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This report focuses on Photoinitiator 1173 (CAS No.: 7473-98-5, chemical name 2-Hydroxy-2-methylpropiophenone, abbreviated as PI 1173), integrating global production capacity, demand, import & export data, competitive landscape and price trends from 2024 to 2026. Combined with upgrading trends of downstream UV curable coatings, UV inks, UV adhesives and 3D printing sectors, it dissects industrial chain logic and core risks. The full text is presented in plain text without document hyperlinks.
Photoinitiator 1173 is a high-efficiency Type I liquid free radical photoinitiator featuring low odor, low yellowing and high curing efficiency with excellent compatibility. It is the most widely used basic photoinitiator in UV curing systems, suitable for mass production scenarios of coatings, inks and adhesives. Global total production capacity of Photoinitiator 1173 reached approximately 125,000 tons/year in 2025, with China accounting for over 65% of capacity to dominate global supply. High-purity low-yellowing electronic-grade 1173 remains monopolized by European and American enterprises. The global market size stands at approximately USD 285 million, with a compound annual growth rate (CAGR) of 6.4% projected from 2025 to 2033. High-growth core segments include high-end electronic-grade and low-yellowing specialized 1173.
Classified into three categories by purity, application scenarios and performance compatibility, with core differentiators in impurity control, yellowing resistance and suitability for high-end applications:
1. General Grade (Purity ≥98%): For standard UV coatings, UV inks and construction UV adhesives with low technical barriers, accounting for 55% of total market volume
2. High-End Industrial Grade (Purity ≥99%, Low Yellowing): For high-end furniture coatings, automotive refinish coatings and food contact packaging inks with low yellowing index for high-aesthetic applications, accounting for 30% of total market volume
3. Electronic Grade (Purity ≥99.5%, Low Metal Residue): For electronic component encapsulation, PCB inks and 3D printing photosensitive resins with strict control over metal impurities and volatiles, highest technical barriers, accounting for 15% of total market volume
· Performance Advantages: Absorption wavelength concentrated at 240–340 nm with fast UV curing response and high efficiency; low odor and low volatiles with no residual odor post-curing; extremely low yellowing index for excellent post-curing coating/product appearance resistant to discoloration; strong compatibility with UV resins including acrylates and epoxy resins, blendable to boost curing performance
· Processing Characteristics: Colorless transparent liquid fully soluble in common organic solvents such as styrene and acrylates, low recommended loading rate (1–5%), no specialized production equipment required for direct integration into UV curing systems, compatible with continuous mass production
· Compliance Characteristics: Compliant with EU REACH, US FDA and food contact material standards; food-contact-grade products pass relevant compliance certifications with no heavy metals or harmful volatiles, suitable for eco-friendly UV curing material requirements
· Added Value: Gross profit margin of electronic-grade and low-yellowing high-end industrial grade 1173 is 2–3 times that of general grade, with electronic-grade gross margin exceeding 40% as the industry’s core high-margin product category
Global total capacity reaches approximately 125,000 tons/year, concentrated among leading photoinitiator manufacturers with a regional pattern of "China Dominates Supply, Europe & America Focus on High-End Products". Capacity is constrained by upstream raw material (acetone, benzaldehyde, isopropanol) supply and synthetic process technology:
· China: 81,250 tons/year capacity (65% global share), core production zones in Jiangsu, Anhui, Shandong and Guangdong as the world’s largest producer of Photoinitiator 1173 covering all product grades. Representative enterprises: Qiangli New Materials (Anhui), Changzhou Qiangli New Materials, Jiangsu Sanmu Group, Guangzhou Zhiyi Chemical, Zhejiang Yangfan New Materials
· Europe & America: 30,000 tons/year capacity (24% global share), focused on high-end electronic-grade and low-yellowing specialized 1173. Representative enterprises: BASF (Germany), Ciba Specialty Chemicals (Switzerland), Sartomer (USA)
· Japan, South Korea & Other Regions: 13,750 tons/year capacity (11% global share), specializing in electronic-grade and 3D printing dedicated 1173 for electronics and 3D printing sectors. Representative enterprises: Nippon Kagaku Chemical, Korea Chemical Research Institute, Gharda Chemicals (India)
· First Tier (Global Leaders): BASF (Germany), Ciba Specialty Chemicals (Switzerland), Changzhou Qiangli New Materials (China) – monopolize high-end electronic-grade and low-yellowing specialized markets with gross margins exceeding 40%. Core competitive strengths include high-end synthetic processes, impurity control technology, low-yellowing modification technology and global UV curing material channel layout. Changzhou Qiangli New Materials ranks as the world’s largest Photoinitiator 1173 producer with capacity accounting for over 30% of global total
· Second Tier (Leading Domestic Manufacturers): Qiangli New Materials (Anhui), Jiangsu Sanmu Group, Zhejiang Yangfan New Materials – domestic capacity share over 60%, accelerating R&D of high-end electronic-grade 1173 to achieve import substitution gradually with gross margins ranging from 30% to 40%
· Third Tier (Small & Medium Manufacturers): Focus exclusively on general-grade 1173 with outdated synthetic processes, low product purity and high yellowing index, facing severe homogeneous competition with gross margins below 20%. Highly vulnerable to raw material price volatility and environmental regulations, mainly distributed among small domestic chemical enterprises and Southeast Asian manufacturers
