Photoinitiator Market

Photoinitiator Market size reached USD 1,750 million in 2022 and is estimated to reach USD 3,919 million in 2030 and the market is estimated to grow at a CAGR of 10.6% from 2023-2030

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Photoinitiator Market Drivers

The growing use of Photoinitiators across several end-use industries such as packaging, paints and coatings, dentistry, and food stands to be one of the major factors fueling the Photoinitiators market. Moreover, high speed, ease of use, and ease of formulation of the Photoinitiators is forecast to expand the market growth. With the expansion of adhesives, coatings, and paint industries because of the increasing technological advancements, and automation, the need for Photoinitiators is expected to increase, driving the Photoinitiator market growth. For example, as per the American Coating Association, in 2021, the coating industry exported nearly USD 2.2 billion in coating products while generating a substantial trade surplus of USD 1.3 billion. With the ongoing developments in photoinitiator composition, formulas—like camphorquinone have been developed to be used in dental applications. Thus, the innovation in these products helps in the development of efficient curable resins and expand the variety of products to be used in end-use sectors, such as industrial paint shops, propelling the market growth. However, the high cost of photoinitiators, owing to the huge procurement and maintenance cost will act as a restraint for the Photoinitiator market size.

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Type – Segment Analysis:

Free radical segment is projected to witness a faster CAGR during the forecast period, owing to their growing use within acrylate or styrene-based formulations for polymerizations. For example, the OMNIRAD BL 724 free radical photoinitiator blend offered by IGM Resins are used for various applications including plastic coatings, adhesives, electronics, graphic arts, and wood coating. The growing use of free radical photoinitiators in various applications due to their efficiency in the curing process will further propel the segment’s growth.

End-User – Segment Analysis:

Coating segment is estimated to witness a faster CAGR over the forecast period, owing to the growing use of Photoinitiators in several applications including industrial coating and coating for graphic arts. Moreover, the growing application of Photoinitiators to produce displays, flexible electronics, aerospace, automotive, solar batteries, and fuel cells will further expand the segment’s growth. For instance, as per the American Coating Association, in 2020, architectural coating worth USD 13.6 billion were shipped and USD 7.7 billion of industrial OEM coating were sold in United States.

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Regional – Segment Analysis:

Asia Pacific region is forecast to hold a larger share during the forecast period. The Asia Pacific region is home to several leading players including Zhejiang Yangfan New Materials Co., Ltd, IGM Resins, Adeka Corporation, among others. Besides, the growing population will also bolster the demand for paint & coating, leading to the growth of the photoinitiator market share.

Top Market Players:

Various notable players operating in the market, include, IGM Resins, Adeka Corporation, Zhejiang Yangfan New Materials Co., Ltd, Evonik, Rahn AG, TCI Chemicals, Environ Speciality Chemicals Pvt. Ltd., Lambson, Arkema, Double Bond Chemical Ind. CO., LTD., among others.

Key Developments:

• • In 2021, Eutec Chemical Co., Ltd. entered into an agreement with Eustar Functional Material Technology, Inc. in order to launch additives for blue light absorbers, nucleating systems, especially for the automotive and electronic industries.
  • In 2020, IGM Resins decided to expand its business by establishing a new photoinitiator manufacturing plant in Anqing, China. This expansion will help the company to strengthen its geographical presence in the photoinitiators market of the APAC region.
  • In 2020, IGM Resins announced to open a new greenfield site in Anqing, Ahui Province, China. The new sites emphasize IGM’s commitment to UV/EB technology. They will ensure that the company can support its valued customers by addressing the increasing global demand for high-quality photoinitiators products and successfully producing and launching new products.

Segments covered in the Report:

The global photoinitiator market has been segmented on the basis of type, end-user and regions. Based on type, the market is segmented into free radicals, and Cationic. Based on end-user, the market is segmented into adhesives, ultraviolet curable ink, coating, and others.

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Market Segmentation

Global Photoinitiator Market by Type

• • Free Radicals
  • Cationic

Global Photoinitiator Market by End-User

• • Adhesives
  • Ultraviolet Curable Ink
  • Coating
  • Others

Global Photoinitiator Market by Region

• • North America Photoinitiator Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By End-User
    • US Market All-Up
    • Canada Market All-Up

  • Europe Photoinitiator Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Photoinitiator Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Photoinitiator Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Photoinitiator (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IGM Resins
  • Adeka Corporation
  • Zhejiang Yangfan New Materials Co., Ltd
  • Evonik
  • Rahn AG
  • TCI Chemicals
  • Environ Speciality Chemicals Pvt. Ltd.
  • Lambson
  • Arkema
  • Double Bond Chemical Ind. CO., LTD.