The UV curable resins Market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. Rapid advancements in processes, manufacturing and the growing application of UV curable resins in end-use industries are the key factors that affect global market growth. The vendors compete based on cost, product quality, availability, and reliability of the products. The vendors must provide cost-effective and high-quality UV curable resins to compete in the market. The competitive scenario is fragmented between tier-1 and tier-2 companies.
The growth of market players is dependent on market conditions, government regulations, and industry development. Thus, the players should focus on expanding their production capacities to meet demand and enhance their services. BASF SE, Arkema, Allnex GmbH, Resonac Corporation, DIC Corporation, iGM Resins, Troy Corporation, Covestro among others are the major companies in the market that compete in terms of quality, price, and processes incorporated. These players primarily focus on developing more sophisticated and advanced mixes of UV curable resins.
Although the international players are dominating the market, regional and local players with small market shares also have a moderate presence. The international players with a presence across the globe, with established manufacturing units or sales offices, have strengthened their presence across major regions such as North America, Europe, and Asia-Pacific.
The competitive market strategy analysis is expected to be highly inclined toward direct and secondary competition during the forecast period. However, tertiary competition from the tier-3 players is expected to intensify the competition from moderate to high for the tier–1 and tier–2 players during the review period. The business sectors of the tier-3 companies are tangentially related to the market, however, with the significant growth of the UV curable resins market during the forecast period, the tier-3 companies may expand their business and product portfolio, which is expected to be highly concentrated toward the production of UV curable resins.
These factors are expected to influence the market dynamics in the coming future and intensify the competition during the review period.
BASF SE: BASF’s strategy is to grow profitably while positively contributing to society and the environment. It intends to transition to a carbon-neutral and circular economy. The economy and its associated landmarks, such as the European Green Deal, necessitate new concepts and approaches. The company believes that a strong distribution network maintains its brand image. It invests continuously in benchmarking, R&D, new solutions, and advanced technologies while emphasizing process improvement. It emphasizes collaborations and mergers with key market players and maintains a long-term relationship with its partners, enabling it to establish its position in the market.
DIC: DIC emphasizes customer satisfaction, innovation, and value creation. The digital age has helped the group to focus on providing information on color and its products for application in LCDs, pigments, and imaging & reprographic materials. Technological development has been the major focus of the company during the past few years. It made strategic investments under DIC111 medium term management plan in M&As and startups in various business segments to increase group’s product and technology portfolio.
