UV Curing System Market Worth 5.45 Billion USD by 2023
PUNE, India, April 10, 2018 /PRNewswire/ --
According to the new market research report "UV Curing System Market by Technology (Mercury Lamp, and UV LED), Type (Spot Cure, Flood Cure, and Focused Beam), Pressure (High, Medium, and Low), Application, End-User Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets(TM), the market was valued at USD 3.28 Billion in 2018 and is expected to reach USD 5.45 Billion by 2023, at a CAGR of 10.66% between 2018 and 2023. The UV curing system market has huge potential in end-user industries such as medical, consumer electronics, automotive and transportation, and industrial and machinery. Major factors driving the UV curing system market are environmental awareness and stringent regulation; and quick curing and better performance compared to traditional curing systems.
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Mercury lamp held largest share of UV curing system market in 2017
Mercury-based UV lamps have been extensively adopted for industrial and printing applications, owing to the technology advancement and reduction in manufacturing time compared to traditional curing method. Furthermore, increasing government efforts, especially in the US and European countries, to implement environment-friendly curing technologies are encouraging industries to adopt UV curing systems.
UV curing system market for bonding and assembling application held the largest share of the UV curing system market in 2017
UV curing systems in bonding and assembling application is used to bond or stick materials such as glass, plastic, and metals in industries such as semiconductor and consumer electronics. The demand for UV curing systems for bonding and assembling is increasing because of its fast, flexible, and environment-friendly curing method. The growing demand for semiconductor devices and the increasing sales of mobile and consumer electronic devices are expected to fuel the demand for UV curing systems in bonding and assembling application.
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Medical industry held larger share in the UV curing system market between 2018 and 2023
Medical device manufacturers across the globe are using UV curing technologies in their manufacturing process owing to its benefits such as reduction in friction between medical electronic devices, uniform adhesion and surface coverage, and coating homogeneity. These characteristics make UV curing system an ideal solution for the medical industry.
Currently, North America leads the UV curing system market in terms of market share
North America is the largest market for UV curing technologies owing to the presence of key UV curing system manufacturers such as Dymax, Phoeseon, and Baldwin Technology. Stringent regulatory framework by agencies such as Environment Protection Agency (EPA) and American Industrial Hygiene Association (AIHA) is playing a key role in the monitoring and commercialization of UV curing technology.
The UV curing ecosystem comprises companies such as Dymax (US), Nordson (US), Baldwin Technology (US), Heraeus (Germany), Phoseon (US), Honle (Germany), Panasonic Corporation of North America (US), Delo (Germany), IST METZ (US), and American Ultraviolet (US). This report also covers the following prominent players: Omron (Japan), Excelitas (US), Uvitron (US), Atlantic Zeiser (Germany), Benford UV (Shire county), GEW (EC) (England), Hanovia (UK), Miltec UV (US), Thorlabs (US), and Hoya (Japan).
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