The burgeoning consumption of packaged foods, on account of the booming population, rising urbanization rate, mounting disposable income of people, and flourishing e-commerce sector will augment the adoption of ultraviolet (UV) curing technologies in the food and beverage sector in the coming years. Since UV curing systems are ideal for use in adhesive, printing, and coating applications without compromising the quality and safety of the food products, they are being increasingly deployed in the packaging of food products and beverages. Additionally, the usage of such systems in the food and beverage sector also facilitates the food and beverage production process.
Moreover, the surging adoption of the UV light-emitting diode (LED) technology for manufacturing consumer electronic products, such as tablets, TVs, and mobile phones, will drive the UV curing system market at a CAGR of 8.8% during the forecast period (2019–2024). The market revenue stood at $1.4 billion in 2018 and it is expected to reach $2.4 billion by 2024. The increasing preference for UV LED systems can be attributed to their various beneficial traits such as lower operational costs, low power consumption, and faster curing than that offered by the conventional UV systems.
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Additionally, the furniture manufacturing sector is also deploying UV curing systems for curing the coatings on substrates, such as wood, for providing high-quality finishing and reducing the drying time. Owing to these advantages, the usage of such systems helps in improving the productivity of furniture manufacturing units worldwide. The application of UV-cured coatings on substrates offers protection against external agents, such as accidental chemical spills, corrosion, and moisture. Thus, the burgeoning demand for furniture, primarily on account of rapid urbanization, will propel the deployment of UV curing systems in the coming years.
The type segment of the UV curing system market is categorized into spot curing, flood curing, hand-held curing, and conveyor curing. Among these, the conveyor category accounted for the largest market share in 2018 and it is expected to demonstrate the fastest growth throughout the forecast period. This is because the conveyor curing system offers uniform ink curing. After all, the constant speed of such systems ensures that each component is cured for the same time duration. This further enhances the throughput and facilitates mass production.