Coatings World - April 2016

FEATURE
Catherine Diamond, Associate Editor

The resins market, which suffered enormously as a result of the 2008 economic downturn, has been consistent in its recovery and is expected to continue growing through at least 2020. Multiple reports published in 2015 and early 2016 indicate that the resins market – inclusive of segments such as acrylic, adhesive and UV-curable resins – is enjoying a healthy resurgence in mature markets, as well as explosive growth in the Asia-Paci;c region.

The global UV curable resins market was valued at $3,555.8 million in 2014, according to P&S Market Research, and it is expected to grow with a CAGR of 9. 4 percent during 2015-2020.

“The factors driving the growth of the global market include stringent government regulations on emission norms and increasing demand from electronics market,” the report stated. “The government regulations have become more stringent over controlling the release of VOCs in the environment. Traditional inks, adhesives and coatings contain hydrocarbon solvents, and upon curing (normal as well as through heat), release hydrocarbons into the atmosphere.

According to the report, many substances, such as PVC-based adhesives are being gradually phased out from the usage, especially in the European region and the U.S. The radiation curable adhesives, inks, and coatings, with electron beam (EB) and UV as the two sub categories that emerge as viable alternatives here, due to zero or no emissions. Within radiation curable ecosystem, UV curable products are further advantageous, as these products can be cured with UV rays, thus leaving very less impact on the environment.

“For these very reasons,” researchers added, “the UV resins based coating systems is also the fastest growing segment within the green coatings ecosystem. Waterborne coatings, powder coatings, and high-solids coatings are the other types of green coatings. Even within the radiation curing systems, the waterborne UV curable systems are gaining traction, when compared to conventional radiation curing systems.

“The current impact of this driver is high on the growth of
the market, and is expected to further remain high during the
forecast period, as the governments of various countries con-
tinue to realize the negative impact of traditional VOC emitting
systems, and are looking forward to replace them with more
sustainable systems.”
In terms of the adhesive resins market, the global market
value is estimated to be $11,339.66 million in 2015 and is pro-
jected to grow at a CAGR of about 4.88 percent between 2015
and 2020, according to Markets and Markets. Applications
for this segment include automotive, packaging, industrial and
others. The construction sector, automotive market, and medi-
cal adhesives have all seen growth or resurgence that is con-
tributing to a projected increase in the world-wide market for
adhesive resins.

The key companies in this market segment are E.I. du Pont de Nemours and Company (U.S.), ExxonMobil Chemical (U.S.), Eastman Chemical (U.S.), Dow Chemical (U.S.), Lawter (U.S.), Mitsui Chemicals America, Inc. (U.S.), Mitsubishi Chemical (Japan), Georgia-Paci;c Chemicals (U.S.), Ashland Inc. (U.S.), and Yparex B.V. (Netherlands).