Market Landscape
Market Research Future presents a report in support of guide to the surge in the precious global UV adhesives market during the coronavirus pandemic. A double-digit stock is gained that pushed valuation to a median of 9.5% for the forecast period of 2020-2027. Therefore, during this period, the market assumes to be up by USD 1.5 billion in revenue collection.
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UV Adhesives Growth Boosters
Adhesives have come a sustained way considering then and are progressively being used in diverse industrial, biomedical, and pharmaceutical applications. Substantial research and development activities have been carried out to produce high-quality and biocompatible adhesives. Environment-friendly adhesives have gained extensive popularity in the present scenario, and the trend is possible to continue during the assessment period. The advent of modern technologies, coupled with the mounting interest for eco-friendly adhesives, is among the leading factors that have flagged the way for UV adhesives in the current market landscape amid ongoing COVID 19 pandemic.
Momentous developments in nanotechnology and derivatization of polymers have led to the expansion of a range of UV adhesives that are broadly used in a myriad of end-use industries, such as building & construction, electronics, industrial assembly, medical, and more. Besides, owing to mounting environmental concerns and limited availability of raw materials natural, the demand for natural adhesives has observed a substantial decline in the past few years.
Although several eco-friendly synthetic UV adhesives have been introduced to the market, the demand for natural adhesives is possible to remain steady, in support of the low cost. Synthetic UV adhesives are possible to lead the UV adhesives market during the assessment period, owing to exceptional moisture-resistant properties and high-strength.
Furthermore, some more significant factors that are likely to set the tone for the development of the UV adhesives market include the advent of numerous technological processes, globalization, and changing government regulations worldwide. In fact, UV adhesives are extensively used across a host of end-use industries. Over the past decade, market players operating in the UV adhesives market are chiefly focusing on capitalizing the rewarding opportunities in the healthcare sector. The mounting applications of UV adhesives in the pharmaceutical, dentistry, and medical field are likely to prosper an impetus to the entire augmentation of the global market for UV adhesives.
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Segment Review
The following segmentation has been conducted for the global UV adhesives market under the segments such as product type and application.
The segment of product type has included epoxy, acrylic, cyanoacrylate, silicone, and polyurethane.
The market has included glass bonding, electronics, packaging & laminating, medical & pharmaceuticals, and industrial application by the segment of application type.
Regional Framework
Market players in the key regions such as Europe, North America, Asia-Pacific, and RoW are currently directing their consideration toward supplying UV adhesives and other crucial products required to struggle with the novel COVID-19 virus. While international demand is likely to decline during the COVID-19 event, market players still focus on fulfilling the mounting demand from the domestic healthcare sector.
Market Research Future has forecasted North America to lead the UV adhesives market owing to the escalating investment and mounting demand for high technology medical equipment. These factors would progressively enhance market growth in the future. Progressing the number of healthcare amenities and the rise of the medical tourism industry in the region is also one of the major contributing factors towards market growth. Rising environmental restrictions about VOC emission has shifted North American adhesives markets in favor of UV adhesives. Due to well-developed healthcare in the North American region, the automobile and manufacturing sector in North America is projected to contribute drastically in demand for UV adhesives.
Asia Pacific region also led the global UV adhesives market with a 48.16% share of total global volume. Asia Pacific region is known as global manufacturing for electronics devices and Smartphones. Countries like China, South Korea, and Taiwan have massive electronic manufacturing capacities, thus generating unvarying demand for UV adhesives. This region is also a home for the largest population on earth; thus, coupled with growing per capita disposable income and standard of living have created a burgeoning demand for electronic devices and Smartphones, propelling the demand for UV adhesives.
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Vendors Landscape
The prime vendors in this market are BASF SE, Henkel AG, Ashland, H.B. Fuller, 3M Company, Epoxy Technology, Permabond Engineering Adhesives, Bostik, Dow Chemical, and others.
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