UV COATINGS VALUE MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.