Global UV Coatings Market: Overview
UV coatings are type of coatings that are cured with ultraviolet radiation. It can be deployed on various substrates such as inks, paper, glass, plastics and wood products. UV coatings market can be segmented based on composition as PU dispersions, monomers, photo initiators and oligomers. Based on type of coatings, the market can be segmented as paper coatings, over print varnish, display coatings, plastic coatings, conformal coatings and others. End-use industries of UV coatings are graphics, electronics, packaging and various other industries that use industrial coatings.
Currently UV coatings market is dominated by wood coatings product type. This trend is expected to remain same in the next few years due to increasing demand for wood coatings from its applications such as furniture, door skins, parquet, decorative panel and others. Wood coatings offer excellent strength and durability, hence is demand is expected to remain high. Among the end-use industries type, industrial coatings occupies the largest share in the total UV coatings market. The growth rate of industrial coatings is expected to be the fastest as compared to other types.
Global UV Coatings Market: Drivers and Restraints
Growing electronics industry globally is expected to drive the UV coatings market. Display coatings are the major type coatings used in the electronics across the globe. Rising disposable income and changing lifestyle in the developing countries is driving electronics industry across the globe. Additionally, internet of things is the new trend in the market that includes various electronic devices. These electronic devices use display coatings that are cured with ultraviolet. Furthermore, rising environmental awareness among consumer groups is expected to boost the UV coatings market. Chemical curing method emits volatile organic compounds that are harmful to environment and human health. UV curing of the coatings is photomechanical method of curing, hence does not involve any organic compounds in the curing process.
However, availability of substitutes in the curing process is expected to hamper the UV coatings market. Chemical curing is among the strong competitor of UV curing process. Development of new products and applications is anticipated to provide immense opportunities for the players in the market. Additionally, development of bio-based UV coatings would open up an opportunity in the next few years.
Global UV Coatings Market: Geographical Dynamics
Asia Pacific dominated the UV coatings market in terms of production and consumption. Burgeoning electronics industry due to high demand for high performance electronics in the region is driving the UV coatings market. China is contributing highest to the demand of UV coatings in the region. Europe followed Asia Pacific in terms of consumption. Demand in the region is mainly for wood coatings, plastic coatings and paper coatings from industrial coatings industry. North America emerged as the third-largest market for UV coatings in terms of consumption. The demand in the region is primarily driven by rising use of UV coatings in printing varnishes. Rest of the World is expected to exhibit strong growth in the UV coatings marketing due to rising demand from electronics industry.
Global UV Coatings Market: Competitive Landscape
Global UV coatings market is moderately fragmented with major players having presence across the value chain. Players in the market adopt backward integration and strategic alliances as key strategies to sustain their market position in the UV coatings market.
Key players in UV coatings market include The Dow Chemical Company, BASF SE, Akzonobel N.V., DIC Corporation, PPG Industries Inc., Dymax Corporation, Royal DSM N.V., Centexbel, Actega Coatings & Sealants, Eternal Chemical Co. Ltd., Axalta Coatings Systems, The Valspar Corporation, Ashland Inc., Croda, Brilliant Coatings Solutions and Soltech Ltd.
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.