The global UV coatings market reached a valuation of US$ 3.6 Bn in 2021. The growing use of UV coatings in the wood and furniture industry to provide a glossy finish and protect print marketing items from scratches is expected to boost sales at a 5.2% CAGR, with the market valuation reaching US$ 6 Bn in 2031.
Green coatings are the latest trend in the UV coatings market. These coatings are environment friendly that help reduce pollution at any stage of the process. They are normally more expensive than other paints and coatings on the market; however, they are more advantageous and have comparable performance characteristics to regular hazardous paints.
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Green coatings are becoming more popular in the coating industry as environmental regulations and standards become more stringent, particularly in Europe and North America. As a result, the demand for UV curable coatings is booming.
UV coatings for woods and glass give printed products like printed materials, posters, and banners a glossy surface, an appealing visual aesthetic and a matte texture. Increasing applications of 3D printing in numerous industries and growing demand from the print marketing sector will continue pushing sales in the paper and packaging industries.
As per FMI’s regional analysis, East Asia and Europe are expected to remain the most lucrative pockets in the market. The presence of leading manufacturers, high consumption of UV coatings by various end-use sectors, and the substantial growth in the automotive and paper & packaging industries will fuel the growth of the market in these regions over the assessment period.
- By composition, the monomer segment accounted for more than 35% of total UV coatings market share in 2021.
- Sales of water-based UV coatings held about 35.6% of the total market share in 2021.
- The U.S. is accounted for a dominant share of 89.2% of the North America UV coatings market in 2021.
- Germany is projected to command 21.7% of the Europe UV coatings market share in 2031.
- China and Japan accounted for 68.9% and 13.6% of the global UV coatings market share respectively in 2021.
“Surging demand for low VOC UV coatings in the automotive sector and the expansion of the pulp & paper industry are expected to drive sales in the market over the forecast period,” says a FMI analyst.
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Leading players operating in the global UV coatings market include Arkema Group, BASF SE, Akzo NobelNV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., and Watson Coatings Inc. and others.
Players are investing in strategic business agreements and are focusing on the expansion of their production capacities. Apart from this, they are investing in research and development to develop advanced flexible products and to launch better technologies in the market that can minimize power losses. For instance:
- In Sept 2020, AkzoNobel completed the acquisition of Stahl Performance Powder Coatings and its range of products for heat sensitive substrates. The deal gives the company accelerated access to unique low curing technology that will open exciting new market opportunities.