The global UV cured adhesives market has witnessed moderate growth at a CAGR of 6.7% over the past half-decade. However, in 2nd and 3rd quarter of FY2020, the market has stepped on the brakes of demand for fast curing adhesives such as UV cured adhesives, owing to contraction in demand for such adhesives across industries amidst the COVID-19 pandemic.
In the 3rd quarter, industries across almost all regions have restarted at a normal pace, owing to rise in demand for electronic and medical products. Decline in demand in the 2nd and 3rd quarters is set to normalize by the end of Q2 FY2021, owing to rise in investments in the adhesives market.
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UV Cured Adhesives Market: Key Strategies of Manufacturers
The global UV cured adhesives market is highly fragmented in nature. Henkel, 3M, Denka, and Delo are the only key market players in tier-1, accounting for more than 40% of global production of UV cured adhesives. Players have adopted organic strategies in prominent growth regions. For instance, in FY2020, Dymax utilized the opportunity and leveraged medical UV cured adhesives to ventilator assembly lines in the United States.
Regional Outlook of UV Cured Adhesives Market
Europe holds a prominent UV cured adhesives market share. However, this trend is set to flip by the end of the forecast period, as East Asia is set to take over the market crown. Currently, Europe accounts for over 35% of the demand for UV cured adhesives. Followed by Europe, North America is set to capture a quarter of the market share in FY2020, but is also set to fall by 2030, owing to market saturation in the region. In the long run, East Asia and South Asia are set to remain prominent regions in the UV cured adhesives market.