The global UV coatings industry is anticipated to attain a valuation of US$ 4,065.94 million in 2023 and is predicted to reach US$ 6,780 million by 2033, rising at a CAGR of 5.2% over the forecast period. It is anticipated that the burgeoning electronics industry and rising environmental concern would increase the demand for UV coatings. The growing demand for coatings from industrial applications is probably going to benefit the industry.
Increased resistance and gloss finish, as well as low to zero emissions of volatile organic compounds and low operating costs, are expected to propel market expansion. Graphic arts and a wide range of industrial uses, including wood, plastic, conformal, display, and paper coatings, are expected to drive market expansion.
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It is anticipated that increased research efforts focused on developing new and enhanced functionalities—particularly through the application of nanotechnology—will increase sales of UV coatings. The development of nanocapsules that are filled into self-healing covers that release polymerizable ingredients to repair physical damage is underway. Moreover, research to improve biocidal coatings’ resistance to a range of microbes is ongoing due to the growing demand for these coatings. These components could speed up market growth significantly.
In the apparel manufacturing industry, UV coatings technology is considered “green” due to two key advantages. To begin with, UV coating formulae typically contain modest amounts of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). Second, UV coatings use less energy to dry than solvent- or water-based coatings, reducing greenhouse gas emissions. As companies seek to reduce their environmental effect and comply with regulations, UV coatings are a helpful tool for minimizing air pollution and greenhouse gas emissions. These factors are expected to drive market expansion throughout the forecast period.
Key Takeaways
- 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.
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Competitive Landscape
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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Key Segmentation
By Composition:
- Monomer
- Oligomer
- 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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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