UV Coatings Market Overview
According to a recent survey conducted by ChemView Consulting, the Global UV Coatings Market grew at a CAGR of 4.5% between 2017-2021 and is estimated to be US$ 2,894.3 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.9 % and is expected to reach a valuation of US$ 5,134.6 Mn by 2032 end.
Various industrial and innovation factors, such as the expansion of the electronic industry, the use of new coatings in the automotive and construction industries, and investments in the nanotechnology sector, have impacted the UV coatings market.
ChemView Consulting has analyzed that UV-cured coating is a two-step process. The first step of this coating is the formation of free radicals, which undergoes a polymerization reaction and generate light-induced curing agents. The second step involves photo-initiated polymerization of these curing agents to give the final compound any desired properties. The UV-cured coating can be used for different applications such as finishing textiles, carpets, synthetic materials, and hard surface structures like furniture and construction surfaces.
This surface treatment can be added to various substrates such as plastic, paper, glass, wood, metals, and many others. UV coatings are known for their excellent properties – glossy finish, high clarity, quick dry time, and abrasion-resistant properties- ideal for several industrial applications such as food packaging and transportation industries.
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Segments Covered in Report
- Photo Initiator
By End Use:
- Wood & Furniture
- Paper & Packaging
- Industrial Coatings
- Building & Construction
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the UV Coatings Market
- Based on the Composition, The monomers segment held the largest revenue share of more than 40.0% in the UV coatings market in 2021, mainly due to the need for non-flammable, low-odor, inexpensive, and high-performance products. Especially an increase in demand for PVC-based acrylic polymer coatings has built up this market segment.
- Based on the Type, Water-based coatings will be increasingly in demand among application markets and end users. This is because they are environmentally friendly and durable. Water-based coatings can be cleaned with water eliminating the need for expensive solvents.
- Based on Region, the Asia Pacific market held a sizeable revenue share of 58.1%. In emerging economies, rapid population development has raised the need for UV Coatings. UV coatings manufacturers in China are investing in innovation and developing new UV-curable coatings by using technologies that reduce the emissions of volatile organic compounds, which is expected to drive sales over the assessment period.
Key companies covered in the market study are Arkema Group, BASF SE, Akzo Nobel NV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd.s, Watson Coatings Inc.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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