UV curable coatings are advanced coatings that are cured by ultraviolet light instead of traditional thermal curing methods. The use of UV curable coatings has gained significant popularity in recent years due to their exceptional properties such as high durability, scratch-resistance, and faster curing time. They are widely used in various applications, including automotive, electronics, packaging, and printing.
The global UV curable coatings market is expected to experience steady growth in the coming years due to the growing demand for eco-friendly coatings, increased adoption of UV curable coatings in the automotive and electronics industries, and technological advancements in the field.
Market Size and Segmentation:
According to recent market research, the global UV curable coatings market was valued at USD 4.18 billion in 2020 and is expected to reach USD 7.91 billion by 2028, growing at a CAGR of 8.3% from 2021 to 2028. The market is segmented by product type, application, and geography.
By product type, the market is segmented into oligomers, monomers, photoinitiators, and additives. The oligomers segment is expected to hold the largest market share due to its excellent physical and chemical properties.
By application, the market is segmented into wood and paper coatings, plastic coatings, metal coatings, glass coatings, and others. The plastic coatings segment is expected to grow at the highest CAGR during the forecast period, owing to the growing demand for lightweight and durable plastic products in various end-use industries.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Asia Pacific region is expected to dominate the market due to the growing demand for UV curable coatings in the automotive, electronics, and printing industries.
Key Drivers and Restraints:
The growing demand for eco-friendly coatings and the increasing adoption of UV curable coatings in the automotive and electronics industries are the key drivers of the UV curable coatings market. The automotive industry, in particular, is a major consumer of UV curable coatings due to their exceptional properties such as high scratch resistance, corrosion resistance, and faster curing times. Additionally, the increasing demand for lightweight and durable plastic products is also driving the demand for UV curable coatings.
However, the high cost of UV curable coatings and the lack of awareness regarding their benefits in certain regions may hamper the growth of the market. Moreover, the availability of low-cost substitutes such as solvent-based coatings and water-based coatings may also hinder market growth.
Key Players:
Some of the key players operating in the global UV curable coatings market include Akzo Nobel N.V., PPG Industries, Inc., BASF SE, The Sherwin-Williams Company, Axalta Coating Systems, LLC, Allnex, DSM, Eternal Materials Co., Ltd., and IGM Resins.
Conclusion:
In conclusion, the global UV curable coatings market is expected to witness significant growth in the coming years due to the growing demand for eco-friendly coatings and increased adoption of UV curable coatings in various industries. The market is highly competitive, with several major players operating in the market. However, the high cost of UV curable coatings and the lack of awareness regarding their benefits in certain regions may pose a challenge to market growth.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
