The global UV coatings industry is projected to achieve a valuation of USD 6,780 million by 2033, growing at a steady CAGR of 5.2% during the forecast period. This growth is primarily driven by increasing environmental awareness, which has bolstered the demand for eco-friendly coating solutions, and the expansion of the electronics industry, where UV coatings are widely used for protective and aesthetic purposes. Additionally, the rising demand from industrial applications, including automotive, furniture, and packaging, is expected to positively influence market growth. UV coatings offer advantages such as durability, high gloss, and rapid curing, making them an ideal choice across diverse industries.
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.
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
- 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.
Regional Analysis in the UV Coatings Market
Demand Outlook in the China UV Coatings Market
China is expected to account for 25.2% of the UV coatings market share in 2023, with demand growing at a CAGR of 5.4% through 2033, reaching over US$ 836.5 million. The growth is driven by innovation in low-VOC UV-curable coatings and the large automotive industry’s demand for UV-resistant paints.
High Demand in the U.S. UV Coatings Market
The U.S. will represent 90.4% of North America’s UV coatings market by 2033, driven by key players like PPG Industries and Sherwin-Williams and the expanding residential and industrial sectors. The market was valued at US$ 668.0 million in 2022, with strong demand in automotive and construction applications.
Japan’s Lucrative UV Coatings Market
Japan’s UV coatings market will grow at a 5.5% CAGR, reaching US$ 312.4 million by 2033. Growth is fueled by R&D in energy-efficient, high-voltage-resistant coatings and the presence of leading global manufacturers. The country will hold 20.4% of East Asia’s market share by 2033.
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