A photoinitiator is a molecule or compound that produce reactive species such as free radicals, cations or anions when exposed to visible or UV radiation. Photoinitiators can be bifurcated into two types free radical photoinitiators and cationic photoinitiators. Photoinitiators are majorly used for applications that demand UV transparency, high purity, and low residue on evaporation. Easy formulation, operation, and speed are primary factors that are propelling the photoinitiators market.
The North America photoinitiator market is presently being driven by several factors. Rapid growth of end use industries across the countries such as the US, Canada and Mexico and rising demand for photoinitiators in such industries is primary factor behind the market growth. For instance, photoinitiators are widely used in food packaging, electronics, 3D printing and dental application and other applications. The innovations and development of non- hazardous photoinitiator has found its way in dental industry.
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 North America economies, international trade, business investments, GDP and marketing strategies of key players present in the market. the COVID-19 pandemic has affected the North America 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 North America photoinitiator market based on technology, application and country.
Based on technology, the market is segmented into free radical photoinitiators and cationic photoinitiators. The free radical photoinitiators segment dominated the market in 2021. And cationic photoinitiators segment also witnessing a high growth. Increased use of cationic photoinitiators in overprint varnishes and printing ink such as packaging, industrial metal coating, can coating, coil coating, glass hard coat, nail coating and optical fiber coating is propelling the growth of the market in the region.
Major applications of the North America 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. Increasing demand for UV printing inks in a variety of packaging applications such as in food packaging is attributed to the segment growth. In addition, increasing stringent regulations in the field of food packaging are further making more demand for photoinitiators in ink application segment.
Country wise, the study is comprised of the key countries such as the US, Canada and Mexico. The US held the largest market share of North America photoinitiator market and is likely to dominate the market over the estimated time frame. Major factors such as growing technological advancements, well established end-use industries such as coating and ink industry and surged use of adhesive in industries such as electronic packaging and many others are accredited to the growth of the market 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.
May 2021: The BASF collaborated with industrial partners for exploring sustainable refinish coating solutions for new emission standards. The BASF refinish coatings invited all its partners and value chain for joint seeking of optimal path for achieving the new volatile organic compounds emission targets.
The Arkema industries completed the acquisition of Lambson. The Lambson is a company which is specialized in the photoinitiators for curing, a technology which meets the demand of advanced markets like electronics, 3D printing, digital ink, composites along with high performance coatings. The company’s solutions will complement the offerings of Sartomer, a global photocure resins company. In the process of complementing to the offerings of Sartomers the company also speed up its development in the fast-growing market.
The study analyses North America photoinitiator market based on product, application, and country. 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 North America 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 region. Country wise, the study is comprised of the key countries such as the US, Canada and Mexico.
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