February 25, 2024
UV Coatings Market

The Expanding UV Coatings Market is expected to be Flourished by Wide Range of Applications

The global UV coatings market is a rapidly growing market due to its wide applications in various end use industries such as electronics, construction, printing inks and wood & paper. UV coatings provide a protective barrier for components from abrasion, weathering, impacts, chemicals and other types of hazards. They are applied in electronic devices to provide corrosion resistance on printed circuit boards. In construction industry, they are used on floors, countertops and other interior and exterior building components to enhance aesthetics and prolong lifespan. The coatings allow fast curing through UV light exposure and eliminate the need for baking or air drying. They provide scratch and chemical resistance along with antireflective properties to electronic displays.

The global UV coatings market is estimated to be valued at US$ 5911.32 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The expanding UV coatings market is expected to be flourished by wide range of applications across various end use industries. As mentioned in the heading, UV coatings finds extensive use in electronics, construction, printing inks, wood & paper industries owing to properties like abrasion resistance, weatherability, fast curing and others. They provide protection to components from wear and tear, weather effects, impacts and chemicals. Second major driver is the growing electronics industry. Massive demand for electronic devices like smartphones, laptops, tablets is augmenting the need for UV coatings on printed circuit boards and displays for durability and visual appeal. The coatings provide antireflective properties and chemical resistance essential for electronic components. The overall market is anticipated to witness lucrative growth over the forecast period led by new product innovations catering to specific industrial and commercial needs.

Segment Analysis
The global UV coatings value market is segmented into water-based coatings, solvent-based coatings, and powder coatings. The water-based coatings segment accounted for the largest share of around 40% in 2024 due to their eco-friendly properties. These coatings emit fewer volatile organic compounds (VOCs) during the curing process as compared to solvent-based coatings.

PEST Analysis
Political: Governments globally are implementing stringent environmental regulations to reduce VOC emissions, thereby favoring water-based UV coatings.
Economic: Growth of end-use industries such as wood & furniture is driving demand for UV coatings. Dipping global oil prices make raw materials affordable.
Social: Rising consumer awareness about environment protection is shifting preference towards sustainable water-based UV coatings.
Technological: Advances in UV-curable formulation technology help replace solvent-based systems with high-performance water-based alternatives.

Key Takeaways
The Global UV Coatings Value Market Size is expected to witness high growth at a CAGR of 7.5% during the forecast period of 2024 to 2031.

Regional analysis: North America dominated with a share of over 35% in 2024 owing to vast wood & furniture manufacturing in the US and Canada.

Key players operating in the UV coatings value market are Cisco Systems, Inc.,Huawei Technologies Co., Ltd.,Juniper Networks, Inc.,Arista Networks, Inc.,Hewlett Packard Enterprise (HPE) Company,Dell Technologies Inc.,Extreme Networks, Inc.,NETGEAR, Inc.,ZTE Corporation,D-Link Corporation,TP-Link Technologies Co., Ltd.,Allied Telesis Holdings K.K.,Fortinet, Inc.,Mellanox Technologies (now part of NVIDIA Corporation),H3C Technologies Co., Limited, Nokia Corporation,Arista Networks, Inc.,MikroTikls SIA,NEC Corporation,Ubiquiti Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it