UV Coatings Value MarketSize and Trends

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: 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 - 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.