Introduction
The Global UV Curable Resins and Formulated Products Market is moderately consolidated at the level of raw-material supply and fragmented at the level of formulated products. A limited number of global specialty chemical companies – led by Arkema (Sartomer), allnex and IGM Resins, together with BASF, Covestro, Eternal Materials, Miwon Specialty Chemical and Toagosei – account for a large proportion of global oligomer, monomer and photoinitiator supply. Chinese producers such as Tianjin Jiuri New Materials, the world's largest photoinitiator producer by output, have a strong position in photoinitiators and standard monomers. Downstream, ink majors such as DIC (Sun Chemical), adhesive specialists such as Henkel and Dymax, and hundreds of regional coating, ink and 3D printing resin formulators compete across applications.
Competition is driven by product innovation (UV-LED-curable, low-migration, TPO-free and bio-based chemistries), technical service and application development, regulatory compliance capability, cost position through backward integration, and regional manufacturing footprints. Since 2022, the competitive landscape has been reshaped by capacity additions in Asia, portfolio restructuring by diversified chemical groups, changes of ownership and a steady flow of new products for 3D printing, packaging and electronics.
Key Player Positioning
Based on product breadth, global reach, technology leadership and strategic activity in UV-curable materials, the profiled companies are positioned as follows:
Leaders: Arkema (Sartomer), allnex, IGM Resins and DIC Corporation (including Sun Chemical) – broad UV-curable portfolios across oligomers, monomers, photoinitiators or formulated inks, global manufacturing and technical networks, and a consistent flow of new products.
Challengers: BASF, Covestro, Eternal Materials, Miwon Specialty Chemical and Toagosei – strong positions in specific resin types or regions, often backed by backward integration into acrylic monomers, with active expansion or portfolio repositioning.
Niche players and application specialists: Tianjin Jiuri New Materials (photoinitiators), Henkel (light-cure adhesives and 3D printing resins) and Dymax (light-curable adhesives, coatings and curing equipment) – focused positions in specific chemistries or applications where they hold strong technical capabilities.
Arkema (Sartomer)
Arkema, headquartered in France, is one of the world's leading suppliers of UV/LED/EB-curable monomers and oligomers through its Sartomer business, which it acquired in 2011 and which sits in its Coating Solutions segment. The group reported revenue of EUR 9,068 million in FY2025, with the Coating Solutions segment contributing EUR 2,176 million. Its portfolio includes the SARTOMER range of UV/LED/EB-curable resins, N3xtDimension 3D printing resins, Sarbio bio-based oligomers and bio-attributed grades produced at ISCC PLUS-certified plants in China and France. In October 2023, Arkema started up its expanded Nansha, China plant, doubling Sartomer's specialty UV/LED-curable resin capacity for 3D printing, electronics, new energies, coatings and inks. Its strategy centres on high value-added downstream acrylics, Asian growth, low-carbon and bio-based resins, and partnerships with 3D printer manufacturers.
allnex allnex, headquartered in Frankfurt, Germany, and wholly owned by Thailand's PTT Global Chemical since 2021, is a major global supplier of coating resins and additives, including energy-curable (UV/EB) resins. The company describes its revenue as over EUR 2.2 billion (company-reported, fiscal year not specified; allnex does not publish audited standalone accounts). Its energy-curing brands include EBECRYL (100%-solids UV/EB monomers and oligomers, including the EBECRYL LEO low-extractables and EBECRYL LED ranges), UCECOAT waterborne UV resins, Desmolux, ADDITOL additives and RAYLOK UV-curable composite resins. Recent activity includes the ECOWISE CHOICE sustainability range launched in August 2022, new RAYLOK grades in February 2024 and the UCECOAT 7738 UV polyurethane dispersion in May 2025. Its strategy emphasises sustainable and low-migration chemistries, LED curing and expansion in Asia, including a new manufacturing hub in Mahad, India.
IGM Resins
IGM Resins, headquartered in Waalwijk, the Netherlands, and majority-owned by private equity firm Astorg, is a leading integrated supplier of energy-curing raw materials and describes itself as the global leader in photoinitiators. As a private company, it does not publicly disclose revenue. Its portfolio includes Omnirad photoinitiators (acquired from BASF in 2016), Esacure photoinitiators (acquired from Lamberti in 2015), and Photomer acrylate monomers and oligomers. In 2022, IGM acquired Litian, a UV acrylate producer in Rudong, Jiangsu, China, to integrate backward into energy-curing resins, and in 2025 it launched the Photomer 4357 specialty acrylate monomer. Its "Go, Grow, Green" strategy combines global expansion, backward integration in China, protection of its photoinitiator intellectual property and consolidation of its manufacturing footprint.
