WASHINGTON, Sept. 06, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global UV Coatings Market has been steadily growing due to the increasing demand from various industries such as automotive, electronics, packaging, and printing.
According to Vantage Market Research, the global UV Coatings Market is estimated to be valued at USD 9.7 Billion by 2030 and is expected to exhibit a CAGR of 12.5% from 2023 to 2030. The global UV Coatings market grew to USD 3.8 Billion in 2022.
UV coating is a protective finish applied to various surfaces using ultraviolet light to cure the coating. It provides durability, scratch resistance, and enhanced visual appeal to products. The coating process involves the application of a liquid polymer, which is then exposed to UV light for rapid curing. This results in a complex, glossy finish resistant to fading, cracking, and yellowing. UV Coatings are commonly used on printed materials, such as brochures, business cards, and packaging, as well as on industrial surfaces, screens, and electronic displays. Overall, UV Coatings offer a cost-effective solution for enhancing the longevity and appearance of various characters.
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Key Highlights
- The Monomers segment will witness high demand and growth in the UV Coatings Market from 2023 to 2030.
- Water-based type will dominate the market globally from 2023 to 2030.
- Automotive will be the leading end user with the largest market share worldwide from 2023 to 2030.
- In 2022, the Asia Pacific area held the top position in the market, contributing the highest revenue share of 48.50%.
- Europe is expected to experience significant growth at a high CAGR between 2023 and 2030.
The increasing demand for UV Coatings in various applications, such as wood, paper, and plastic, is driving market growth. The automotive industry is also a major contributor to the market, as UV Coatings are used in automotive coatings to provide high gloss, durability, and resistance to weathering.
Top Companies in The Global UV Coatings Market
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- Arkema Group (U.S.)
- PPG Industries Inc. (U.S.)
- Axalta Coating System LLC (U.S.)
- The Valspar Corporation (U.S.)
- The Sherwin-Williams Company (U.S.)
- Croda International PLC (UK)
- Watson Coatings Inc. (U.S.)
- Allnex Belgium SA/NV (Germany)
- Sokan New Materials (China)
- Dymax Corporation (U.S.)
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Factors affecting the growth of the UV Coatings Industry
Several factors can affect the growth of the UV Coatings industry. Some of these factors include:
- Growing awareness about the environmental advantages of UV Coatings: UV Coatings diverge from conventional solvent-based coatings by eliminating VOCs and minimizing energy usage for curing, offering a greener alternative for manufacturers and consumers alike.
- Technological advancements in UV coating formulations and equipment: Manufacturers are continuously investing in research and development to improve the performance characteristics of UV Coatings, such as adhesion, flexibility, and chemical resistance. Innovative curing systems, such as LED-based UV curing, offer faster curing times and greater energy efficiency.
- Growing consumer awareness about the benefits of UV-coated products: Consumers are becoming more conscious about product quality and durability. UV-coated products, such as automotive parts, furniture, and electronic devices, offer long-lasting protection and enhanced aesthetic appeal, which attracts consumers and drives the growth of the UV Coatings industry.
- Increasing investments in R&D activities by key players in the UV Coatings industry: Companies constantly strive to develop innovative UV coating solutions to meet the evolving market demands. These investments drive technological advancements and propel the growth of the UV Coatings industry.
Top Trends in the Global UV Coatings Market
The global UV Coatings market is experiencing a remarkable trend, with the rising demand for eco-friendly and sustainable coatings taking center stage. As environmental concerns intensify, manufacturers are redirecting their focus towards water-based UV Coatings, boasting lower VOC emissions and enhanced eco-friendliness. This transformative shift is fueled by the increasing consumer consciousness and preference for environmentally responsible products. Companies are investing heavily in research and development to introduce novel UV Coatings devoid of harmful chemicals, leaving a smaller carbon footprint and paving the way for a greener future.
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Recent Development of the Global UV Coatings Market
- In February 2023, Beckers, a prominent coil coatings company, pioneered groundbreaking paint formulations for dual ultraviolet and electron-beam curing in the coil coating industry.
- In April 2022, Akzo Nobel N.V. successfully acquired Grupo Orbis, a prominent Colombian paints and coatings firm, solidifying its strategic standing in the region.
- In February 2022, Keyland Polymer and polySpectra unite, embarking on a pioneering alliance to 3D print vibrant consumer goods, surpassing color boundaries.
Market Drivers
The global UV Coatings market is driven by several factors contributing to its growth and development. One of the main drivers is the increasing demand for UV Coatings in various applications, such as the automotive, electronics, and packaging industries. This is mainly because of UV Coatings' numerous advantages, including high durability, scratch resistance, and enhanced aesthetics.
