UV COATINGS VALUE MARKET ANALYSIS

Global UV Coatings Value Market was valued at US$ 4,776.9 Mn in 2022, and is expected to exhibit a CAGR of 7.42%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 8,471.0 Mn by 2030. The booming construction sector and consumer awareness of environmentally friendly products are the main drivers of this industry's expansion. Its superior performance in comparison to other coatings is a further crucial factor. In order to create an ultraviolet (UV) cured coating, a mixture of ingredients is hardened using ultraviolet radiation. This produces free radicals, which then trigger the reaction that causes the reactive double bonds in the coating formulation to polymerize under the influence of light. This type of surface treatment can be applied to many different substrates, including plastic, paper, glass, wood, metals, and many more. The use of 100 percent solids UV, which consists of monomers, oligomers, and photoinitiators and requires no carrier solvents to flash during the drying and curing process, is still popular today. Glossy finish, high clarity, quick dry, abrasion resistance, versatility, and quick drying are some of the best qualities of UV coatings. These qualities allow them to find new uses in a variety of industries. Because they provide lower operating costs, improved capabilities, and environmental advantages like a safer workplace and no hazardous materials, UV coatings are used in the coating industry. The market for this industry during the forecast period appears to be more promising as a result of the increased awareness of UV Coatings.

Global UV Coatings Value Market - Impact of Coronavirus (COVID-19) Pandemic

Due to supply chain disruptions brought on by the COVID-19 pandemic, UV coating sales declined in the first quarter of 2020. However, the need for UV coatings started to grow gradually. Due to the fact that people were confined to their homes and concentrated more on DIY projects, the market recovered thanks to the demand for flooring, furniture, and various decorative panels. In the U.S., spending on home improvements and repairs increased by more than 3%, to close to US$ 420 billion, as households modified living spaces for work, school, and leisure in response to the COVID-19 pandemic, according to a study by Harvard University researchers. According to reports, almost 60% of homeowners had begun do-it-yourself or home improvement projects. Additionally, many people bought new homes during the lockdown, which in and of itself calls for home improvement projects. This helped the market for UV coatings to grow.

Global UV Coatings Value Market: Growth Drivers

Environmental Awareness Growing

Chothing manufacturers today have to deal with more rules pertaining to air emissions, waste management, and health and safety. UV coatings technology has two main benefits that have contributed to the label "green" being given to the technology. First off, the majority of UV coating formulations do not contain a lot of hazardous air pollutants (HAPs) or volatile organic compounds (VOCs). Second, a UV coating requires much less energy to dry than a conventional solvent-based or even water-based coating. Since fossil fuels account for a large portion of the energy produced globally, cutting back on energy is equivalent to cutting back on greenhouse gas emissions. Companies can rely on UV coatings as a key tool to help reduce their environmental footprint by reducing both air pollution and their overall greenhouse gas emissions, especially with new initiatives to reduce greenhouse gas emissions on the horizon. Throughout the forecast period, the market will benefit from this.

Figure. 1 Global UV Coatings Value Market, By End Use industry , 2022

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Growing smart coating driving the market growth for UV coatings

The creation of new and improved functions is the goal of a wide range of research initiatives in this market. Nanotechnology is significant in this. Self-healing coatings typically have filled nanocapsules added to them. These nanocapsules release polymerizable substances into the fillers that self-repair if the coating is physically weakened or damaged. There has been a demand for coatings with biocidal applications during the pandemic. To make the coatings resistant to a variety of microbes, research is ongoing. All of these elements have the potential to significantly accelerate market growth. For instance, in August 2021, The Sherwin-Williams Company purchased the European Industrial Coatings Division of Sika AG. In the first quarter of 2022, the deal is anticipated to be completed. The company's operating segment for the performance coatings group will take over the acquired business. Sherwin-Williams Co (Sherwin-Williams) produces and sells paints, coatings, and related products. It sells stains, flooring equipment, and floor coverings, as well as architectural paints, coatings, and varnishes. Professional, industrial, retail, and commercial customers are served by the company's products.

