America is expected to account for the largest share of the global UV curing system market during the forecast period, owing to the presence of key UV curing system manufacturers, such as Dymax, Phoeseon, and Baldwin Technology. The UV curing system market in RoW is expected to grow at the highest CAGR during the forecast period. The Middle East accounted for a substantial share of the UV curing system market in ROW. Increasing awareness regarding the benefits of the technology is fueling the growth of the UV curing market in RoW.
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