Photoinitiator market was valued at USD 1,431 million in 2020 and projected to grow at 10.6% CAGR during the forecast period.

Introduction of the Photoinitiator Market Report
Photoinitiators are useful elements that, when summed to a formulation, transform light energy into chemical energy. Photoinitiators are increasingly used in adhesives and sealants, powder coating, wood coating, clear coating, composites, and inks. When photoinitiators absorb light, they generate reactive species that can begin or catalyze chemical reactions. These chemical reactions can be used to alter solubility or other physical properties.

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Market Dynamic
Key Drivers and Emerging Trends
The factors driving the global photoinitiator market include the increasing demand for paints and coatings. Photoinitiators are utilized widely together in combination with cross-linkable monomers and oligomers in UV-curable coating. UV-curing technology represents an environmentally-friendly and cost-effective alternative to other technologies such as solvent-based formulated systems, as there is no water to discharge at the end of the printing or coating process. According to the American Coating Association, in 2021, the coating industry contributed significantly to the U.S. economy exporting over USD 2.2 billion in coating products while generating a substantial trade surplus of USD 1.3 billion. The increasing use of eco-friendly alternative products of volatile organic compounds will boost the market. Many VOCs are human-made chemicals used and produced in the manufacture of paints, pharmaceuticals, and refrigerants. VOCs are chemicals that both vaporize into the air and dissolve in water which causes direct or indirect effects on human bodies. In comparison, photoinitiators cannot be dissolved in water with oligomers, which do not affect the environment.

Restraint in the Photoinitiator Market
However, the high cost associated with photoinitiators will act as a restraint and hamper the market growth. The purchase of equipment and handling of chemicals attracts a high cost.

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Type – Segment Analysis
Based on the type, the free radical segment is anticipated to grow at a higher CAGR during the forecast period. Free radicals are the most extensively used photoinitiators and have a strongly developed product line for different applications. Free radicals are usually used within styrene-based or acrylate-based formulations for polymerizations. For instance, IGM Resins offers OMNIRAD BL 724 free radical photoinitiator blend to various applications such as graphic arts, wood coating, plastic coating, metal coating, adhesives, electronics, and others.

End-User – Segment Analysis
Based on the end-user, the coating segment is expected to grow at a higher CAGR during the forecast period. Photoinitiators are used in various applications including industrial coating and coating for graphic arts. It is also used in the manufacture of display and touch screens, solar batteries and fuel cells, flexible electronics, medical devices, aerospace, and automotive components. UV curable coating can offer improved performance and visual properties. One of the main advantages from an environmental perspective is the absence of solvents. The growing demand for coating will boost the photoinitiator market. For instance, according to American Coating Association, in 2020, architectural coating of USD 13.6 billion was shipped and USD 7.7 billion of industrial OEM coating were sold in United States.

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Regional – Segment Analysis:
Based on the region, the APAC region is predicted to grow at higher CAGR during the forecast period owing to the existence of key players in the region such as IGM Resins, Zhejiang Yangfan New Materials Co., Ltd, Adeka Corporation, among others. The region’s growing population will also increase the demand for paint & coating, leading to the growth of the photoinitiator market.

Top Market Players
Various notable players operating in the market, include, IGM Resins, Adeka Corporation, Zhejiang Yangfan New Materials Co., Ltd, Evonik, Rahn AG, TCI Chemicals, Environ Speciality Chemicals Pvt. Ltd., Lambson, Arkema, Double Bond Chemical Ind. CO., LTD., among others.

Key Developments:

• • In 2020, IGM Resins announced to open a new greenfield site in Anqing, Ahui Province, China. The new sites emphasize IGM’s commitment to UV/EB technology. They will ensure that the company can support its valued customers by addressing the increasing global demand for high-quality photoinitiators products and successfully producing and launching new products.

Segments covered in the Report:
The global photoinitiator market has been segmented on the basis of type, end-user and regions. Based on type, the market is segmented into free radicals, and Cationic. Based on end-user, the market is segmented into adhesives, ultraviolet curable ink, coating, and others.

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Key questions answered in this research report:

• • At what pace is global Photoinitiator market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Photoinitiator market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Photoinitiator market?
  • Which Type generated maximum revenues in 2020 and identify the most promising Type during the forecast period?
  • What are the various End-User areas of global Photoinitiator market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 1,431 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	IGM Resins, Adeka Corporation, Zhejiang Yangfan New Materials Co., Ltd, Evonik, Rahn AG, TCI Chemicals, Environ Speciality Chemicals Pvt. Ltd., Lambson, Arkema, Double Bond Chemical Ind. CO., LTD., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Photoinitiator Market by Type

• • Free Radicals
  • Cationic

Global Photoinitiator Market by End-User

• • Adhesives
  • Ultraviolet Curable Ink
  • Coating
  • Others

Global Photoinitiator Market by Region

• • North America Photoinitiator Market (Option 1: As a part of the free 25% customization)
    • North America Photoinitiator Market by Type
    • North America Photoinitiator Market by End-User
    • US Photoinitiator Market All-Up
    • Canada Photoinitiator Market All-Up
  • Europe Photoinitiator Market (Option 2: As a part of the free 25% customization)
    • Europe Photoinitiator Market by Type
    • Europe Photoinitiator Market by End-User
    • UK Photoinitiator Market All-Up
    • Germany Photoinitiator Market All-Up
    • France Photoinitiator Market All-Up
    • Spain Photoinitiator Market All-Up
    • Rest of Europe Photoinitiator Market All-Up
  • Asia-Pacific Photoinitiator Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Photoinitiator Market by Type
    • Asia-Pacific Photoinitiator Market by End-User
    • China Photoinitiator Market All-Up
    • India Photoinitiator Market All-Up
    • Japan Photoinitiator Market All-Up
    • Rest of APAC Photoinitiator Market All-Up
  • RoW Photoinitiator Market (Option 4: As a part of the free 25% customization)
    • RoW Photoinitiator Market by Type
    • RoW Photoinitiator Market by End-User
    • Brazil Photoinitiator Market All-Up
    • South Africa Photoinitiator Market All-Up
    • Saudi Arabia Photoinitiator Market All-Up
    • UAE Photoinitiator Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Photoinitiator Market All-Up

Major Players Operating in the Photoinitiator (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IGM Resins
  • Adeka Corporation
  • Zhejiang Yangfan New Materials Co., Ltd
  • Evonik
  • Rahn AG
  • TCI Chemicals
  • Environ Speciality Chemicals Pvt. Ltd.
  • Lambson
  • Arkema
  • Double Bond Chemical Ind. CO., LTD.