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Photoinitiator Market (Type - Free Radical, and Cationic; Application - Paints and Coating, Inks, Adhesives, Electronic Devices, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : August, 2021

  • Rep Id : CM00871

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on the photoinitiator market provides in-depth analysis of segments and sub-segments in the global as well as regional photoinitiator market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional photoinitiator market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global photoinitiator market. According to the report, the global electronic chemicals and materials market is projected to grow at a CAGR of 10.5% over the forecast period of 2021-2027, growing from nearly USD 1,600 million in 2021 to about USD 2,945.1 million in 2027.


Photoinitiator Market

 

Market Insight

The polymer industry has gone under several transformations over the past few years with the development of innovative manufacturing processes, and chemicals. Photoinitiators are one of the innovative materials used in polymer formulations to improve their physical characteristics. A photoinitiator is a molecule that upon light absorption induces photopolymerization, resulting in a highly cross-linked photopolymer. The photoinitiators are classified into two basic types including free radical, and cationic. Products such as paints, coatings, inks, and adhesives widely use photoinitiators in the formulation. Photoinitiators offer faster curing, long-lasting activity, and a smooth finish to the products. Moreover, products with photoinitiators display superior properties including higher yield, better abrasion, and stain resistance. Such advantages of photoinitiators augment their use for various applications.

 

The spread of COVID-19 has severely affected the photoinitiator market across the globe. COVID-19 pandemic affected the global photoinitiator market by impeding production and demand, disrupting the supply chain, and by hampering the financial markets. The demand for photoinitiators decreased from the end-users, as the pandemic severely affected the revenue of end-user industries. Several end-users either reduced their production or closed their production unit. Moreover, the shortage of raw materials was another major challenge faced by the market during the pandemic. Furthermore, the lower production of photoinitiators in countries such as China, Taiwan, and Japan created a short supply in the global market. Other countries dependent on the import witnessed a severe shortage of photoinitiators during the pandemic. The lower production and shortage of photoinitiators in the market were estimated to hamper the market growth in the short term. However, as the pandemic crisis waned, the production and supply of photoinitiators ramped up to their pre-pandemic state.

 

The increasing demand for paints and coatings from various end-use industries is majorly driving the market growth. The paints and coatings having photoinitiators offer several advantages over traditional paints and coatings including ease of applying, quick-curing, and ease to clean-up and re-coat. These advantages of photoinitiators are anticipated to boost its adoption in paints and coatings. Moreover, the growing construction and automotive sectors are supporting the growth of the photoinitiator market. Construction and automotive industries widely use products having photoinitiators for various applications including paints, coatings, adhesives, and others. Thus, the growing construction and automotive industries augment the growth of the photoinitiators market as they are the leading end-use industries. However, higher cost associated with certain cationic photoinitiators is majorly hampering the market growth. Costly procurement of equipment and research and development together increase the price of photoinitiators. Nevertheless, the growing demand for photoinitiators from the food, and beverage packaging industry is anticipated to boost market growth in the future. The many vendors are developing zero-toxicity photoinitiator to use in the packaging of food, beverage, and personal care products.

 

In terms of region, the global photoinitiator market is dominated by the Asia Pacific region. The presence of a large consumer pool along with improving economic conditions is driving the market growth in the Asia Pacific. Moreover, the growth of automobiles and real-estate in the region augments the demand for photoinitiators in the Asia Pacific. Furthermore, the growing urban population in the Asia Pacific is further supporting the market growth for photoinitiators in the region. On the other hand, the North American region accounted for the second-largest share in the global photoinitiator market. The growing construction industry in North America is anticipated to boost the demand for photoinitiators for paint, coating, adhesive, and other applications. Additionally, the increasing production and export of electronic goods in North America are further augmenting the growth of the market.

 

Segment Covered

The report on global photoinitiator market covers segments such as type, and application. On the basis of type, the sub-markets include free radical, and cationic. On the basis of application, the sub-markets include paints and coating, inks, adhesives, electronic devices, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as IGM Resins BV, Polynaisse Resources Chemicals Co., Ltd., Arkema SA, Changzhou Tronly New Electronic Material Co., Ltd., Double Bond Chemical Ind., Co., Ltd., Evonik Industries AG, Rahn AG, DIC Corporation, TCI Europe NV, and Environ Speciality Chemicals Ltd.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of photoinitiator market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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