UV Coatings Market To Surpass US$ 6,563.6 Million By 2027 | BASF SE, Akzo Nobel N.V., Arkema Group

An UV coating, or ultraviolet coating, is a very glossy, shiny liquid coating applied to a printed paper surface and cured on a printing press or special machine using ultraviolet light. This type of coating is used to protect the surface from harmful radiation. It is a surface treatment that is either cured by ultraviolet (UV) radiation, or which protects the underlying material from the harmful effects of such radiation. UV coating makes printed materials eye-catching and is ideal for the product such as hand-out sheets, postcards, presentation folders, catalogs, and business cards, or any product that require a glossy and dramatic look. UV coating is eco-friendly and offers high clarity and good abrasion resistance. Thus, UV coatings are widely used in paper and packaging and wood furnishing industry, as well as in automotive, electronics, building and construction industry, among others.

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Competitive Landscape:

Major players operating in the global UV coatings market are Dymax Corporation, Sokan New Materials, Allnex Belgium SA/NV, Watson Coatings, Inc., Croda International Plc., Arkema Group, The Valspar Corporation, Axalta Coating System LLC., BASF SE, PPG Industries Inc., Akzo Nobel N.V., and The Sherwin-Williams Company, among others.

Key Market Drivers:

Growing consumption of UV coatings in the wood and furniture industry is expected to boost the growth of the UV coatings market during the forecast period. For instance, in March 2021, AkzoNobel launched an instant drying solution – RUBBOL 100% UV cured exterior range of Sikkens wood coatings – that it said can make window manufacturers' production process more efficient and sustainable. By cutting out up to 16 hours of drying time, the coating system can significantly save on production time and energy costs, while providing leading performance.

Moreover, increasing demand for UV coatings, increasing application of UV coatings, growing demand for eco-friendly coatings, and growing electronics and automotive market are some major factors expected to augment the growth of the UV coatings market. For instance, in April 2019, Electrolube launched a new UVCL range to meet the various requirements of electronics and automotive manufacturers, with the additional benefit of rapidly increasing production time and offering even higher levels of performance.

COVID-19 Impact Analysis:
UV curable coatings are used across the industrial, electronics, and automotive sectors, where the impact of the pandemic has been high. The outbreak of COVID-19 has played a vital role in the decline of the UV coatings market. The pandemic has caused several major disruption to transport and logistics services, disrupted and slowed down the global circulation. Moreover, the pandemic has disrupted supply chains around the world. However, industries are recovering rapidly, and is expected to increase the demand for UV coatings worldwide. This in turn is expected to have a positive impact on the growth of the market.

Key Takeaways:
• The UV coatings market is expected to exhibit a CAGR of 6.0 % during the forecast period, owing to the increasing demand for waterborne coatings over solvent-based coatings. For instance, in September 2020, Siegwerk launched new deinkable UV flexo varnishes and offset inks to improve the recyclability of UV-coated paper and board print products.

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• Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the UV coatings market due to the growing consumption of UV coatings, rise in demand for eco-friendly coatings, and growing electronics and automotive market in these regions. For instance, according to India Brand Equity Foundation (IBEF), India was the fifth-largest auto market in 2020, with ~3.49 million units combined sold in the passenger and commercial vehicles categories. UV coatings are used in various parts of vehicles, such as exterior plastic body parts.

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