The global photoinitiators market size was USD 1.6 billion in 2021 and is expected to reach USD 2.6 billion by 2026, projecting a CAGR of 10.3% between 2021 and 2026. photoinitiators are increasingly used in the adhesive, coating, ink and other end-use industries. The increasing demand of the coating industry drives the demand for photoinitiators. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for photoinitiators. Due to the lockdown scenario in most of the world, the demand for photoinitiators from the coating and ink industries have declined sharply in the first half of 2020.
The demand of photoinitiators is directly dependent on its end use industries especially coating and ink. In the global landscape, these two industries heavily relied on VOCs, but as the ill-effects of VOCs are coming to light the industries and consumers are searching for alternatives. Photoinitiators proved to be a viable replacement for VOC in all applications. It is water soluble and hence eliminate the use of VOC. Photoinitiator are also more stable and non-reactive to oligomers and monomers without light and hence offer better shelf life to the product. With European and American countries putting major restrictions on the use of VOC other countries have also kept a check on the percentage composition of VOC in end products. All this account in favor of photoinitiator and can be seen in the increasing market share.
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While increasing environmental awareness has led to the growth of the global UV curable coatings market, the high cost and lack of awareness about UV curable coatings are the major factors restraining this market. However, there are several opportunities for market players in the form of new applications, which would help in increasing their penetration in various end-use industries such as 3D printing and overprint varnish.
IGM Resins is one of the leading manufacturers and suppliers of various photoinitiators, monomers, oligomers, additives, and a wide variety of customized specialties for the energy curing industry. The company’s various products have applications in industrial coatings, graphics arts, 3D printing, and adhesives. IGM opened a new manufacturing unit in China to increase its geographical presence and manufacturing capacity. It also launched two new photoinitiators to meed the demands of the coating and ink industries.
Zhejiang Yangfan Material Co., Ltd. is one of the leading manufacturers of a wide variety of photoinitiators. The company has a wide product portfolio to cater to multiple needs of various applications and end-use industries, including ink, coating, composites, electronics, and many more. It is expanding business through opening new distribution networks and channels to meet the growing demand for photoinitiators. The increasing investment by the firm is a good sign for the market in the coming days.
APAC accounts for a major share of the global photoinitiator market, due to its electronics segment which is major consumer of UV coating and ink. The region is the biggest and the fastest-growing market for photoinitiators, consuming almost half of the global volume in 2020. The scenario is different in Europe, as the region witnesses rising consumption of photoinitiator by the industrial coating segment, which is mainly in the wood coating, paper coating, and plastic coating segment.
Some of the key drivers influencing the growth of the photoinitiators market in the UV curable sector include increasing demand for eco-friendly and safe additives and development of food safe photoinitiators.
Photoinitiator Market with COVID-19 Impact Analysis by Type ( Free Radical & Cationic), End-use Industry ( Adhesives, Ink, Coating), and Region ( North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2026
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