Global total demand reaches approximately 118,000 tons/year with a market size of around USD 285 million, concentrated within UV curing material downstream sectors with the following demand structure:
· UV Curable Coatings: 53,100 tons (45%), largest downstream segment for furniture coatings, automotive coatings, architectural coatings and plastic coatings, dominated by general-grade and high-end industrial-grade 1173, driven by eco-friendly coating substitution of traditional solvent-borne coatings
· UV Curable Inks: 31,900 tons (27%), for packaging inks, printing inks and PCB electronic inks with over 80% demand for high-end industrial-grade and electronic-grade products, the fastest-growing demand segment
· UV Adhesives & 3D Printing: 21,200 tons (18%), for industrial adhesives, sealants and 3D printing photosensitive resins, dominated by electronic-grade and high-end industrial-grade products, boosted by industrial upgrading of the 3D printing sector
· Others (UV Curable Resins / Coatings): 11,800 tons (10%), including UV curable resin synthesis, electronic component coatings and optical material coatings with rising proportion of high-end products year-on-year
· Asia-Pacific: 59,000 tons/year demand (50% global share), centered on China as the core consumer nation. Domestic environmental policies drive substitution of UV curing materials, while industrial upgrading of electronics and 3D printing fuels growth in high-end demand. Packaging and printing industry development in India and Southeast Asia pushes demand for general-grade products
· Europe & America: 36,580 tons/year demand (31% global share), focused on high-end electronic-grade and low-yellowing specialized 1173 with stringent environmental regulations sustaining stable demand from high-end furniture, automotive and electronics sectors
· Japan, South Korea & Other Regions: 16,520 tons/year demand (14% global share), concentrated demand for electronic-grade and 3D printing dedicated 1173 driven by mature electronics and 3D printing industries in Japan and South Korea. Packaging and printing industrial upgrading in South America and the Middle East boosts general-grade product demand
· Remaining Regions: 5,900 tons/year demand (5%), primarily basic UV coating and ink demand in Africa and Oceania
Product prices are strongly correlated with purity and application scenarios with significant price gaps across grades:
· Domestic General-Grade Photoinitiator 1173 (98% Purity): RMB 18,000–23,000/ton
· Domestic High-End Industrial-Grade 1173 (99% Purity, Low Yellowing): RMB 28,000–35,000/ton
· Domestic Electronic-Grade 1173 (99.5% Purity): RMB 45,000–55,000/ton
· European & American High-End Electronic-Grade 1173 (Specialized for Electronic Encapsulation): RMB 60,000–70,000/ton
· European & American Low-Yellowing Specialized 1173 (Automotive Refinish Grade): RMB 38,000–45,000/ton
· Current Status: General-grade products maintain basic supply-demand balance, while high-end electronic-grade and low-yellowing specialized 1173 face an annual supply gap of approximately 11,000 tons. Domestic production meets partial high-end demand, with specialized electronic encapsulation grades still reliant on imports. Global capacity is constrained by upstream acetone and benzaldehyde raw material supply (high-purity premium raw materials concentrated in European and American enterprises), alongside high technical barriers for high-end purification processes delaying new capacity releases, resulting in long-term structural tight balance
· Price Drivers: Primary driver – price volatility of upstream acetone, benzaldehyde and isopropanol raw materials (accounting for over 65% of total production costs). Petrochemical raw material price hikes of 10–13% during 2024–2025 pushed 1173 prices up 8–12%. Secondary driver – cost of high-end purification and low-yellowing modification processes generating significant premium for electronic-grade and low-yellowing products
· Long-Term Forecast: General-grade prices fluctuate within a narrow band (annual ±2%), while high-end products see annual price increases of 6–8%. Electronic-grade products maintain a 25–30% premium due to technical and certification barriers
Industrial upgrading of downstream electronics, 3D printing and high-end coating sectors drives product development toward high purity, low yellowing and low volatiles. Electronic-grade 1173 is upgraded for low metal residue and high curing efficiency to adapt to semiconductor encapsulation and high-end PCB applications. Low-yellowing specialized products are optimized for improved yellowing resistance and compatibility via modification to reduce post-curing yellowing index. High-end product market share is projected to reach 35% by 2033
Environmental policies push the industry to phase out high-pollution synthetic processes (e.g., traditional acid catalysis), with green catalytic synthesis and continuous reaction technology becoming mainstream. Leading enterprises accelerate upstream acetone and benzaldehyde raw material vertical integration to boost self-sufficiency rates. Domestic manufacturers gradually break through synthetic and purification technologies for high-end electronic-grade 1173 to ease reliance on imported premium raw materials. R&D into non-yellowing, low-volatile modified 1173 advances to meet eco-friendly UV curing material requirements
China’s global capacity share is projected to rise to 72% by 2033. Leveraging complete chemical industrial chains and cost advantages, China will continue to dominate global Photoinitiator 1173 supply while accelerating exports of high-end electronic-grade and low-yellowing products to capture high-end markets in Europe, America, Japan and South Korea. Domestic enterprises expand overseas production capacity with manufacturing bases in Southeast Asia and the Middle East to be close to local packaging and printing demand markets and reduce logistics costs
