Global UV Coatings Value Market was valued at US$ 4,776.9 Mn in 2022 and is estimated to reach US$ 8,471.0 Mn by 2030, exhibiting a CAGR of 7.42% during the forecast period (2023-2030). According to Global UV Coatings Value Market Report, By Base Type (Water-based, Solvent-based), By Composition (Monomers Oligomers (Polyester, Polyether, Polyurethane), Epoxy resins, Photo-initiator, Additives), By End use Industry (Wood & Furniture, Electronics, Automotive, Paper & Packaging, Industrial Coatings, Buildings & Construction), By Region (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (excl. Japan), Japan, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
UV coating is a treatment of the surface that is done to protect the surface from harmful radiation. The UV coating is done on the printed paper surface. It is a glossy liquid applied to the surface. UV coating makes printed materials eye-catching and is ideal for products such as postcards, hand-out sheets, presentation folders, business cards, catalogs, or any product that require a glossy and dramatic look. It offers good abrasion resistance, high clarity, and is environmentally friendly. This is highly effective for image-rich projects such as photography brochures.
Driver
The booming printing industry is a major factor projected to propel the market growth over the forecast period. According to Printing & Allied Machinery Industry (PAMEX), the Indian printing industry is growing at a CAGR of 12% in the past 15 years, driven by growth in packaging and labels. Hence growing printing industry is expected to fuel the market growth of UV coatings over the forecast timeframe.
Growing consumption of UV coatings in the wood and furniture industry due to their low (Volatile organic compounds) VOC emission, offer fast curing and smooth surface finish, and enhanced durability. Also, the growing wood and furniture industry is another major factor projected to fuel the market growth. Increasing application of UV coatings such as 3D curing of consumer goods, industrial flooring, metal pipes, and sheet coatings is projected to foster market growth. Moreover, a growing number of UV coating manufacturers especially in the China region is further anticipated to propel the market growth. For instance, in April 2021, Mechnano, an Arizona-based startup, and Dymax Oligomers and Coatings, a Dymax division, worked together to create UV-curable dispersions and masterbatches of Mechnano's discrete, functionalized carbon nanotube (CNT) for UV applications.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/uv-coatings-market-3261
Browse 45 market data tables* and 30 figures* on “Global UV Coatings Value Market”- Global forecast to 2030.
Key Takeaways of the Market:
· Key players operating in the global UV Coatings Value 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.
· Water based type UV coatings dominated the global UV coatings market in 2022, accounting for a 60.0% share in terms of value, followed by solvent based UV coatings.
- By end use industry, paper & packaging dominated the global UV coatings market in 2023, accounting for a 25.6 % share in terms of value, followed by wood & furniture and electronics, respectively. Moreover, the rising trend of using waterborne coatings over solvent-based coatings is projected to fuel the market growth over the forecast period.
Global UV Coatings Value Market - Impact of Coronavirus (Covid-19) Pandemic
Automotive, design and art, electronics, and other industries that use UV (ultraviolet) coatings have high COVID-19 effects. Lockdowns imposed in various countries have had an impact on various sectors, which has significantly impacted the market for UV (ultraviolet) coatings. Additionally, delayed marketing initiatives have had an impact on how the UV (ultraviolet) coatings market has evolved in 2020. Since the majority of publications and marketing firms have switched to a digital model, UV (ultraviolet) coatings have suffered a significant setback and will need some time to recover their market share. It is expected that the market will start to recover in 2021 as a result of the growing demand from end use industries. The lockdown delayed upcoming activities, which also had an impact on how the UV (ultraviolet) coatings market developed in 2020.