DIC Corporation (incl. Sun Chemical)
DIC Corporation, headquartered in Tokyo and founded in 1908, is one of the world's largest producers of printing inks, pigments and polymers, and operates globally in inks through its subsidiary Sun Chemical. DIC reported net sales of JPY 1,052,194 million in FY2025. Its UV portfolio spans UNIDIC solvent-free and solvent-based UV-curable resins and WATERSOL waterborne UV resins, DIC Graphics UV offset inks, and Sun Chemical's UV, UV-LED and EB ink and coating ranges, including SolarWave, SunWave, SolarFlex and SolarScreen Wave. In 2025, DIC Graphics launched DAICURE HR PINESTER, a high-sensitivity UV ink partly using bio-based resin, and BIOBRID, a hybrid UV ink with 50% biomass content for carton packaging, while Sun Chemical showcased its UV-LED flexo and screen inks and EB-curable products at Labelexpo Europe 2025. Under its revised DIC Vision 2030, the group is focusing on high-margin products, energy-saving UV-LED curing and bio-based and migration-compliant packaging inks.
BASF SE
BASF, headquartered in Ludwigshafen, Germany, is the world's largest chemical company by sales and reported revenue of EUR 59,657 million in FY2025. In radiation curing, it supplies the Laromer range of UV/EB-curable oligomers (urethane, epoxy, polyester and polyether acrylates) and reactive diluent monomers through its Dispersions & Resins business, together with additives for UV formulations under brands such as Efka and Tinuvin. BASF sold its mainstream photoinitiator business to IGM Resins in 2016. Since 2022, it has streamlined its portfolio – divesting its additive manufacturing business in 2024 and its coatings division to Carlyle in 2026 – while continuing to launch UV formulation additives, such as the Efka PX 4720 dispersing agent for solvent-free UV coatings in May 2026. Its strategy focuses on core chemicals, backward integration into acrylic monomers, and selected specialties.
Covestro AG
Covestro, headquartered in Leverkusen, Germany, is a leading producer of high-performance polymers and coating and adhesive raw materials, and reported revenue of EUR 12,942 million in FY2025. Its energy-curing portfolio, largely acquired with DSM's Resins & Functional Materials business in 2021, includes NeoRad and AgiSyn energy-curing resins and Bayhydrol waterborne UV polyurethane dispersions, covering UV, EB, LED and Excimer curing. Covestro sold its additive manufacturing materials business, including Somos photopolymer resins, to Stratasys (completed in April 2023), and was acquired by XRG, the international investment company of ADNOC, in December 2025. In UV curing, its strategy emphasises sustainable resins – including partly bio-based grades, Excimer-curable ultra-matte resins and LED-curable solutions – for furniture, flooring and graphic arts.
Eternal Materials Co., Ltd.
Eternal Materials, founded in 1964 and headquartered in Kaohsiung, Taiwan, is one of the largest Asian producers of UV-curable monomers and oligomers and a leading supplier of dry-film photoresist. It reported operating revenue of NT$40,685 million in FY2025. Its ETERCURE range includes polyester acrylates, aliphatic urethane acrylates, amine synergists and specialty monomers, complemented by UV coatings, UV-curable moulding materials and UV inks, with photocuring production at Luzhu (Taiwan), Changshu and Zhuhai (China). In August 2025, the company showcased UV materials for excimer curing and dual-cure systems for automotive interiors and 3D footwear materials, and in May 2026 a board-approved investment of RMB 260 million in a new plant and production line at its Zhuhai specialty materials subsidiary was reported. Its strategy is to shift toward higher-value niche UV applications – UV adhesives, waterborne UV, bio-based and inkjet materials, and electric-vehicle and battery uses – while expanding in Southeast Asia, India, North America and Europe.
Miwon Specialty Chemical
Miwon Specialty Chemical, headquartered in South Korea and listed on the Korea Exchange, is a specialist supplier of energy-curing raw materials, including acrylate and methacrylate monomers, oligomers and photoinitiators under the MIRAMER and Photocryl brands. It reported consolidated revenue of KRW 532.1 billion in FY2025. The company operates manufacturing sites in Korea, China, the United States and Spain. In April 2022, it opened its first U.S. manufacturing plant in South Carolina, producing UV/EB-curing raw materials, and in April 2025 it inaugurated a EUR 9 million expansion of its Manresa, Spain plant with a new production line and an R&D laboratory. Its strategy is based on a local-for-local manufacturing footprint, higher-value specialty oligomers and sustainability certifications.
Toagosei Co., Ltd.
Toagosei, headquartered in Tokyo and established in 1944, is a major Japanese producer of acrylic monomers and of ARONIX specialty acrylates and oligomers for UV/EB curing, and the developer of ARON OXETANE cationic UV-curable oxetanes. The company reported net sales of JPY 162,312 million in FY2025, of which its Polymer & Oligomer segment, which includes ARONIX, contributed JPY 36,169 million. Its ARONIX range includes urethane and polyester acrylates, biomass-derived acrylates, toluene-free grades and development grades for fast LED curing and hard coats. Since 2022, Toagosei has expanded its international footprint with subsidiaries and branches in China, Vietnam and India, and its "Connect and Create 2028" medium-term plan targets semiconductors, mobility, medical and environmental applications. Its strategy centres on specialty "No.1/Only1" acrylates, overseas expansion and pricing discipline.
