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UV Coatings Market Size Analysis
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.
Market Dynamic
GROWING AWARENESS FOR THE ENVIRONMENT DRIVES THE MARKET FOR UV COATING
Everyone is concerned about the environment. Businesses today must cope with increased regulations associated with air emissions, waste disposal, and safety and health. There are two primary advantages of UV coatings technology that have led to the recognition of the technology as green or environmentally friendly: first, most UV coatings do not contain significant quantities of VOCs or hazardous air pollutants (HAPs); second, the energy to dry a UV coating is much lower than that of a conventional solvent or even water-based coating. Since much of the energy produced globally is derived from fossil fuels, a reduction in energy consumption is equivalent to greenhouse gas reductions. It can be attributed directly to new efforts to reduce greenhouse gas emissions on the immediate horizon.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
UV coatings are expensive when compared to other coating methods available. So lower, priced traditional coating methods are used instead. But UV coating is more efficient and consumes less energy. It doesn’t expose the substrate to high temperatures and therefore allows cross-linking on temperature-sensitive products. The process is nearly instantaneous also the equipment requires less space.
THE RISE IN SMART COATINGS PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
In the upcoming years, There is a growing demand for coatings that have improved biocidal properties. This market has witnessed many technological innovations over the years, and self-healing coatings are one of them. Many of these products possess nanotechnology properties, allowing them to repair themselves.
COVID-19 Impact
The COVID-19 pandemic harmed the UV coatings market in the first quarter of 2020. But gradually and steadily, the demand for coatings began to increase. As people were confined to their houses, they focused more on DIY projects, and as a result, the need for floors, furniture, and various decorative panels helped the market recover. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Composition:
By Type:
By End Use:
By Region and Country:
Segment-Wise Analysis
Why is the monomers segment projected to ensure the most revenue during the forecast period?
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.
The functionality of monomers has a very significant effect on the properties of the cured coating. Mixtures of monomers typically have been used to optimize the performance of formulations.
Why is the Water-Based segment expected to expand the fastest during the forecast period?
In 2021, 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. The zero flammability attribute of water-based coatings also adds to its popularity. The market prospects of coating technologies reflect environmental concerns and are governed by regulations. According to the rules, the market share of solvent-based coatings is significantly declining, and the percentage of alternative environmentally safe, especially water-based coatings, is increasing steadily. This trend is likely to continue during the forecast period.
Which end-use sector will have the highest market share over the projection period?
The construction segment is a fast-growing segment in the UV coatings market. Concrete, used in construction, is a porous material that can degrade when exposed to weather, foot traffic, and other normal wear and tear. UV coatings seal concrete and ensure its lasting structural integrity and aesthetic appeal. It offers concrete protection without conventional coating methods’ long drying times. The coating is particularly useful for high-usage concrete applications such as floors. Coated floors need periodic re-applications to maintain quality.
Region-Wise Analysis
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Competition Analysis
Leading global UV coatings market players are expanding their production capabilities and investing in strategic business agreements. In addition, companies are investing in R&D to create cutting-edge technologies for the UV coatings market to boost sales.
Some of the key developments that have taken place in the UV Coatings Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
| Research Scope | Details |
| Forecast period | 2022-2032 |
| Historical data available for | 2017-2021 |
| Market analysis | USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032 |
| Key regions covered | North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa |
| Key countries covered | US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt |
| Key segments covered | By Composition, Type, End Use, and Region |
| Customization scope | Available upon Request |
| Pricing and purchase options | Available upon Request |
Market Size Data
Market Background
Pricing Analysis
Value Chain Analysis
Competition Analysis
Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.9%.
Key factors boosting sales of UV coatings include the expansion of 3D printing in the paper and pulp industry and the significant demand for low VOC coatings in the automobile industry.
Major global UV Coatings Market players 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.
Despite these promising market trends, there are still several obstacles to overcome, including a technological gap, higher final product prices, and changes in the price of raw materials.
The Asia Pacific region is expected to account for the largest market revenue share in the Global UV Coatings market.
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