Moreover, the increasing awareness regarding the destructive effects of traditional solvent-based coatings on the environment has led to a shift towards more eco-friendly options like UV Coatings. Around the world, governmental bodies and regulatory authorities are implementing strict rules regarding using conventional coatings. This trend is amplifying the need for UV Coatings. Moreover, technological progress has facilitated the creation of UV Coatings with improved performance traits, propelling their acceptance across diverse sectors.
Market Restraints
The increasing desire for UV Coatings faces obstacles to its expansion. Primarily, the elevated expenses of UV Coatings compared to traditional one's present difficulties for smaller businesses. Moreover, limitations in terms of chemical resistance and susceptibility to abrasion hinder their use in specific industries. Further impeding growth are strict regulations on VOC emissions due to their environmental consequences.
Market Opportunities
The global UV Coatings market presents exciting opportunities driven by the rise in demand for eco-friendly and sustainable solutions. With environmental regulations becoming stringent, there is a notable shift towards water-based UV Coatings, offering lower VOC emissions and enhanced environmental benefits. This growing trend aligns with the rising consumer awareness and preference for environmentally responsible products. Manufacturers can harness these prospects by channeling efforts into research and development, crafting groundbreaking UV Coatings devoid of harmful chemicals. This approach will cater to the rising call for ecologically sound and sustainable alternatives.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on UV Coatings Market Forecast Report (2023-2030).
Report Segmentation of the Global UV Coatings Market
Composition Analysis
Monomers dominated the market with the largest market share because they are the primary building blocks of UV Coatings and are responsible for their adhesive and curing properties. The global UV Coatings market is based on composition segmented into monomers, oligomers, photo initiators, and others. Furthermore, monomers polymerize under UV light, forming a hard and durable coating on the surface. This property makes monomers highly effective in various industries, including automotive, electronics, and aerospace, where UV Coatings are used for protection, aesthetics, and performance enhancement. With their versatile applications and superior performance characteristics, monomers continue to lead the global UV Coatings market, driving its growth and market dominance.
Type Analysis
The water-based segment dominated the largest market share. It will dominate in the forecast period because of the increasing environmental concerns and stringent regulations regarding volatile organic compound (VOC) emissions. Water-based UV Coatings are widely used in various automotive, furniture, packaging, and electronics industries due to their excellent adhesion, flexibility, and scratch resistance. These coatings also offer better stability and faster curing time than solvent-based ones. The global UV Coatings market is based on the type analysis segmented into water-based and solvent-based. Additionally, increasing awareness about the environmental impact of solvent-based coatings and stringent regulations regarding VOC emissions are driving the demand for water-based UV Coatings. Moreover, the growing demand for sustainable and eco-friendly coatings from end-use industries is expected to further propel the dominance of water-based UV Coatings in the forecast period.
End Use Analysis
Automotive dominated the most significant share due to its extensive use in automotive manufacturing and customization. The global UV Coatings market is based on end-use analysis segmented into wood & furniture, electronics, automotive, paper & packaging, industrial coatings, and building & construction. Furthermore, UV Coatings are widely used in automotive applications to enhance the durability, scratch resistance, and overall aesthetic appeal of components such as body panels, wheels, and trim. Furthermore, these coatings protect against UV radiation and prevent fading and discoloration of the vehicle's exterior. The automotive industry's focus on producing high-quality and visually appealing cars, coupled with the growing demand for UV protection and customization options, has led to the domination of the automotive segment in the global UV Coatings market.
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Global UV Coatings Market Segmentation
By Composition
- Monomers
- Oligomers
- Photo Initiators
- Other Compositions
By Type
- Water-based
- Solvent-based
By End Use
- Wood & Furniture
- Electronics
- Automotive
- Paper & Packaging
- Industrial Coatings
- Building & Construction
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 3.8 Billion |
| Revenue Forecast by 2030 | USD 9.7 Billion |
| CAGR | 12.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | 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, Dymax Corporation |
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Regional Analysis
Due to rising demand from various end-use sectors such as automotive, electronics, packaging, and construction, Asia Pacific dominated the global market share for UV Coatings, with a market share of 48.50% in 2022. The market in this region is experiencing growth due to the swift industrialization and urbanization observed in countries mainly China, India, Japan, South Korea, and Australia. Moreover, the stringent regulations and policies governments implement to encourage eco-friendly products also contribute to market expansion. Increasing disposable income and evolving lifestyle trends in the region drive the demand for premium, visually pleasing products, leading to a higher uptake of UV Coatings. The Asia Pacific region is experiencing a boost in its paperboard packaging sector due to increased efforts to highlight the advantages of UV Coatings. These benefits include improved durability, resistance to abrasion and chemicals, and decreased volatile organic compound (VOC) emissions.
The Europe market is the most lucrative due to several possible areas for future enlargement. The growth can be credited to various factors, such as rising automotive, electronics, and packaging demand. UV Coatings provide enhanced protection, durability, and aesthetic appeal to the products, driving their adoption across these sectors.
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