Photoinitiator Market Analysis | 2024-2030

Market Insights

The photoinitiator market was estimated at USD 1.9 billion in 2023 and is likely to grow at a CAGR of 9.88% during 2024-2030 to reach USD 3.67 billion in 2030.

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Market Dynamics

Photoinitiators are chemical compounds that initiate or catalyze a photopolymerization reaction upon exposure to light, typically ultraviolet (UV) or visible light. These compounds play a crucial role in photopolymerization processes, where they enable the rapid curing or hardening of light-curable materials.

These raw ingredients, photoinitiators, and UV-curable materials are widely distributed and manufactured in China. The coronavirus outbreak in China has impacted the availability of these raw ingredients and photoinitiators. Additionally, the manufacturing of photoinitiators has decreased due to the interruption in the supply of those raw materials. The production and shipping of raw materials have drastically decreased due to the lockdown, which has had an impact on the sales of producers of photoinitiators.

Photoinitiator, a sizeable market, could not escape from such trends and witnessed a colossal decline amid the pandemic, quite aligned with the lockdown. However, the industry is gradually rebounding in 2021 with the ramp-up in consumer confidence. Furthermore, growing consumer awareness, lenient labour laws, and an evolving environmental and regulatory scenario are likely to give impetus to the demand for photoinitiators. 

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Key Players

The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc.

The following are the key players in the photoinitiator market:

• ADEKA Corporation 
• Changzhou Tronly New Electronic Materials Co., Ltd.
• Environ Speciality Chemicals Ltd.
• IGM Resins
• Lambson
• New Sun Poly Tec Co., Ltd.
• Rahn AG
• TCI Chemicals
• Tianjin Jiuri New Materials Co., Ltd.
• Zhejiang Yangfan Materials

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Type

"Free Radicals are expected to remain the largest and fastest-growing glass type in the market during the forecast period"

The market is segmented into free radical & cationic. Free Radicals are expected to remain the largest and fastest-growing glass type in the market during the forecast period due to their effectiveness in the curing process. These photoinitiators are utilised in a variety of products, including composites, electronics, wood coatings, wood coatings on plastic, coatings on metal, UV curable inks, and adhesives.

By End-Use Industry Type

"Coating is expected to remain the pioneer as well as the fastest-growing type in the market during the forecast period"

The market is segmented into adhesive, ink, and coating. Coating is expected to remain the pioneer as well as the fastest-growing type in the market during the forecast period as UV-curable coatings offer advantages such as fast curing, high performance, and low VOC emissions compared to traditional solvent-based coatings. The coatings industry encompasses various sectors, including automotive coatings, wood coatings, industrial coatings, and protective coatings. The demand for UV-curable coatings has been steadily increasing due to their superior properties, leading to a higher demand for photoinitiators.

Regional Analysis

"Asia-Pacific is expected to remain the largest as well as fastest growing market during the forecast"

Asia-Pacific is expected to remain the largest as well as fastest growing market for Photoinitiator during the forecast period, as many manufacturers in APAC are engaged in development efforts, particularly for the introduction of new products. Asia now retains the largest share and will keep it in the future because the majority of MNCs have manufacturing facilities there.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s photoinitiator market realities and future market possibilities for the forecast period. The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market

The photoinitiator market is segmented into the following categories:

By Type

• Free Radical 
• Cationic 

By End-Use Industry Type

• Adhesives 
• Ink 
• Coating 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com