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Global Photoinitiator Market InsightDecember 31, 2021 Comments
The Photoinitiator is forecast to Considerable growth rate over the next years. According to the World Knowledge Information (WKI) “Global Photoinitiator Professional Survey Report 2021, Forecast to 2026”, With the crossover and curing of photoinitiators, downstream application industries will need more photoinitiator products. Therefore, photoinitiators have huge market potential in the future.The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 6.58% base on WKI regression analysis model.
“Companies in the market currently participate in the adoption of various inorganic and organic strategies to expand their foothold in the photoinitiator industry. It is recommended that companies adopt strategies suitable for their own development status to gain a firm foothold in the industry.”said Jennie, Senior analyst, Chemical industry Market Research Center in WKI.
The continuous advancement of technology, the adoption of automation, and the growing demand for customized products are driving the development of the adhesives, coatings and paint industries. This is expected to drive the demand for photoinitiators. New use cases were developed in 3D printing, in which newly developed photoinitiators and monomers/oligomers demonstrated their applications in 3D bioprinting. Photoinitiators can also be used in dentistry, packaging, food and other industries. Volatile organic compounds are complex and include hydrocarbons, alkenes, alkanes, nitrogenous hydrocarbons, polycyclic aromatic compounds and oxygenated hydrocarbons. Many of these compounds can cause direct or indirect adverse effects on the human body. The various compounds present in VOC are insoluble in water and therefore still exist in the water source. Unlike volatile organic compounds (VOC), photoinitiators can be dissolved in water together with oligomers and have little or no environmental impact on the application, which promotes the development of photoinitiators.
However, the manufacture of photoinitiators requires the use of chemicals that are harmful to human health. These chemicals belong to the category of “dangerous goods” and have carcinogenic, mutagenic and reproductive toxicity. For safety reasons, these chemicals have been banned in Europe; although many countries/regions in the Asia-Pacific region have not yet set any such restrictions on their use. Many countries have established strict regulations on the use of these chemicals, which has affected the demand for photoinitiators.
In April 2021, Eutec Chemical Co., Ltd. and Eustar Functional Material Technology, Inc. reached an agreement to introduce additives for blue light absorbers and nucleation systems, especially for the automotive and electronic industries.
The main players in the photoinitiator market include: IGM resin, Zhejiang Yangfan Materials, TCI Chemicals, Rahn AG, Lambson, Tianjin Jiuri New Material Co., Ltd., Changzhou Chuanglixin Electronic Material Co., Ltd., New Sun Poly Technology Co., Ltd. , Environ Specialty Chemicals Ltd., ADEKA Corporation.
Segmentation of Photoinitiator Market:
The photoinitiator market by product type is mainly divided into: free radical type and cationic type.Among them, free radicals have a larger share in the market. Because of their efficiency in the curing process, free radical photoinitiators are widely preferred in various applications. After absorbing ultraviolet light, these photoinitiators form free radicals and form crosslinks with monomers and oligomers. In this way, the free radical photoinitiator converts the liquid resin system into a cured and dried product. Compared with free radicals, the acceptance of cationic photoinitiators is lower.By application, the photoinitiator market is mainly divided into: paints, inks, adhesives, and others.Among them, inks have a larger share in the market because UV curable inks have many advantages compared with ordinary inks. In the printing ink and wood products industry, UV curable inks can be used to speed up the process. Most printing processes use printing inks based on UV/EB technology.
Photoinitiator Market: Regional Analysis
In terms of geography, the global Photoinitiator market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.The Asia-Pacific region occupies the dominant market position in other regions and is expected to experience faster growth rates during the forecast period. The growing number of automotive, electronics, and packaging industries in the region are the main drivers of the photoinitiator market in the Asia-Pacific region. During the forecast period, the chemical treatment rules and regulations required for the synthesis of photoinitiators are not too strict, and are expected to have a positive impact on the photoinitiator market in the Asia-Pacific region.
Largest share area：Asia Pacific
Largest share country：China