Photoinitiators Market Size, Share, By Type, Light Source, Application, End-Use Industry, and Region - Trends, Analysis and Forecast till 2035

• Photoinitiators market size is expected to grow at USD 8.4 Billion by 2035.
• The target market was value at USD 3.05 Billion in 2024.
• Target market is expanding at a CAGR of 11.8%.

A photoinitiator is a molecule that absorbs light and creates reactive species that start a chemical reaction. They are widely used in adhesives, coatings, and dental restoratives. Target Market is driven increasing focus on sustainability, widespread application. In addition, development of bio-based and eco-friendly photoinitiators, and increasing demand for high performance photoinitiators are another factors propelling growth of the global market. Furthermore, technological advancements which increases the efficiency and cost-effectiveness of production is also anticipated to create opportunities for growth of the global market over the forecast period.

Key Takeaways:

• North America held the largest share of the market in 2024 due to strong presence of well-established printing & packaging industries.
• Europe is projected to be the fastest-growing market in the coming years. This is due to the increasing demand of photoinitiators in the automotive and electronics sectors.

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Key Drivers of Target Market:

Rising Usage in Dentistry to Propel Market Growth

Photoinitiators are widely used in dentistry. Photoinitiators provide effective and efficient in situ polymerization of dental materials using visible light irradiation. They are generally used in dental composites for curing surfaces and improving the quality of the final product. Type 1 & Type 2 photoinitiators are commonly used in dentistry.

• For Instance, according to the article published in Scientific Electronic Library, the combination of the photoinitiator systems seems to be beneficial for the cure efficiency of dental resin-based composites. The combination of Norrish type I and II photoinitiators increased the consumption of the photoinitiator system. However it does not increase the degree of conversion of dental resin-based composites, but it did reduce monomer elution.

Restraints:

Strict Regulation & Health Risk Associated with Photoinitiators can Hamper Product Adoption

Strong regulations on photoinitiators can limit the photoinitiators market growth, as it can be hazardous to human health and environment. Carcinogenicity is one of the important health issue regarding photoinitiators in dietary supplements. Additionally, they can also be allergic for some individuals. It is also toxic to organs especially for liver. Hence, there is strong regulations on photoinitiators for avoiding such types of risk.

• For Instance, the use of photoinitiators in packaging is regulated in the European Union (EU) under Regulation (EC) No. 1935/2004, which establishes general requirements for materials and articles intended to come into contact with food.
• For Instance, Regulation (EC) No. 2023/2006 sets out good manufacturing practices for materials and articles intended to come into contact with food. It requires that manufacturers of dietary supplements and other food contact to prevent contamination and do not contain any substances that may pose a risk to human health.

Counterbalance Statements: To reduce health risks associated with photoinitiators in dietary supplements, manufacturers should take measures to limit the use of potentially hazardous photoinitiators and explore safer alternatives for the production of dietary supplements.

Opportunities:

Sustainable Trends in Photoinitiators Can Create Significant Opportunities in Upcoming Years

As environmental regulations continue to rise, the demand for reducing volatile organic compound (VOC) emissions is on the rise. Water-based photoinitiators significantly reduce the environmental footprint of various manufacturing processes. Unlike their solvent-based counterparts, which release harmful volatile organic compounds into the atmosphere, water-based formulations utilize water as the primary solvent.

• For instance, in January 2023, Everlight Chemical has launched a new type of water-based photoinitiator (New Photoinitiator, NPI) with superior compatibility with a water-based system, especially for application in water-based photocuring.  As it disperses more easily in water-based systems than conventional solvent-based photoinitiators, less curing energy and dosage amounts are needed to achieve a better curing effect.

The market is segmented based on type, light source, application, end use industry, and region. 

Type:

On the basis of type photoinitiators market is segmented into free radical, non-radical, cationic, anionic. Free radical dominate the target market with 56% of total share in 2023. This is due to its versatility, effectiveness, cost-effectiveness, and widespread applications.

Light Source:

The photoinitiators market by light source is segmented into ultraviolet (UV), visible, and infrared. The ultraviolet (UV) segment holds the largest share of the market due to the growing demand for UV coatings and adhesives in automotive, electronics, and packaging industries.