Tianjin Jiuri New Materials Co., Ltd.
Tianjin Jiuri New Materials, founded in 1998 and listed on the Shanghai Stock Exchange STAR Market in 2019, describes itself as the world's largest photoinitiator producer by output. It reported operating revenue of CNY 1,486.22 million in FY2025. The company produces more than ten photoinitiators at scale, including 184, TPO, 1173, 907, 369, DETX and ITX, together with UV monomers such as ACMO and, through a subsidiary, photoresists. In January 2026, three photoinitiator and intermediate projects entered trial production, including an 8,000 tonne-per-year H4 ketone intermediate unit, and in July 2026 the first phase of an ACMO monomer line began trial production. Jiuri's strategy is to integrate backward into photoinitiator intermediates, broaden into UV monomers and develop semiconductor photoresists as a second growth engine.
Henkel AG & Co. KGaA
Henkel, headquartered in Düsseldorf, Germany, operates the world's largest adhesives business through its Adhesive Technologies unit. The group reported sales of EUR 20,495 million in FY2025, of which Adhesive Technologies accounted for EUR 10,667 million. In the UV-curable market, Henkel participates through LOCTITE light-cure acrylic and silicone adhesives, LOCTITE LED and UV curing equipment, and LOCTITE 3D photopolymer resins for DLP, LCD and SLA printing. Since 2023, it has launched a series of 3D printing resins, including the TPO-free LOCTITE 3D IND6845 and the sterilisable MED3394 in November 2024, and light-cure medical adhesives LOCTITE AA 3952 and SI 5057 in January 2025. Henkel's strategy is to expand light-cure technology in medical device and electronics assembly, transition to LED curing and regulation-ready chemistries, and grow additive manufacturing through validated resin workflows on partner printer platforms.
Dymax Corporation
Dymax, founded in 1980 and headquartered in Torrington, Connecticut, USA, is a privately owned specialist in light-curable adhesives, coatings, encapsulants and maskants, and also manufactures UV/LED curing and dispensing equipment. As a private company, it does not publicly disclose revenue. Its portfolio includes Encompass, SpeedMask and HLC light-and-dark-cure technologies and the BlueWave range of curing equipment, serving medical, electronics, automotive, aerospace and energy markets. In May 2025, Dymax launched a TPO-free light-curable adhesive range in response to regulatory changes, and in 2026 it expanded its European facilities in Wiesbaden, opened a distribution and technical centre in Querétaro, Mexico, and launched new dual-cure products for wearables. Its strategy is to sell materials and curing equipment as integrated systems and to expand into energy, wearables and new regional markets.
Competitor Dashboard
The competitor dashboard rates each profiled company on four parameters – breadth of UV-curable product portfolio, regional presence, strategic alliances and industry experience – on a scale of Low, Medium, High and Very High.
Bargaining Power of Suppliers – Medium
Key feedstocks such as acrylic acid and isocyanates are supplied by a limited number of large petrochemical producers, giving them pricing influence.
Backward integration by leading resin manufacturers and multiple supply sources in Asia moderate supplier power.
Specialty photoinitiator intermediates have fewer suppliers, raising switching costs for some grades.
Bargaining Power of Buyers – Medium
Large ink, coating and adhesive companies purchase in volume and can dual-source standard monomers and oligomers.
Specialty and LED-optimised grades are qualified into customer formulations, creating switching costs that limit buyer power.
Smaller formulators rely on supplier technical service and have limited negotiating leverage.
Threat of New Entrants – Low
Entry requires reaction-chemistry expertise, application laboratories and costly chemical registrations under REACH, TSCA and similar regimes.
Established suppliers benefit from long customer qualification cycles and global technical service networks.
Regional Chinese and Indian producers are entering standard monomer and oligomer markets, but face barriers in specialty grades.
Threat of Substitutes – Medium
Waterborne, powder and high-solids solvent-borne systems compete in coatings, inks and adhesives.
Electron-beam curing offers an alternative for some packaging applications without photoinitiators.
For many high-speed, heat-sensitive and low-VOC applications, UV technology offers performance that substitutes cannot easily match.
Intensity of Competitive Rivalry – High
Global leaders compete with numerous regional producers, particularly in Asia Pacific, leading to price pressure in commodity grades.
Competition is intense in innovation, with suppliers racing to launch LED-curable, low-migration and bio-based products.
Portfolio restructuring, capacity additions and acquisitions are reshaping competitive positions.
Bargaining Power of Suppliers: Medium; Concentrated feedstock supply offset by backward integration and Asian supply.
Bargaining Power of Buyers: Medium; Large buyers dual-source standard grades; specialty grades carry switching costs.
Threat of New Entrants: Low; Technical know-how, registration costs and long qualification cycles.
Threat of Substitutes: Medium; Waterborne, powder and EB systems compete in selected applications.
Competitive Rivalry: High; Many regional producers, rapid innovation and active restructuring.
