by UV coatings are used in applications such as wood, plastics, paper, and overlaminates. They provide smudge and abrasion resistance, higher product durability. UV coatings are used to coat electronics devices and components such as semiconductors, printed circuit boards. They are used in packaging industry to coat food packaging, bottles and boxes to impart protection from UV rays, moisture and oxygen which increases shelf life of products.
The UV Coatings Market is estimated to be valued at US$ 5131.35 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for electronic devices from consumer electronics and automotive industries across the globe is a major factor driving growth of the UV coatings market. For instance, according to India Brand Equity Foundation, sale of electronics goods in India is estimated to reach US$ 400 billion by 2025. In addition, increasing plastic and packaging consumption due to growth in processed food and beverages industry is also fueling demand for UV coatings. However, stringent environmental regulations regarding VOC emissions during production of UV coatings poses challenge for market growth. Moreover, faster curing rate and versatility of UV coatings in various applications compared to traditional coatings further supports market expansion over the forecast period.
Segment Analysis:
The UV coatings value market can be segmented based on resin type, technology, and end-use industry. By resin type, polyester resin dominates the market as it offers high functionality, abrasion resistance, gloss, and excellent printability. In technology, water-based UV coatings are witnessing high demand owing to its environmental friendliness and low VOC emissions.
PEST Analysis:
- Political: Stringent environmental regulations regarding VOC emissions are promoting the use of UV coatings.
- Economic: Growing construction and automotive industries along with increasing GDP in developing nations are fueling market growth.
- Social: Rising health awareness is influencing cleaner production technologies like UV coatings.
- Technological: Developments in LED technology are enabling UV coatings to cure faster and more energy efficiently.
Key Takeaways:
The Global UV Coatings Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from wood & furniture coatings. Regionally, Asia Pacific dominates and is expected to grow the fastest owing to high construction activity in China and India. Key players operating in the UV coatings market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation.
Regional analysis
Asia Pacific dominates the UV coatings market and is expected to witness fastest growth over the forecast period. This can be attributed to increasing construction activities along with rising disposable incomes in developing countries such as China and India. North America and Europe are also significant markets owing to high demand from medical devices and electronics industries.
Key players
Key players operating in the UV coatings market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation. These players are focusing on new product development and capacity expansion strategies to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
