Drivers such as the increasing adoption of ultraviolet (UV) curing systems for manufacturing furniture and packaging applications will accelerate the UV curing system market growth at a CAGR of 8.8% during the forecast period (2019–2024). At this rate, the value of the market will increase from $1.4 billion in 2018 to $2.4 billion by 2024. Moreover, the market is witnessing the large-scale adoption of the UV light-emitting diode (LED) technology for the manufacturing of consumer electronics.
The electronics industry is increasingly deploying the UV LED technology as it offers advantages such as lower power consumption, faster curing, and reduced operational cost, over conventional UV curing systems. Moreover, the targeted curing offered by UV LED systems has fueled the demand for them in the manufacturing of televisions, mobile phones, and tablets. With the surging penetration of these products, the application of these systems will widen in the coming years.
Moreover, the increasing adoption of UV curing systems for packaging purposes is one of the key factors supporting the UV curing system market growth. With the rising competition in the food and beverage sector, companies are increasing their product quality by deploying these systems for packaging purposes. This sector uses UV curing systems as these are ideal for adhesive drying, printing, and coating applications without diluting the quality and compromising the safety of the products. Thus, the soaring demand for packaged food products will fuel the demand for these systems in the forecast period.
Apart from this, UV curing systems are also employed for furniture manufacturing, to obtain a better product. These systems are used for curing coatings on several substrates, as they provide quick drying and high-quality finishing. Moreover, UV-cured coatings offer protection to the substrates against external agents such as moisture, accidental chemical spills, and corrosion. Due to these benefits, these curing systems are also being increasingly deployed in the production of automobiles and related products and healthcare devices.