UV Curable Coatings Market | Key players operating in the market include Royal DSM N.V., PPG Industries, Akzo Nobel N.V., BASF SE, The Sherwin-Williams Company

According to recent market research "UV Curable Coatings Market By Composition (Monomers, Oligomers), Type (Wood Coatings, Plastic Coatings, Overprint Varnish, Display Coatings), End-Use Industry (Industrial Coatings, Electronics, Graphic Arts), Region - Global Forecast To 2025", The global UV curable coatings market is expected to grow from USD 6.5 billion in 2020 to USD 11.4 billion by 2025, at a CAGR of 12.0% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in the number natural and fuel cell electric vehicles are expected to drive the market.

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Monomers accounts for the largest share of the overall market, in terms of volume. The monomers are non-flammable materials with low volatility and also have low odor. Monomers generally can have one to as many as six UV curable groups, and the number of functional groups will determine the properties the monomer will bring to the UV formulation. These monomers are low viscous materials, most commonly esters of acrylic acid, and simple multifunctional or monofunctional polyols. Monomers are usually selected based on acrylic functional groups attached to it. However, due to pandemic COVID-19, the sales of UV curable coatings decreased due to disturbance in supply chain. This demand would surge with recovery in the electronics, industrial coatings, and graphic arts industries.

Wood coatings type is the largest segment in the UV curable coatings market since coated wood enhances the aesthetic appeal and also provides surface protection. Wood coatings find extensive use in residential and non-residential applications. However, because of COVID-19, the demand for UV curable coatings is reduced from wood coatings. The wood coatings segment is at the forefront with the highest consumption of UV curable coatings globally owing to the rapidly increasing applications of these coatings in the wood & furniture industry. China is the largest consumer of wood coatings. Subsequently, certain European countries such as Germany and Sweden consumed a considerable share of UV wood coatings in 2019. There is a huge decline in demand in the APAC region due to a complete and partial lockdown in the region.

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Green coatings are the new riding wave in the coating industry. The coatings that are environment friendly and help reduce pollution during any of its stages are known as green coatings. These coatings are usually expensive in comparison to the other paints and coatings available in the market; however, at the same time, they are advantageous and show higher/comparable performance properties than the conventional toxic paints. Increasing environment regulations and norms especially in Europe and North America, have resulted in the growing popularity of green coatings in the coating industry. The global UV curable coatings market size is expected to grow from USD 6.5 billion in 2020 to USD 11.4 billion by 2025, projecting a CAGR of 12.0% during the forecast period between 2020 and 2025.

Companies operating in the UV curable coatings market have strengthened their position in the global UV curable coatings market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global electronics, industrial coatings, graphic arts industries affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for UV curable coatings.

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Royal DSM N.V. (Netherlands), PPG Industries Inc. (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), and The Sherwin-Williams Company (US), Axalta Coatings System (US), Dymax Corporation (US), Eternal Chemical Co. Ltd. (Taiwan), DIC Corporation (Japan), and Croda International Plc (UK), are some of the key players in the UV curable coatings market. The companies such as Akzo Nobel N.V., and Axalta Coatings System are focusing on new product development.

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