Why will UV Curing System Market Boom in India in Coming Years?
Why will UV Curing System Market Boom in India in Coming Years?
Blog Article
The market is being propelled by surging requirement for consumer electronics, automobiles, and healthcare devices across the world. Besides, the soaring use of UV curing technologies for various packaging applications is also fueling the expansion of the market.
Rapid urbanization, growing disposable income of people, expanding e-commerce industry, and mushrooming population have fueled the progress of the food and beverages (F&B) industry all over the world. Further, packaging is a crucial factor in this industry as it is required for maintaining the quality of foods and beverages. As per the European Commission report A European Strategy for Plastics in a Circular Economy, in 2017, more than 95% of the food sold in the European countries was packaged.
Apart from the above-mentioned factor, the growing use of UV curing systems in various furniture production units is also propelling the advancement of the UV curing system market. These systems are being increasingly used to cure the coatings on various substrates, such as wood, for quick drying and high-quality finishing, thereby resulting in improved productivity. Additionally, UV-cured coatings protect substrates from external agents, such as accidental chemical spills, corrosion, and moisture.
Due to these characteristics, these systems are being increasingly used in manufacturing facilities. Depending on type, the UV curing system market is divided into conveyor curing, spot curing, flood curing, and hand-held curing categories. Out of these, the conveyor curing category contributed the highest revenue to the market in the past. Moreover, this category is expected to register the fastest growth in the market in the forthcoming years as well. Conveyor curing provides uniform ink curing, as the conveyor’s constant speed ensures that each component is cured for the same amount of time. This subsequently facilitates mass production and augments the throughput.
When technology is taken into consideration, the UV curing system market is categorized into UV LED and conventional UV. Between these, the conventional UV category contributed higher revenue to the market in the past. Conventional UV offers several advantages, such as the ability to easily cure different types of substrates and develop several UV bandwidths for deeper-level curing. These factors are driving the use of this technology in the F&B sector, wherein it is heavily used for packaging applications.
Geographically, the Asia-Pacific (APAC) region dominated the industry during the last few years. This was because of the existence of several electronics and automotive manufacturing organizations, especially in countries, such as South Korea, Japan, India, and China. Moreover, APAC is predicted to be the fastest-growing region in the market in the coming years. In APAC, India is expected to be the fastest-growing country in the UV curing system market in the upcoming years, on account of the booming electronics industry in the country. As per the India Brand Equity Foundation (IBEF), the value of the Indian electronics industry will surge from $100 billion in 2016 to $400 billion by 2020.
Hence, it can be said without hesitation that the demand for UV curing systems will surge sharply in the coming years, primarily because of the booming automotive, electronics, and packaging industries across the world.