New York, September 2021: Axiom Market Research & Consulting™ added a report on photoinitiator market which includes study on technology, application, and geography. The photoinitiator market was projected to grow at a CAGR of 10.17% for the forecast period 2021 to 2027. The global market is estimated and forecasted in terms of revenue (USD Million) and Volume (Kilotons) generated by the photoinitiator Market.

The primary factors responsible for the growth of the growth of the photoinitiator market includes the increasing growth opportunities of the photoinitiators that has been owning to the demand from the several end-use industries, along with the demand for the eco-friendly substitute for the VOCs and also better and improved properties of the photoinitiators. The other factors such as increasing significance of the photoinitiators for the biomedical applications and dental industry, along with the increase in the demand for the water-soluble additives and fast growth of the UV curable printing inks has also been contributing to the growth of the photoinitiator market during the forecast period.

The report analyses the photoinitiator market based on technology, application, and geography. By technology, the photoinitiator market is segmented into free radical photoinitiators and cationic photoinitiators. By application, the photoinitiator market is segmented into adhesives, ink, coating, and other end-use industries. By geography, the photoinitiator market is studied across the regions including North America, Europe, Asia Pacific, and Rest of the World.

The free radical photoinitiators technology segment has dominated the photoinitiator market in 2020

The free radical photoinitiators has been the most used photoinitiators and they are also having a strongly developed product line along with a variety of the applications. The increased use of the free radical photoinitiators in the end use applications and increasing opportunities in the future in the variety of advanced application had been attributed to the growth of the segment in the photoinitiator market during the forecast period.

The coating application segment accounted for highest market share in the photoinitiator market in 2020.

Some of the major factors like increasing environmental awareness in the coatings industry, growing electronics market, and increased demand for the UV coatings, along with the increasing demand for the industrial wood coating have been responsible for the growth of the segment in the photoinitiator market. The coating application segment is also expected to experience rapid growth during the forecast period.

Asia Pacific held the highest market share in the photoinitiator market

Because of the growth of the photoinitiator market in the Asia Pacific region has been primarily driven by the recovery in the end use industries and the technological advancement of the industrial solutions. Additionally, the increasing consumption of the photoinitiator in the ink, coating and several other industries, along with the increasing development and urbanization in the countries like China, Japan, and India have also been propelling to the growth of the photoinitiator market in the Asia Pacific Region.

Key Players

The key players of the photoinitiator market are IGM Resins (Netherland), Arkema (France), BASF SE (Germany),  Double Bond Chemical (Taiwan), Eutec Chemical Co., Ltd (China), RAHN AG (Switzerland), Jingjiang Hongtai Chemical Engineering Co., Ltd (China), Jiuri Chemical (China), NewSun Polymer Technology Co., Ltd (China) Polynaisse Resources Chemicals Co Ltd (China), Changzhou Tronly New Electronic Materials Co., ltd (China), Zhejiang Yangfan New Materials Co., Ltd (China), Anyang General Chemical Co., Ltd (China) and Environ Speciality Chemicals Ltd (India) among others.

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