UV curable coatings have become increasingly popular due to their high-performance properties and environmental friendliness. These coatings are cured by ultraviolet light, making them a great alternative to traditional coatings that require heat to cure. The global UV curable coatings market has been growing at a significant rate, driven by factors such as the increasing demand for eco-friendly coatings, technological advancements, and rising applications across various industries.
Market Size and Segmentation:
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. Oligomers provide good adhesion to substrates, high hardness, and excellent chemical resistance, making them ideal for use in coatings for various applications.
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. The automotive and electronics industries are among the major end-users of plastic coatings, where UV curable coatings offer excellent adhesion and chemical resistance.
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. The region’s expanding construction industry is also expected to drive market growth, as UV curable coatings are increasingly used in the construction sector due to their eco-friendly and high-performance properties.
Key Drivers and Restraints:
The increasing demand for eco-friendly coatings is a major driver of the UV curable coatings market. Governments around the world are implementing regulations to reduce the use of toxic coatings and encourage the adoption of eco-friendly alternatives, driving the demand for UV curable coatings.
The automotive and electronics industries are also major drivers of the market. UV curable coatings offer excellent adhesion and scratch resistance, making them ideal for use in these industries. The growth of these industries, particularly in emerging economies, is expected to drive market growth.
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. Moreover, the availability of low-cost substitutes such as solvent-based coatings and water-based coatings may also hinder market growth.
Key Players:
The global UV curable coatings market is highly competitive, with several major players operating in the market. Some of the key players 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, driven by factors such as the increasing demand for eco-friendly coatings, technological advancements, and rising applications across 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. Overall, the market is poised for significant growth in the coming years, driven by increasing demand for high-performance and eco-friendly coatings.
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.
