October 21, 2024 09:01 ET | Source: SNS Insider pvt ltd SNS Insider pvt ltd
Austin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Market size & Growth Analysis: Uv Led Curing Machine
As per the SNS Insider Report,“The UV Curing System Market was valued at USD 5.12 Billion in 2023 and is expected to reach USD 23.47 Billion by 2032, growing at a CAGR of 18.50% over the forecast period 2024-2032.”
UV curing systems are used in the automotive industry for critical applications such as coating and bonding components among other end-user industries. The automotive coatings segment experienced more than 10% growth in organic sales year-on-year, sustained by increased selling prices across all regions and volume increases in the U.S. and Latin America during 2024. UV-cured coatings provide incredible durability and scratch resistance, characteristics important for automotive finishes. In addition, the speed of curing when it comes to UV tech means faster production cycles, which in turn can increase overall productivity for manufacturers. The automotive sector will also keep evolving by implementing lightweight materials and advanced coatings, which in turn is likely to complement a growing demand for UV curing systems.
The increasing need for top-notch finishes and enhanced longevity in final products is fueling advancements in UV curing systems. Businesses are dedicating resources to research and development in order to improve the effectiveness of UV curing technology, resulting in the creation of more advanced systems with increased efficiency and flexibility. Moreover, the increasing shift towards automation and Industry 4.0 is driving the uptake of UV curing systems in manufacturing processes.
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Dominant Market Players with their Product Listed in this Report are:
"Comprehensive Segment Breakdown Highlights Emerging Opportunities in the Market"
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Key Market Segments:
"Regional Dynamics and Growth Trends in the Global Market: A Comprehensive Analysis"
North America accounted for a 35% share of the UV curing system market, in 2023 due to the presence of technological advancement. Manufacturing base and R&D are also exponentially increased between these countries by various industries which further boosts the market growth. Demand in this market is primarily due to the automotive, electronics, and packaging sectors. Furthermore, stringent VOC emission guidelines have motivated enterprises to adopt UV curing systems, offering an eco-friendly alternative.
The Asia-Pacific region is projected to witness the fastest growth in the forecast period 2024-2032, owing to the increasing number of industries and development in the manufacturing sector. Countries including China, India & Japan are leading the way in this development as progress from both automotive, electronics, and healthcare sectors begins to expand. Natural demographic trends have resulted in a greater demand for UV-cured coatings and inks, coupled with the environmentally-friendly nature of the products in focus in the region, which is driving market growth.
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The UV Curing System Market is anticipated to witness several future trends, including:
Table of Contents - Key Points Analysis
5. Statistical Insights and Trends Reporting
5.1 Production and Sales Volumes, 2020-2032, by Region
5.2 Technology Adoption Rates, by Region
5.3 Innovation and R&D Spending, by Region
7. UV Curing System Market Segmentation, by Technology
8. UV Curing System Market Segmentation, by Type
9. UV Curing System Market Segmentation, by Pressure Type
10. UV Curing System Market Segmentation, by Application
13. Use Cases and Best Practices
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