by UV coatings are used on several substrates to impart durable and scratch resistant properties. They are applied in electronics, automotive interiors and various other industrial applications. UV coatings offer excellent adhesion to various substrates like wood, metal and plastic. They provide a glossy, protective film to enhance the visual appeal of products. The rapid curing property of UV coatings makes them ideal for high-speed production lines.
The global UV Coatings 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 key trends:
One of the key trends in the UV coatings market is the rising demand from the electronics industry. UV coatings are widely used in the manufacturing of smartphones, tablets, laptops and other consumer electronics to provide scratch resistance and fingerprint resistance. They help maintain the aesthetics of electronic devices for long lasting usage. Growing electronics sector in Asia Pacific is expected to drive the consumption of UV coatings in the region. Another trend is the development of waterborne UV coatings to replace solvent-based variants. Waterborne UV coatings help reduce VOC emissions and have gained acceptance in industrial applications.
Porter’s Analysis:
Threat of new entrants: The threat is relatively low due to high capital requirement and need for technical expertise. However, emerging markets may see low threat due to lower requirements.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of several manufacturers. However, differentiated products provide some pricing power to suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as well due to availability of substitute raw materials and moderate switching costs.
Threat of new substitutes: The threat is moderate as UV coatings face competition from traditional and powder coatings but have superior properties driving their adoption.
Competitive rivalry: The competition is intense among the leading players to gain market share and differentiate through product innovation.
Key Takeaways:
The Global UV Coatings Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from wood, graphics, industrial, and plastic coatings.
The Asia Pacific region dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This can be attributed to increased production and infrastructure development activities in the region. Countries like China and India are major consumers in the region.
Key players operating in the UV Coatings 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 launches and expansion in emerging markets 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
