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 Asia Pacific photoinitiator market has been seeing ample growth from the past few years. Rise in demand for photoinitiators owing to its outstanding properties such as range of light absorption and relative stability is anticipated to propel growth of the market in the near future. In addition, growing adoption of photoinitiators in several end-use applications such as adhesives, paints, and inks is another factor expected to boost growth of the global market during the estimated timeframe.
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 Asia Pacific economies, international trade, business investments, GDP and marketing strategies of key players present in the market. the COVID-19 pandemic has affected the Asia Pacific 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 Asia Pacific 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 followed by cationic photoinitiator segment dominated the market in 2021. Cationic photoinitiators are widely used in overprint varnishes and printing ink such as packaging, industrial metal coating, glass hard coat, coil coating, can coating, nail coating and optical fiber coating. In addition, these photoinitiators are perfect choice for these coatings because of their no oxygen inhibition, superior adhesion, low shrinkage after polymerization, and high chemical resistance.
Major applications of the Asia Pacific 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. Alternatively, adhesive segment is accounted for third largest market share in 2020. A surge in the demand for UV-cured adhesives owing to its benefits such as lower energy requirements, ease of automation, savings on both floor space and curing time, improved production rates and high strength bonds is accredited to the adhesive segment growth.
Country wise, the study is comprised of the key countries such as China, India, Japan and rest of Asia Pacific. China held the largest market share of Asia Pacific photoinitiator market and is likely to dominate the market over the estimated time frame. Rapid growth in the APAC’s electronics and other end use industries and growing demand for photoinitiators in electronic, automotive, and packaging industries as it enhances the overall productivity by reducing cure time and low VOC emissions is propelling the growth of the market.
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.
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.
December 2020: IGM resins announced that the first batch of photoinitiators is successfully produced in Anqing, China. It was the significant milestone achievement by the IGM resins. The company announced that after the 13 months of formal ground breaking ceremony the first batch of photoinitiators is successfully produced at Anqing, China.
November 2020: The BASF introduced their portfolio for the protective enhancement of the wood grain. The Joncryl portfolio comprised of five straight acrylic dispersions. All are multi-purpose and has fine particle size and they may fulfil the performance of wood coatings along with the resistance to chemicals, scratch resistance, hardness and blocking resistance as well as wet transparency and in can clarity. Furthermore, customers may choose products whose having low to zero co-solvent demand.
The study analyses Asia Pacific 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 Asia Pacific 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 China, India, Japan and rest of Asia Pacific.
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