UV Curable Coatings Market Size to Reach Revenues of USD 10.75 Billion by 2026 - Arizton
CHICAGO, Oct. 28, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global UV curable coatings market report.
The UV curable coatings market is expected to grow at a CAGR of over 8.40% during the period 2020−2026.
Key Highlights Offered in the Report:
- Due to almost no presence of volatile organic components (VOCs), superior characteristics such as enhanced scratch resistance, low curing time, less requirement of space, higher production rates,and increasing newer applications will enhance the growth of the UV curable coatings market.
- The UV curing technology produces less emissions and consumes less energy than conventional coating solutions. Since these coatings also offer constant viscosity, they are ideal for enhancing aesthetic appeal of the wooden products. Increasing demand for wooden coatings and rising awareness for greener products are the key opportunities and trends for the UV curable coatings market.
- Volatile prices of the raw materials, limited end user applications, misconception of the high capital investment, and low ROI are certain factors that will hinder the growth of consumption of UV curable coatings.
- By component, photo initiator was the largest segment in terms of revenue. Photo initiator is a key element of the UV curable coating's composition. Though it makes up just a few percentages in terms of volume, reaction won't initiate in its absence. They offer various advantages like resistance to chemicals, uniform curability, and high speed of reaction and curing.
- By end user application, wood emerged as the largest segment in terms of revenue generated. UV curable coatings provide gloss, surface protection, and increase the utilization properties of the wood. In the wood processing the major subsectors for application of UV curable coatings are furniture coating and flat wood interior panel coating.
- Due to presence of emerging economies such as India, China, Indonesia, and APAC will be the biggest market for UV curable coatings and will grow at the highest CAGR among all the regions. While China is world's 2nd largest EV market, India aims 30% electric cars by 2030. The electric cars employ wide usage of coatings. The car battery box is required to have proper flame-resistant coating to improve its performance, and these coatings are specially processed for electrical insulation applications and exhibit the dielectric insulator properties.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by component, end-use, and geography
- Competitive Landscape – 5 key vendors and 9 other vendors
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UV Curable Coatings Market – Segmentation
- Monomers form an essential part of UV curable coatings as they help link the oligomers and other monomers within the coating while also functioning as diluents to reduce viscosity. Thus, the demand for monomers will rise as there is a rise in demand for UV curable coatings. APAC will be the largest consumer.
- The photoinitiator market is projected to grow in the forecast period amid rising demand from various industries such as adhesives, ink, coatings, and others. Photoinitiators offer various advantages, such as resistance to chemicals, excellent curability, and high speed of reaction and curing.
- Increasing disposable incomes, rising population, rapid urbanization, and increase in construction, renovation and remodeling activities have fuelled the growth of the wooden furniture market, and thus, the demand for wooden UV curable coatings is expected to increase drastically in the forecast period. APAC will be one of the major consumers of wooden UV curable coatings.
UV Curable Coatings Market by Component
- Monomers
- Photoinitiator
- Oligomers
- Pigment, Filler, and Additives
UV Curable Coatings Market by End-Use
- Wood
- Electronics
- Automotive
- Printing/Graphic Art
- Paper and Packaging
- Other
UV Curable Coatings Market – Dynamics
As consumers and industrial goods have diversified, the application of UV curable coatings has increased. Electronics assemblies, electric vehicle batteries, low-migration formulations for food packaging, commercial printing, labels and packaging, and pre-coated substrates are some upcoming end-use segments that grew even in the pandemic and increased the demand for UV curable coatings. UV curing at low temperatures prevents damage to electronic components, helps in enhanced production rates, increases the product's life, paves the way for inline testing, and, hence, minimizes the requirement for space or energy. UV curing offers more durable and reliable products with increased abrasion and chemical resistance and higher bonding strength of dissimilar substrates. Various applications include conformal coatings of printed circuit boards (PCB), wire tacking, and die and pin attachments, among others. The general driving forces for such widening applications are electronic devices getting smaller and faster, the environment, health and safety, total product cost, and manufacturing yield improvement.
Key Drivers and Trends fueling Market Growth:
- Rising Awareness of Greener Products
- Increasing Demand for Wood Coatings
- Rising Demand from the Automotive Industry
- Unlocking Demand in APAC Countries
UV Curable Coatings Market – Geography
The UV curable coatings market in APAC is driven by the rising population, rapid urbanization, continuous industrialization, infrastructure development, and the rise of the middle-class economy with considerable disposable incomes. Flexible packaging, paper & packaging, wood, automotive, electronics, and printing are the key end-user markets that will drive the consumption of UV curing technology. China is the largest consumer in the region. The rising population of the region and the emerging economies of China and India are fueling the consumption of UV curable coatings. Continuous industrialization and increasing disposable incomes have led to an increase in demand for various consumer products and helped UV curing technology to flourish in the region.
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UV Curable Coatings Market by Geography
- APAC
- China
- Japan
- India
- South Korea
- Indonesia
- Europe
- Germany
- United Kingdom
- France
- Italy
- Russia
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Major Vendors
- Royal DSM NV
- AkzoNobel
- BASF SE
- PPG Industries
- Sherwin-Williams
Other Prominent Vendors
- DYMAX Corp.
- Nippon Paints
- Cardinal Paint
- Axalta Coating Systems, Ltd.
- Jainco Industry Chemicals
- The Protech Group
- Eternal Chemical Co. Ltd
- DIC Corporation
- Master Bond Inc.
Explore our chemicals & materials profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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