• For Instance, in January 2021, IGM is delivering on its promise to the market to ensure a reliable and sustainable Photoinitiator supply to meet the future growth of the UV curing industry. With state-of-the-art technology, continued focus on Innovations and with an annual production capacity of 12,000 metric tons, IGM will strengthen its position as global market leader in Photoinitiators.

Application:

The photoinitiators market by application is segmented into printing, coatings, adhesives, electronics, and medical devices. The coating segment is expected to dominate the target market growth due to increasing demand and adoption in UV-curable coatings in various industries.

• For Instance, in April 2021, Songwon Industrial Co., Ltd. announced that it entered a distribution partnership with Chemo International Inc., for its Business Unit (BU) Coatings. Chemo International became the exclusive distributor in the Caribbean, Central America and northern parts of South America of SONGWON’s BU Coatings product families: SONGNOX antioxidants, SONGSORB UV absorbers and light stabilizers, and SONGCURE photoinitiators.

End Use Industry:

• On the basis of end-use industry, the photoinitiators market is divided into automotive, packaging, construction, aerospace, and healthcare. The automotive industry dominates the market growth due to the rising demand for lightweight & durable materials in vehicle manufacturing.

Regional:

Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America: North America is expected to dominate the growth of the market during the forecast period due to the presence of well-established printing & packaging industries, rapidly expanding manufacturing sector, high adoption rate, and domestic availability, among others.

Europe: Europe region is considered to be the fastest-growing region in the target market due to the rising demand for photoinitiators in the automotive and electronics sectors, and incorporating advanced manufacturing technologies.

• For Instance, in October 2021, due to continued significant increases in costs, the IGM Resins announced the price increasing on its photoinitiators portfolio. Impact of the global shortages for several key raw materials for the production of photoinitiators and the excessive increase in energy and transportation costs are the reasons behind these increases.

Photoinitiators Market Report Scope:

Segmentation:

By Type:

• Free Radical
• Non Radical
• Cationic
• Anionic

By Light Source:

• Ultraviolet (UV)
• Visible
• Infrared

By Application:

• Printing
• Coatings
• Adhesives
• Electronics
• Medical Devices

By End Use Industry:

• Automotive
• Packaging
• Construction
• Aerospace
• Healthcare

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Spain
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the photoinitiators market include IGM Resins, Zhejiang Yangfan New Materials Co., Ltd, Tokyo Chemical Industry Pvt. Ltd., RAHN AG, and among Others. These key players are focusing on different organic and inorganic strategies, such as acquisition, merger, partnership, agreement, product launch and approval to expand their product portfolio and strengthen their market presence globally.

List of Key Players in the Market:

• IGM Resins
• Zhejiang Yangfan New Materuals Co., Ltd
• Tokyo Chemical Industry Pvt. Ltd.
• RAHN AG
• JIURI NEW MATERIALS
• Changzhou Qiangli Electronic New Materials Co., Ltd.
• Environ Speciality Chemicals Pvt. Ltd.
• ADEKA CORPORATION
• Anstar
• Eutec Chemical Co., Ltd.
• Hampford Research Inc.
• Mayzo, Inc.
• SONGWON

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• In January 2024, Energy-curing technology provider iGM Resins announced an action to enforce the patent of its Omnirad photoinitiators. The company had acquired the Photoinitiators product line from BASF, along with the intelligence and patent for Omnirad 819, in 2016. The globally patented product is a photoinitiator for radical polymerization of unsaturated resins upon UV light exposure. The manufacturing of Omnirad 819 (BAPO) is protected by several patents that are owned and enforced by iGM Resins. These patents include the production processes: EP 1 648 908 B1 and EP 1135 399 B2 along with their equivalents. 

Analyst View:      

The industry for photoinitiators market is placed for substantial growth due to increasing focus on sustainability, widespread application, development of bio-based and eco-friendly photoinitiators, and increasing demand for high performance photoinitiators. New innovations and development, advance technologies as well as many collaborations and partnerships helps to boost the growth of the market in upcoming years.

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