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 global UV coatings market is anticipated to attain a valuation of USD 4,065.94 million in 2023 and is estimated to reach USD 6,780 million by 2033, expected to rise at a CAGR of 5.2% during the forecast period.
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.
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.
Key Segments Profiled in the UV Coatings Market
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
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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