A photoinitiator is a molecule or compounds that creates reactive species such as cations, free radicals, or anions when exposed to visible or UV radiation. Furthermore, photoinitiators are very useful compounds that when added to a formulation convert light energy into chemical energy and are usually used in sealants and adhesives, wood coatings, powder coatings, pigment coatings, clear coatings, inks and composites. Their applications and versatility of attributes make them highly useful products.
Primary growth factors such as rising growth opportunities of photoinitiators owing to demand from several end-use industries, demand for eco-friendly substitute for VOCs and improved and better properties of photoinitiators are accredited to the growth of the market. Besides, growing significance of photoinitiators for applications in the dental industry and in biomedical applications, surge in the demand for water-soluble additives and rapid growth of UV curable printing inks are anticipated to impel growth of the market in the near future. However, safety concerns and high costs and finishing defects due to uneven exposure to light are some of the major restraining factors that could hamper the market growth.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the Photoinitiator market. In addition, complete analysis of changes on Photoinitiator market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. the COVID-19 pandemic has affected the global photoinitiators market and manufacturers on a slight negative level in the early pandemic period. This is owing to the decreased production of photoinitiators as several raw material manufacturing plants or facilities were closed.
The study analyses global photoinitiator market based on technology, application and geography.
Based on technology, the market is segmented into free radical photoinitiators and cationic photoinitiators. The free radical photoinitiators segment dominated the market in 2021. Free radical photoinitiators are the most commonly used photoinitiators and have a strongly developed product line with several or a variety of applications. Surged use of free radical photoinitiators in numerous end use applications and increasing future opportunities in variety of advanced application are attributed to the segment growth.
Major applications of the global photoinitiator market are adhesives, ink, coating, and other end-use industries. Coating followed by ink segment is accounted for the largest market share in 2021 and is anticipated to witness rapid growth in the years to come. Major factors such as increasing environmental awareness in coatings industry, increased demand for UV coatings and growing electronics market, and increasing demand for industrial wood coatings are accredited to the growth of global photoinitiators market.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific held the largest market share of global photoinitiator market and is likely to dominate the market over the estimated time frame. The growth of the photoinitiator market in the APAC region is primarily driven by the recovery in end-use industries and the technological advancement of industrial solutions. In addition, rising consumption of photoinitiator in the coating, ink and other industries, increasing industrial development and urbanization in countries such as India, China, and Japan are also propelling the market growth in the region.
The major key players of market includes 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.
June 2021: The BASF announced that it is planning to launch Refinity, which is the all-new cloud based digital platform for the purpose of collision repair. The Refinity will provide the seamless digital experience which is designed for driving efficiency in the market of colour, business, training and support solutions.
April 2021: The company announced that is formed an agreement with the Eustar functional material technology inc for the introduction of additives for blue light absorbers, nucleating systems for automotive and electronic industries especially.
November 2020: RAHN AG announced the launch of two new photoinitiators under the name Genomer 1125 and Genocure BMS which are used as curable ink, coatings and adhesives whose having properties such as good adhesion, excellent water resistance, good heat resistance, high reactivity, good flexibility and high refractivity along with high reactivity, low odour and insoluble in water.
The study analyses global Photoinitiator market based on product, application, and geography. Based on technology, the market is segmented into free radical photoinitiators and cationic photoinitiators. The free radical photoinitiators segment is likely to dominate the market over the forecast period. Increased adoption of free radical photoinitiators in various end use industries is attributed to the market growth. Major applications of the global photoinitiator market are adhesives, ink, coating, and other end-use industries. The coating segment is likely to register fastest growth in years to come owing to the increasing demand for green coatings by consumers across the globe. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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