Higher Adoption of Eco-Friendly Production will Boost the Global Demand for UV Coatings

At present, Future Market Insights values the global UV coatings market at US$ 3,429.5 Mn. According to its latest report, the global market for UV coatings is expected to surge steadily at 6.1% CAGR and bring in an estimated US$ 6,187.2 Mn revenues by the end of 2026. While favourable environmental regulations will keep inducing growth in global UV coatings production, the demand for such products will also witness a considerable hike on the account of booming global automotive industry. Considering the significance of refinish coatings in the production as well as aftermarket servicing of automobiles, consumption of UV-curable coatings will also remain significant by OEMs and aftermarket suppliers.

After being plagued for years with “imperfect” production techniques, manufacturers of UV coatings are rapidly adopting technological advancements to put in action an eco-friendly method of producing UV coatings. Future Market Insights notifies how several government and non-government organisations in the world have listed ways in which UV coatings can be produced without harming the environment. Manufacturing such eco-friendly UV-curable coatings has, thus, propelled the growth of global market for UV coatings.

UV Coatings Market

In the report, titled “UV Coatings Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” the global market for UV coatings will witness higher growth in terms of consumption of water-based coatings. In 2016, more than 225 KT on water-based UV coatings were globally consumed, attributing to nearly 60% of global market value. Ultimately, the demand for solvent-based UV coatings is also expected to drop over the forecast period, alluding to challenges in procurement of complex solvents and volatile raw material prices.

Furthermore, the demand for water-based coatings is also driven by greater end-use of UV coatings in wood & furniture polishing. By the end of 2026, over 140 KT of UV coatings will be consumed globally by wood & furniture end-use. Nevertheless, consumer electronics will be the largest end-user industry for UV coatings – procuring revenue growth at an impressive 8.2% CAGR. Based on the composition of these coatings, the market’s growth will be majorly inclined towards soaring demand for photo-initiators. In terms of revenues, global sales of photo-initiator UV coatings will account for more than 40% share through 2026. Although, revenues from oligomer UV coatings will be rising rampantly at 6.7% CAGR.

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The report further reveals that demand for UV coatings will remain substantially higher in the Asia-Pacific excluding Japan (APEJ) region. A little less than half of global UV coatings revenues will be emanating from this region, registering a robust value CAGR of 9.2%. Middle East and Africa’s UV coatings market will also soar rapidly, while North America and Europe will witness a sluggish growth in their UV coatings sales.

UV Coatings Market Key Segments Covered

By Base

  • Water Based
  • Solvent Based

By Composition

  • Monomers
  • Oligomers
    • Polyesters
    • Polyether
    • Polyurethane
    • Epoxy Resins
  • Photo-initiators
  • Additives

By End Use Industry

  • Wood & Furniture
  • Electronics
  • Automotive
  • Paper & Packaging
  • Industrial Coatings
  • Building & Construction

By Region 

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Middle East & Africa (MEA)
  • Japan      

According to the report, Akzo Nobel NV, PPG Industries, and The Sherwin-Williams Company are observed as leading manufacturers in the world. European companies such as BASF SE, Arkema, Croda International Plc., and Allnex Belgium, are also prominent players in the global UV coatings market. Other companies profiled in the report include, China’s Sokan New Materials, and US-based chemical manufacturers such as Dymax Corporation, Watson Coatings, Inc., The Valspar Corporation, and Axalta Coating Systems LLC.

Report highlights

  • Detailed overview of the parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current, and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments and geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

About Chemicals & Materials division of FMI

The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials  market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.

Queries regarding these research findings can be addressed to Future Market Insights’ analysts at press@futuremarketinsights.com

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