DUBAI, United Arab Emirates, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Demand in the global UV coatings market is projected to increase at a healthy 5.2% CAGR between 2021 and 2031. As per the report, the market size reached US$ 3,677 Mn in 2021. Sales in the UV coatings market represented nearly 43.1% of the global radiation curable coatings market in 2021.
The global UV Coatings Market reached a valuation of US$ 3.6 Bn in 2021. The growing use of UV coatings in the wood and furniture industry to provide a glossy finish and protect print marketing items from scratches is expected to boost sales at a 5.2% CAGR, with the market valuation reaching US$ 6 Bn in 2031.
| UV Coatings Market Base Year Value (2020) | US$ 3.5 Bn 3,529 Mn |
| UV Coating Market Estimated Year Value (2021) | US$ 3.6 Bn 3,677 Mn |
| UV Coatings Market Projected Year Value (2031) | US$ 6,079 Mn |
| UV Coatings Market Value-based CAGR (2021-2031) | 5.2% |
| UV Coatings Market Collective Value Share: Top 3 Countries (2020A) | 31.2% |
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Green coatings are the latest trend in the UV coatings market. These coatings are environment friendly that help reduce pollution at any stage of the process. They are normally more expensive than other paints and coatings on the market; however, they are more advantageous and have comparable performance characteristics to regular hazardous paints.
Green coatings are becoming more popular in the coating industry as environmental regulations and standards become more stringent, particularly in Europe and North America. As a result, the demand for UV curable coatings is booming.
UV coatings for woods and glass give printed products like printed materials, posters, and banners a glossy surface, an appealing visual aesthetic and a matte texture. Increasing applications of 3D printing in numerous industries and growing demand from the print marketing sector will continue pushing sales in the paper and packaging industries.
As per FMI’s regional analysis, East Asia and Europe are expected to remain the most lucrative pockets in the market. The presence of leading manufacturers, high consumption of UV coatings by various end-use sectors, and the substantial growth in the automotive and paper & packaging industries will fuel the growth of the market in these regions over the assessment period.
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | US$ Billion for Value and KiloTons for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa |
| Key Countries Covered | US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Composition, Type, End Use and Region |
| Key Companies Profiled | • Arkema Group • BASF SE • Akzo NobelNV • PPG Industries • Axalta Coating Systems LLC • The Valspar Corporation • The Sherwin Williams Company • Croda International PLC • Dymax Corporation • Allnex Belgium SA/NV Ltd.s • Watson Coatings Inc. |
| Report Coverage | Market Forecast, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
Key Takeaways:
- By composition, the monomer segment accounted for more than 35% of total UV coatings market share in 2021.
- Sales of water-based UV coatings held about 35.6% of the total market share in 2021.
- The U.S. is accounted for a dominant share of 89.2% of the North America UV coatings market in 2021.
- Germany is projected to command 21.7% of the Europe UV coatings market share in 2031.
- China and Japan accounted for 68.9% and 13.6% of the global UV coatings market share respectively in 2021.
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Competitive Landscape
Leading players operating in the global UV coatings market include Arkema Group, BASF SE, Akzo NobelNV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., and Watson Coatings Inc. and others.
Players are investing in strategic business agreements and are focusing on the expansion of their production capacities. Apart from this, they are investing in research and development to develop advanced flexible products and to launch better technologies in the market that can minimize power losses.
Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain
Textile Coatings Market - The process of depositing a resin over a textile substrate either on one or two sides is known as textile coating. Textile coating produces a new structure which acquires best properties of substrate and the coating product.
Thin Film Coatings Market - Increasing sale of high resolution displays in the consumer electronic market coupled with growing use of thin film coatings in the automotive industry to develop innovative infotainment systems and automobile displays are expected to drive the thin film coatings market at a significant rate during the forecast period.
Diamond-like Carbon Coatings Market - Diamond-like carbon coatings (DLC), an amorphous form of carbon with diamond bond is a nanocomposite coating that has unique properties of natural diamond low friction, high hardness, anti-reflectivity, and high corrosion resistance.
BRIC Performance Coatings Market - Performance coatings are varnishes used to enhance the performance of surfaces and are resistant to high temperatures, corrosion and abrasion. A performance coating is an affordable option for delivering cosmetically engaging, durable finishes to a product.
Global Wood Coatings Market - The wood coatings market is anticipated to garner a modest strength with a CAGR of 5.9% during 2022-2032.
Global Polyurethane Resins Paints and Coatings Market - Polyurethane resins are produced by the reacting polyalcohol and an organic di-isocyanate. Polyurethane resins are extensively used in applications such as surface coatings, footwear, furniture and packaging.
Global Conductive Polymer Coatings Market - The conductive polymer coatings market is predicted to grow at an impressive pace with a CAGR of 9.3% during 2022-2032.
Global PU Coatings Market - Polyurethanes are manufactured from reaction of polyols (polyester, polyether polyols) with polyisocynates such as MDI and TDI. In case of PU coatings, polyols are first converted to stock coatings and are then mixed with polyisocynates cross linker before processing thus offering two component system.
Anti-Microbial Nanocoatings Market - Nanotechnology altogether groups great technologies that deal with structures measuring less than 100 nanometers. Nanotechnologies are gaining great economic importance globally.
Waterborne Automobile Coating Market - Increasing demand for waterborne coatings owing to its ability to protect automobiles against UV radiation, acid rain and bad weather is expected to drive the global waterborne automotive coating market.
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