UV curing or ultraviolet curing is a photochemical process employed along with ultraviolet light to have instant drying or curing of inks, coatings, or adhesives. UV-cured coating is a mixture of liquid monomers and oligomers with a small quantity of photo initiators that are exposed to UV light for quick drying. UV energy provides with quicker drying of the coating as compared to heat. Currently, UV-cured coating is gaining importance due to various advantages over traditional heat drying or air drying methods that are based on solvent evaporation techniques. The advantages include increase in production speed, reduction in rejection rates, improved resistance against scratches and solvents, and superior bonds. UV-cured coating helps in achieving increased productivity and improved product quality & performance. Moreover, it is an eco-friendly solution. Due to these advantages, UV-cured coating have wide applications in industries such as telecommunication, electronics, graphic arts, automotive, converting, and metal, glass and plastic decoration. UV-cured coating is also gaining popularity due to its environment-friendly characteristics. Growing awareness about pollution control and increasing stringent pollution control norms and policies are expected to drive usage of UV-cured coatings. Moreover, the need to provide a better quality product in a shorter time span in reasonable quantities is constantly rising due to increasing industrialization, development in regions such as Asia Pacific, and competition across various industry segments and product lines. Hence, UV-cured coating is being adopted widely across different industry segments. Moreover, improved standard of living and increased disposable income of people in developing countries contribute to the growth of various industry segments, which in turn boosts the growth of the UV-cured coatings market. The market in Middle East & Africa is in a nascent stage, thus providing significant scope and opportunities. Use of UV-cured coating has several disadvantages due to use of UV light such as health hazards because of increased exposure to UV light and can only be used for drying at places with access to UV light. Moreover, exposure to UV light weakens plastics and has effects such as color fading/changing in pigments.
Based on end-use, the UV-cured coatings market can be segmented into automotive, electronics, graphic arts, and glass and plastic decoration. Automotive and electronics being growing markets are expected to contribute considerably and experience significant growth during the forecast period. Rapid development, industrial growth, improved standard of living, and increasing disposable incomes of the people in developing countries are the factors contributing to the growth of the automotive market. This in turn is likely to increase demand for UV-cured coatings.
In terms of application, the UV-cured coatings market can be segmented into plastic coatings, wood & paper, and metal cuttings. The plastic coatings segment is expected to be dominate the UV-cured coatings market owing to increased demand in the electronics and automotive industries.
Geographically, the UV-cured coatings market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The electronics and automotive segments are expected to experience considerable growth during the forecast period due to the industrial growth and development in the developing countries in Asia Pacific. Europe is expected to gain market share during the forecast period. The industrial segment of the UV-cured coatings market is expected to witness strong growth in regions such as Asia Pacific and Europe driven by industrial growth, development, increased disposable incomes, and awareness about environmental pollution control.
Key players in the industry include BASF SE, Nippon Ghosei, Hitachi Chemical Co. Ltd., and Tagosei Co. Ltd.and many others
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.