Global UV Coatings Value Market: Market Restraints

Higher cost

When compared to alternative coating techniques, UV coatings are pricey. Therefore, conventional coating techniques at a lower cost are employed. However, UV coating is more effective and uses less power. On temperature-sensitive products, it enables a high degree of crosslinking because it protects the substrate from high temperatures. The equipment also needs less space and the process is almost instantaneous. The most expensive green coating on the market right now, costing more than US$ 18,000 per ton, is UV coating. This aspect might slow the market's expansion.

Figure. 2 Global UV Coatings Value Market, By Region, 2022

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Global UV Coatings Value Market: Market Segmentation

On the basis of End Use industry, building & construction accounted for the largest market share for UV coatings in 2022 and is projected to expand at a CAGR of 7.9% from 2023 to 2030. Concrete is a porous material used in construction that can deteriorate over time when exposed to the elements, foot traffic, and other everyday wear and tear. Concrete is sealed with UV coatings, which ensure its long-lasting structural reliability and aesthetic appeal. It provides concrete protection without the lengthy drying times associated with traditional coating techniques. The coating is especially helpful for concrete applications with heavy traffic, like floors. To keep their quality, coated floors require reapplications from time to time. Less downtime is experienced during both active use and the early stages of construction thanks to UV coating for concrete's quick drying times. UV coating is not only quicker than traditional methods but also more environmentally friendly. The requirement for solvents is decreased or eliminated. This implies that the process of curing is also safer for people. According to UNCTAD's World Investment Report, India's construction sector saw significant investment, which boosted FDI inflows. Infrastructure-related major deals drove an 83% increase in cross-border mergers and acquisitions to US$ 27 billion. This in turn drives the market for UV coatings to grow over the upcoming years. The use of UV coatings for mobile phones, laptops, and game console coatings has significantly increased over the past ten years in the electronics sector. This growth is primarily attributable to photo initiators' excellent UV coating performance, particularly their excellent outdoor durability, wear resistance, and chemical resistance. This factor slightly accelerates market expansion during the projection period.

Global UV Coatings Value Market: Regional Analysis

Asia Pacific region held the largest share in the UV Coatings Value Market in 2022 up to 34%, due to the local construction industries. The automotive industry is another factor boosting the UV coatings market in this region. Rapid industrialization and urbanization are taking place in the economies of Japan, India, China, and Malaysia. India's economy is driven by the construction industry. Between April 2000 and December 2020, FDIs in the construction development sector and construction activities totaled US$25.93 billion and US$23.99 billion, respectively, according to the Indian Department for Promotion of Industry and Internal Trade (DPIIT). Even with the pandemic, the Asia Pacific region has kept expanding. The largest coatings market in the world by volume is now China. During the forecast period, all of these growth trends are anticipated to persist.

The demand for domestic and industrial applications, such as coatings for wood, paper, and plastic, is growing in the European market. In Europe, UV coating was most commonly used for wood coating, then for high-growth applications like coating paper and plastic. Overprint varnish coating application demand dominates the North American market, which is predicted to grow significantly over the following six years.

Global UV Coatings Value Market: Recent Developments

• In June 2021, Tikkurila, a Leading Nordic Paint and Coatings Company, was purchased by PPG Industries Inc. The primary product lines of Tikkurila include premium industrial coatings and environmentally friendly decorative goods.
• In 2020, the coatings division of ACG Industrie (France) and the liquid coatings producer Winslow Browning Inc. (USA) were both purchased by the Protech Group.
• In September 2020, AkzoNobel, an Amsterdam-based manufacturer of performance coatings, purchased Stahl Performance Powder Coatings and its extensive line of goods for heat-sensitive substrates. The market is slowly returning to normal as the pandemic is now nearing its end.

Global UV Coatings Value Market: Key Companies

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.

*Definition: UV coating is a surface treatment used to shield it from dangerous radiation. The printed paper surface is essentially where the UV coating is applied. A glossy liquid has been applied to the surface. The glossy and dramatic appearance of UV coating makes printed materials stand out and makes them perfect for products like postcards, handout sheets, presentation folders, business cards, and catalogs. It has high clarity, good abrasion resistance, and is environmentally friendly. This works incredibly well for projects with lots of images, like photography brochures.