Market Reports

Photoinitiator Market worth $2.6 billion by 2026

Published: February 16, 2023
According to a new market research report, the Photoinitiator Market with COVID-19 Impact Analysis by Type ( Free Radical & Cationic), End-use Industry ( Adhesives, Ink, Coating), and Region ( North America, Europe, APAC, Middle East & Africa, South America) – Global Forecast to 2026″, size is expected to grow from USD 1.6 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 10.3% during the forecast period. Photoinitiators are extensively being used in adhesives, inks, coating, and other end-use industries.

Download PDF Brochure:


  • 116 Market data Tables
  • 49 Figures
  • 168 Pages and in-depth TOC on “Photoinitiator Market – Global Forecast to 2026″

This report also provides a comprehensive analysis of the companies listed below:

IGM Resins (The Netherlands), Zhejiang Yangfan Material Co., Ltd. (China), Tianjin Jiuri New Materials Co., Ltd. (China), ADEKA Corporation (Japan), and Lambson Ltd. (UK), are some of the key players in the photoinitiator market. Evonik Industries AG (Germany), Rahn AG (Switzerland), and Changzhou Tronly New Electronic Material Co., Ltd. (China), TCI Chemicals (Japan), Environ Speciality Chemicals (India), are among others.

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the photoinitiator market. These players have taken different organic and inorganic developmental strategies over the past five years.

photoinitiators are increasingly used in the adhesive, coating, ink and other end-use industries. The increasing demand of the coating industry drives the demand for photoinitiators. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for photoinitiators. Due to the lockdown scenario in most of the world, the demand for photoinitiators from the coating and ink industries have declined sharply in the first half of 2020.

IGM Resins
 is one of the leading manufacturers and suppliers of various photoinitiators, monomers, oligomers, additives, and a wide variety of customized specialties for the energy curing industry. The company’s various products have applications in industrial coatings, graphics arts, 3D printing, and adhesives. IGM opened a new manufacturing unit in China to increase its geographical presence and manufacturing capacity. It also launched two new photoinitiators to meed the demands of the coating and ink industries.

Zhejiang Yangfan Material Co., Ltd. is one of the leading manufacturers of a wide variety of photoinitiators. The company has a wide product portfolio to cater to multiple needs of various applications and end-use industries, including ink, coating, composites, electronics, and many more. It is expanding business through opening new distribution networks and channels to meet the growing demand for photoinitiators. The increasing investment by the firm is a good sign for the market in the coming days.

APAC accounts for a major share of the global photoinitiator market, due to its electronics segment which is major consumer of UV coating and ink. The region is the biggest and the fastest-growing market for photoinitiators, consuming almost half of the global volume in 2020. The scenario is different in Europe, as the region witnesses rising consumption of photoinitiator by the industrial coating segment, which is mainly in the wood coating, paper coating, and plastic coating segment.

Some of the key drivers influencing the growth of the photoinitiators market in the UV curable sector include increasing demand for eco-friendly and safe additives and development of food safe photoinitiators.

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