by The UV coatings Value Market is estimated to be valued at US$ 5131.35 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
UV coatings are used on substrates that require protection from UV radiations and weathering. They are used in end-use industries such as wood & furniture, electronics, graphic arts and industrial. UV coatings have superior attributes such as high scratch and abrasion resistance, low viscosity and instant curing which makes them suitable for various applications.
Market Dynamics: –
Growing demand from electronics and graphic arts industry is expected to be a key driver for the market growth over the forecast period. In electronics industry, UV coatings are used for screen protection in smartphones, tablets and LED displays due to their superior hardness, chemical & weather resistance. They are also used for coating graphic arts products such as catalogues, packaging and signages due to their low odour, fast curing and eco-friendly properties. Shift towards eco-friendly coatings from solvent-borne coatings is another factor expected to support the market growth. However, stringent environment regulations related to VOC emissions can hamper the market growth.
SWOT Analysis: –
- Strength: – UV coatings provide a durable and long-lasting finish to products. They offer protection against scratches, moisture, UV rays, and other environmental factors. UV coatings also have a fast curing time providing high productivity.
- Weakness: – UV coatings require specialized equipment for their application which increases their production costs. They also have stringent regulations regarding their VOC content to reduce air pollution.
- Opportunity: – Growing demand from industries like wood & furniture and packaging is driving the demand for UV coatings. Rapid urbanization and infrastructure growth in Asia Pacific is opening new opportunities.
- Threats: – Stringent environmental regulations around the world regarding VOC emissions pose a threat. Substitutes like powder coatings and thermal cure coatings are also gaining popularity.
Key Takeaways: –
The Global UV Coatings Value Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from wood & furniture industry. Use of UV coatings on wood & furniture products enhances their durability and provides scratch resistance. Regional analysis related content comprises
The Asia Pacific region dominates the global UV coatings Value Market and is expected to continue its leading position during the forecast period. Rapid urbanization and infrastructure development activities in China and India are driving the demand for UV coatings from industries like wood & furniture.
Key players operating in the 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. These players are focusing on new product development and mergers & acquisitions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
