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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.