New application deployments in 3D printing photosensitive resins, electronic encapsulation materials, flexible electronic coatings and food contact packaging materials drive enterprise focus on segmented verticals with customized specialized products (e.g., 3D printing dedicated, electronic encapsulation dedicated 1173) to raise added value. Demand growth rates for 3D printing and electronic sectors will exceed 12% to form new growth drivers
1. Raw Material Volatility Risk: Upstream acetone and benzaldehyde prices fluctuate significantly driven by petrochemical market shifts and environmental regulations; high-purity premium raw materials rely on imports leading to unstable supply chains squeezing corporate profit margins
2. Compliance Risk: Long certification cycles (1–2 years for food contact grade) and high certification costs for high-end electronic-grade and food-contact-grade products; increasingly stringent European and American environmental standards (lower VOC limits, stricter harmful residue control) create compliance barriers for small and medium manufacturers
3. Competitive Risk: Severe homogeneous price competition in general-grade product segments; European and American enterprises retain technical advantages in high-end electronic-grade and low-yellowing modification fields intensifying market competition
4. Technical Risk: High R&D difficulty for high-end synthesis, purification and low-yellowing modification technologies; enterprises lagging in technical iteration face elimination risk
5. Demand Volatility Risk: Downstream UV coating and ink demand subject to shifts in global economic conditions, real estate and printing industry policies potentially triggering periodic demand declines
1. Technical Side: Increase R&D investment in high-end processes to break through electronic-grade 1173 synthesis and low-yellowing modification technologies; complete food contact and electronic industry certifications; deploy green catalytic synthesis processes to mitigate raw material and technical reliance
2. Supply Chain Side: Sign long-term fixed-price contracts with raw material suppliers and deploy upstream acetone and benzaldehyde production bases to raise raw material self-sufficiency rates; establish raw material reserve systems to hedge price volatility and supply shortages
3. Product Side: Downscale low-end general-grade production capacity, focus on high-end electronic-grade, low-yellowing specialized and 3D printing dedicated 1173, and develop customized vertical specialized products
4. Market Side: Complete international certifications, expand emerging markets in Southeast Asia, South America for packaging, electronics and 3D printing sectors, bind downstream leading UV curing material, electronics and 3D printing manufacturers, and scale up high-end product exports to lift global market share
5. Compliance Side: Track global environmental and industry standards, increase environmental investment, optimize processes to reduce pollutant emissions and VOC volatiles, and implement green production aligned with global eco-friendly coating industry development requirements
1. Market Size: Grow from USD 285 million in 2025 to USD 500 million by 2033 at a CAGR of 6.4%; high-end electronic-grade, low-yellowing specialized and 3D printing dedicated 1173 contribute over 80% of total market growth
2. Capacity & Demand: Global total capacity rises to 200,000 tons/year with China accounting for 72%; high-end product capacity share lifts to 35%. Constrained by raw material and environmental regulations, capacity growth rates lag demand growth rates sustaining long-term structural tight balance
3. Product Structure: Market share of high-end electronic-grade and industrial-grade products rises to 35%, while general-grade share falls to 50%. Non-yellowing, low-volatile modified 1173 gains incremental market share as a new growth driver
4. Regional Landscape: Asia-Pacific retains position as the largest consumption market; rapid capacity expansion of domestic high-end products in China gradually secures leadership of the global high-end market, with Southeast Asia, the Middle East and South America emerging as incremental demand zones for general-grade and high-end industrial-grade products
The global Photoinitiator 1173 market follows a "China Dominates Supply, Europe & America Focus on High-End Products" pattern with supply-demand tight balance and evident supply gaps for high-end electronic-grade and low-yellowing specialized products. Core growth drivers include global environmental policies substituting traditional solvent-borne coatings with UV curing materials alongside industrial upgrading of electronics and 3D printing sectors. Greenization, high-end positioning and functionalization represent core industry trends, with raw material supply and technical barriers as defining industry characteristics. Low-yellowing and electronic-grade 1173 form critical future growth directions
Prioritize leading domestic enterprises with high-end R&D capacity, upstream raw material vertical integration and full international certifications (e.g., Changzhou Qiangli New Materials, Qiangli New Materials (Anhui), Jiangsu Sanmu Group). Focus investment on high-end electronic-grade, low-yellowing specialized and 3D printing dedicated 1173 while avoiding low-end homogeneous capacity. Monitor technical breakthroughs for electronic encapsulation dedicated and 3D printing dedicated 1173 alongside channel layout in emerging markets to capture import substitution and UV curing industrial upgrading opportunities
For inquiries regarding supply & demand market conditions or product consultation of Photoinitiator 1173, please contact HiSiaddi customer service or visit our official website www.hisiaddi.com for more information.
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