The global UV curing system market is expected to grow from US$ 2,817.2 million in 2021 to US$ 5,153.2 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028.
The PTC thermistor market is broadly segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). With the improving standard of living among the population of developing countries such as India and China, the demand for various electronics is also experiencing a significant rise over the years. Countries such as China, India, and Japan have a huge base of electronic manufacturers. Haier, TCL, Xiaomi, Lenovo, Huawei, Havells India, Voltas, Godrej, Hitachi, Panasonic, Canon, and Toshiba are among the key electronic manufacturers across the countries. UV curing systems are actively utilized across these companies for various applications such as die attachment, wire tacking, pin attachment, and sealing & gasketing products. UV curing solutions are also adopted for coating applications across this industry. Thus, the wide range of UV curing applications is propelling the demand for the same among the industries, thereby contributing to the market's growth.
Impact of COVID-19 Pandemic on UV Curing System Market in Middle East and Africa region
Majority of economic operations in the Middle East and Africa region were suspended due to an increase in the number of COVID-19 cases in the region, thereby, impacting the UV curing system market negatively from both supply and demand side. Since the tourism sector in the country experienced very less demand, due international travel ban, demand for new air conditioners, television sets, and refrigerators reduced notably from the hospitality industry. This impacted the requirement for UV curing system from consumer electronics manufacturers. Moreover, the end users in the region are
UV LED-based curing systems have better properties, such as better abrasion resistance, durability, elasticity, adhesion, and chemical resistance, than the other curing systems. Hence, the demand for UV LED-based curing systems is increasing over conventional curing systems, which use mercury lamps. UV LED-based curing systems also provide a better operational speed of the machine and faster drying of the product. The UV curing systems also reduce the emission of the volatile organic compounds (VOCs) which is released during painting, coatings, inks, adhesives, and similar materials. Hence, these systems are highly adopted by various end-use industries, such as furniture, automotive, healthcare, and electronics.
The overall UV curing system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the UV curing system market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the UV curing system market. A few of the major players operating in the UV curing system market are American Ultraviolet, AMS Spectral UV, Dymax Chemical (Shanghai) Co. Ltd, Excelitas Technologies Corp., Hanovia-uv, Heraeus Holding GmbH, IST Metz GmbH, Jenton Group, Nordson Corporation, and Phoseon Technology. These companies are actively investing in new product developments and geographical expansions for acquiring a larger customer base across the globe.