Global UV curable resins market is projected to reach $5,403.9 million by 2023, the market growth is mainly driven by increasing preference for environment-friendly coatings in different industries such as electronics and automotive. 

the UV curable resins market is categorized into oligomers, monomers, photoinitiators, and others (additives and pigments. Of these, oligomers is expected to be the fastest growing category in the market, advancing at respective volume and value CAGRs of 7.2% and 8.1% during the forecast period. Oligomers are regarded as one of the key components for manufacturing UV curable resins, which are used in various applications such as coatings, inks, and adhesives. This is driving the demand of oligomers in the market, globally.

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the UV curable resins market is segmented into industrial coatings, graphic arts, electronics, and others (aerospace, defence, and mining). In terms of value, electronics is expected to be the fastest growing end user in the market, with a CAGR of 8.6% CAGR during the forecast period. The growing demand for UV curable resins for UV LEDs from the electronic industry, owing to its benefits such as low operational costs, reduced power consumption, and easy disposal is driving the market growth.

the fastest growth in volume sales of these resins is expected in Asia-Pacific (APAC), with a CAGR of 7.9%. Countries such as China, India, and Indonesia are some of the leading APAC nations which have a fast-growing construction industry. These countries are also witnessing rapid increase in the production of automobiles, with China emerging as the largest automobile manufacturer in the world.

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There has been seen an increasing demand for UV curable products from the electronics industry for applications such as inks in manufacturing of printed circuit boards (PCBs), in the display of mobile phones and other consumer gadgets, and as adhesives in phone and electronic manufacturing assembly.

Some of the major players operating in the global UV curable resins market are BASF SE, Toagosei Co. Ltd., Koninklijke DSM N.V, he Nippon Synthetic Chemical Industry Co. Ltd., Covestro AG, Wanhua Chemical Group Co. Ltd., Miwon Specialty Chemical Co. Ltd., Hitachi Ltd., Arkema Group, and DIC Corporation.

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