UV coatings are advanced protective finishes that cure rapidly under ultraviolet light exposure. These coatings offer exceptional durability, scratch resistance, and chemical resilience. Widely used in various industries, including automotive, electronics, and packaging, UV coatings enhance the appearance and longevity of products while minimizing environmental impact due to their solvent-free nature.
The global UV coatings market is anticipated to attain a valuation of US$ 4,065.94 million in 2023 and is estimated to reach US$ 6,780 million by 2033, expected to rise at a CAGR of 5.2% during the forecast period. The demand for UV coatings is expected to rise due to increasing environmental awareness and the growing electronics industry. The rise in coatings demand from industrial applications will most likely have a positive impact on the market.
The market growth is expected to be supported by low operational costs, minimal to zero volatile organic compound emissions, and superior characteristics such as higher gloss finish and improved resistance. The growth of graphic arts and numerous industrial applications such as wood, plastic, conformal, display, and paper coatings is anticipated to contribute to market expansion.
The sales of UV coatings are expected to increase due to rising research activities focused on generating new and enhanced functionalities, particularly through the application of nanotechnology. Self-healing coatings, which incorporate filled nanocapsules, are being developed to repair physical damage by releasing polymerizable substances. Additionally, there is a growing demand for biocidal coatings, leading to ongoing research to enhance their resistance against a wide range of microbes. These factors have the potential to significantly boost market growth.
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UV coatings technology offers two key advantages that have earned it the “green” label in the clothing manufacturing industry. Firstly, UV coating formulations typically have low levels of hazardous air pollutants (HAPs) and volatile organic compounds (VOCs). Secondly, UV coatings require less energy for drying compared to solvent-based or water-based coatings, resulting in reduced greenhouse gas emissions. As companies strive to reduce their environmental footprint and comply with regulations, UV coatings serve as a valuable tool to cut air pollution and greenhouse gas emissions. These factors are expected to drive market growth throughout the forecast period.
Key Takeaways in UV Coatings Research Report:
- The market in China is projected to grow with a CAGR of 5.4% during the forecast period.
- The demand for UV coatings in Japan is expected to grow with a significant CAGR of 5.5% during the forecast period.
- United States is expected to account for 90.4% of the North American market share by 2033.
- By composition, monomers segment is expected to grow with a CAGR of 4.8% during the forecast period.
“Increasing demand for UV coatings from industrial applications is expected to drive market growth during the forecast period,” comments an FMI analyst.
Competitive Landscape in UV Coatings Market
The market for UV Coatings is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Arkema Group, BASF SE, Akzo Nobel NV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin-Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., Watson Coatings Inc.
Some recent developments in the UV Coatings market are:
- In April 2021, Dymax Oligomers and Coatings collaborated with Mechnano to create UV-curable dispersions and masterbatches of Mechnano’s functionalized carbon nanotube (CNT) for UV applications.
- Sherwin-Williams Company acquired Sika AG’s European industrial coatings division in August 2021. The deal was set to be completed in Q1 2022, with the acquired business joining Sherwin-Williams’ performance coatings group operating segment.
- PPG Industries Inc. acquired Tikkurila, a prominent Nordic paint and coatings company, in June 2021. Tikkurila specializes in environmentally friendly decorative products and high-quality industrial coatings.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global UV coatings market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the UV coatings market, the market is segmented on the basis of composition, type, end-use and region.
UV Coatings Markey by Category
By Composition:
- Monomer
- Oligomer
- Polyester
- Polyether
- Polyurethane
- Epoxy
- Photo Initiator
- Additives
By Type:
- Water-Based
- Solvent-Based
By End Use:
- Wood & Furniture
- Electronics
- Automotive
- Paper & Packaging
- Industrial Coatings
- Building & Construction
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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