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Ultraviolet (UV) Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

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Global Ultraviolet (UV) Coatings Market

Ultraviolet or UV cured coating refers to the application of a shiny coating on surfaces such as plastics, wood, paper, and others with the help of UV radiation to ensure excellent coverage and light stability. UV coatings are better than conventional coating techniques as they offer good abrasion resistance, high shine finish, very less drying time, and high clarity. UV coatings are also environment friendly and free of solvents. As a result, they do not emit VOCs when cured. During the coating of a surface with UV radiation, a chemical reaction in the form of chain polymerization occurs. Radiation with UV energy leads to highly reactive photoinitiators that cross-link the acrylates to form a plastic film within milliseconds.

In terms of formulation, UV coatings are broadly classified into water-based and solvent-based segments. UV coatings are used on various surfaces such as metals, glass, plastic, wood, paper, and others. UV coatings on wood surface are high in demand owing to the low volatile organic compound (VOC) emissions, superior quality, and increasing applications of these coatings in the wood and furniture industry. The U.S., Germany, and China are the key countries driving the demand for UV wood coatings. Less curing time and the green nature of UV coatings have propelled their usage across a number of end-use sectors such as architecture, industrial, aviation, textile, automotive, marine, electronics, and others. The industrial sector is contributing significantly toward the growth of the global UV coatings market, followed by the electronics sector. The growing demand for plastic coatings for electronic parts and flooring has further pushed the growth of the market.

Global Ultraviolet (UV) Coatings Market: Overview                               

The rapid growth of the electronics industry and growing environmental awareness have boosted the growth of the global UV coatings market. The rise in the demand for coatings across industrial applications has impacted the market positively. The superior characteristics of UV coatings such as improved resistance and higher gloss finish, along with minimum to zero percentage emission of VOCs have further fuelled the demand for UV coatings. The growing trend of graphics art on wooden, plastic, and glass surfaces is expected to aid the market’s growth. The low operational cost of UV coatings also contributes significantly to the demand from the market.

However, low price competitiveness and niche applications might hamper the growth of the market during the forecast period. The global UV coatings market has a huge potential for growth with the introduction of greener UV coatings applications. Market players are investing in extensive research activities to develop environment-friendly UV coatings such as bio-based UV coatings. The introduction of such coatings is expected to broaden the application scope of the global UV coatings market.

Global Ultraviolet (UV) Coatings Market: Region-wise Outlook

The global UV coatings market has been divided into four key segments: Europe, Asia Pacific, North America, and Rest of the World. Among the key regions, Asia Pacific is expected to drive the demand from the market during the forecast period with countries such as China, Japan, and South Korea emerging as the biggest consumers of UV coatings. In these countries, the rapid growth of the electronics industry has fuelled the demand for high-performance UV coatings. Stringent environmental regulations have led to innovations and developments in the UV coatings market in the region.

Some of the key players in the global UV coatings market are AkzoNobel N.V., The Dow Chemical Company, PPG Industries Inc., 3M, Asian Paints Ltd., The Valspar Corporation, The Sherwin-Williams Company, DIC Corporation, Axalta Coating Systems LLC, and Royal DSM N.V. The market players are focusing on new product launches as well as joint ventures and partnerships to expand their businesses.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.


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