by Ultraviolet light-emitting diodes (UV LEDs) emit ultraviolet light when electrical current is applied and are increasingly being used for UV curing applications. UV curing is a photochemical process in which ultraviolet light is used to instantly cure or dry ink, coatings or adhesives. UV LED curing offers significant advantages over traditional UV curing methods such as mercury lamps including smaller size, longer lifetime, lower energy consumption and enabling new applications. UV LED curing is used for applications such as curing of printing inks, industrial and medical coatings and adhesives. The curing process provides benefits such as reduced energy costs, increased production speeds and enabling new form factors.
The global UV LED Market is estimated to be valued at US$ 957.3 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the UV LED market is the growing adoption of UV LED technology for disinfection applications. UV LEDs offer advantages for disinfection over mercury lamps as they provide a more targeted dose and allow for disinfection of spaces that were previously hard to disinfect. They are being increasingly used for disinfecting air, water and surfaces. Another major trend is the development of UV LEDs with higher power output enabling new applications. Companies are focusing on developing UV LEDs with enhanced power levels that can replace mercury lamps for established curing applications and enable faster curing for larger areas. This is expanding the potential market for UV LEDs.
Porter’s Analysis
Threat of new entrants: Low capital requirement for manufacturing UV LEDs has increased threat of new entrants. However, established players have strong brand reputation and distribution network.
Bargaining power of buyers: Large buyers such as automotive and healthcare industries have significant bargaining power due to bulk purchasing. However, diverse applications of UV LEDs reduce impact of powerful buyers.
Bargaining power of suppliers: Key raw materials such as gallium nitride need specialized manufacturing capabilities. This gives suppliers moderate bargaining power over UV LED manufacturers.
Threat of new substitutes: Other curing technologies like mercury lamps offer substitutes but lack performance benefits of UV LEDs. Growing innovation is increasing threat from new substitutes.
Competitive rivalry: Presence of multiple technology vendors intensifies competition. Large manufacturers focus on innovation and cost leadership to gain market share.
Key Takeaways
The Global UV LED Market Share is expected to witness high growth. The global UV LED Market is estimated to be valued at US$ 957.3 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
North America dominated the market in 2021 owing to large automotive and healthcare industries in the US and Canada adopting UV LED curing applications. Growth in the Asia Pacific region is projected to be the fastest during the forecast period due to thriving manufacturing sectors and increasing per capita income in major countries like China and India. Rapid industrialization and economic growth in China and India offer significant opportunities. Large manufacturing bases and developing end-use industries favor market growth in the region.
Key players: Key players operating in the UV LED market are Mango, Forever 21, River Island, Peacocks, Topshop, Zara, Bershka, Inditex, H&M, Primark, C&A, Stradivarius, Pull&Bear, Oysho, Massimo Dutti, Uterqüe, Lefties, Arket, New Look, Next. Players focus on new product launches and partnerships to cater to diversifying applications of UV LEDs.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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