Future Market Insights recently published a market study that tracks the growth of the global UV coatings market during the period, 2016-2026. The report introspects the market scenario in the various geographies and provides a thorough analysis of the market share, size, and recent developments in each region including North America, Latin America, Asia-Pacific excluding Japan (APEJ), Europe, Japan, and Middle East & Africa.
As per the report, the UV coatings market in Asia-Pacific excluding Japan is set to experience an impressive growth at a compounded annual growth rate (CAGR) of ~ 9.2% during the forecast period, 2016-2026. According to the report, the market value of the UV coatings market in APEJ towards the end of 2016 was over the figure of US$ 1,000 million and anticipated to surpass a valuation of US$ 2,000 million by 2026.
The robust growth of the UV coatings market in the APEJ region is primarily due to an exponential growth of the production of semiconductor and electronics good along with the steady growth of the automotive sector in China and India. According to the report published by Future Market Insights, from its market value share of ~30% in 2016, the APEJ region is expected to amass a market share of more than 45% towards the end of 2026.
China Set to Remain a Major Hub within the UV Coatings Market in APEJ
According to the market study, China is expected to dominate the market in APEJ owing to an array of factors including, high adoption of radiation-cured technology, focus on research and development activities to meet the governmental regulatory guidelines, and steady growth of the printing industry. Moreover, in recent years, a considerable growth in the printing industry was observed in APEJ primarily due to the onset of flexographic and 3D printing for a broad spectrum of applications including, labelling, advertising, literature publications, and packaging among others.
Further, the demand for UV cured coatings is forecasted to accelerate especially from the printing and packaging sector largely due to the optimum quality of finishing and surface protection. Moreover, traditionally, UV coatings are widely used as a coating medium in the wood and furniture sector especially in the APEJ region which in turn has played a key role in the development of the UV coatings market in the region.
In addition, according to the FMI analyst, “The growth of the wood and furniture market coupled with a significant boom in the residential sector in Asia-Pacific are some of the factors that are likely to provide an impetus to the growth of the UV coatings market in the foreseeable future.”
UV Coatings Market: Vendor Insights The report offers an in-depth analysis of the prominent market players operating in the UV coatings market. Some of established companies operating in the UV coatings market include, Akzo Nobel N.V., Arkema Group, BASF SE, PPG Industries Inc., Axalta Coating System LLC, Croda International Plc., Watson Coatings, Inc., and Sokan New Materials among others.
For more insights into the Market, request a sample of this report@https://www.futuremarketinsights.com/reports/sample/rep-gb-1509