Market Size of Photoinitiator Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Photoinitiator Market Analysis
The photoinitiator market is anticipated to register a CAGR higher than 10% during the forecast period.
The COVID-19 pandemic negatively impacted the market for photoinitiators. Major market participants are from Asia-Pacific and Europe, among the most hit by the viral pandemic. Revenue for the companies fell from 7% to 10% in 2020 compared to the previous year. The diminishing gains deterred new entrants into the photoinitiators industry and adopters in their work processes. The photoinitiator market recovered from the pandemic and is growing significantly.
- Over the short term, with promising growth in end-use industries such as adhesive, coating, ink, and paint along with eco-friendly alternatives for volatile organic compounds (VOCs) as photoinitiators may be dissolved in water using oligomers, producing little or no environmental impacts on the applications are projected to fuel market growth throughout the forecast period.
- However, safety concerns, as the photoinitiators' production necessitates the toxic chemicals used for human health and high prices. They are the significant factors likely to hamper the photoinitiator market size growth.
- Nevertheless, creating non-hazardous photoinitiators for use in the dentistry industry will likely create lucrative delivery opportunities for the market over the forecast period.
- Regarding revenue, Asia-Pacific is expected to dominate the global market during the forecast period.
Photoinitiator Industry Segmentation
A photoinitiator is a molecule that creates reactive species when exposed to radiation. Synthetic photoinitiators are critical components in photopolymers. Some small molecules in the atmosphere can also act as photoinitiators by decomposing to give free radicals. The photoinitiator market is segmented by type, application, and geography. By type, the market is segmented into free radical and cationic. By application, the market is segmented into adhesives, ink, coating, and other applications. The report covers the market size and forecast for the photoinitiator agent market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD million).
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| Free Radical | |
| Cationic |
| Application | |
| Adhesives | |
| Ink | |
| Coating | |
| Other Applications |
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Photoinitiator Market Size Summary
The photoinitiator market is poised for significant growth, driven by its essential role in various end-use industries such as adhesives, coatings, inks, and paints. These sectors are increasingly adopting photoinitiators due to their eco-friendly properties, particularly as alternatives to volatile organic compounds. The market, which experienced a downturn during the COVID-19 pandemic, has rebounded and is expected to continue expanding. However, challenges such as safety concerns related to the use of toxic chemicals in production and high costs may impede growth. Despite these hurdles, the development of non-hazardous photoinitiators for dental applications presents promising opportunities for market expansion.
The Asia-Pacific region is anticipated to dominate the global photoinitiator market, supported by its robust industrial and manufacturing sectors, particularly in China, Japan, and India. These countries are key players in the paints and coatings industry, which is a major consumer of photoinitiators. The region's growth is further bolstered by significant investments in production facilities and technological advancements. The market is characterized by fragmentation, with major players like Arkema and IGM Resins actively expanding their product offerings through strategic acquisitions and innovations. These developments are expected to enhance the market's competitive landscape and drive demand for photoinitiators in the coming years.
Photoinitiator Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Promising Growth in End-use Industries such as Adhesive, Coating, Ink, and Paint
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1.1.2 Eco-friendly Alternatives for Volatile Organic Compounds (VOCs)
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1.2 Restraints
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1.2.1 Safety Concerns and Highest Costs
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1.2.2 Other Restriants
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Type
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2.1.1 Free Radical
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2.1.2 Cationic
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2.2 Application
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2.2.1 Adhesives
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2.2.2 Ink
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2.2.3 Coating
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Spain
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2.3.3.6 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Photoinitiator Market Size FAQs
What is the current Photoinitiator Market size?
The Photoinitiator Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Photoinitiator Market?
Arkema, IGM Resins, TCI Chemicals, Tianjin Jiuri New Material Co. Ltd. and Changzhou Tronly New Electronic Materials are the major companies operating in the Photoinitiator Market.
