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Global UV Coatings Market: Flourishing Growth of Electronics Industry to Boost Demand, says TMR
The rapid growth of the electronics industry across the globe is driving the global UV coatings market. UV coatings offer minimum volatile organic compounds emission and desirable characteristics such as improved resistance and higher gloss finish at low operational cost. This coupled with the rising concerns regarding environment conservation is likely to assist the growth of the market. Moreover, increasing demand for these coatings across different industrial applications and graphic arts is expected to augment the market. Other factors such as rising per capita income and changing lifestyles are boosting the demand for these coatings.
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On the flip side, the low price competitiveness is anticipated to hamper growth prospects. Furthermore, the presence of a wide range of substitutes in the curing process is negatively impacting the growth of the global market. Nevertheless, the development of innovative and environment-friendly products are likely to bolster the growth of the UV coatings market in the near future. Additionally, the growing demand for bio-based UV coatings is estimated to open new avenues for manufacturers in the market.
On the basis of composition, the global UV coatings market can be segmented into monomers, oligomers, photo initiators, and PU dispersions. In terms of coating type, the market can be classified into conformal coatings, display coatings, over print varnish, paper coatings, and plastic coatings. By end-use industries, the market can be divided into electronics, graphics, and packaging.
Based on geography, Asia Pacific commands the leading share in the overall market in terms of production and consumption, with China being a major contributor. The increasing proliferation of consumer electronics is contributing to the growth of the region. Europe and North America are likely to flourish during the forecast period owing to the increasing demand for UV coatings in printing varnishes, wood coatings, paper coatings, and plastic coatings.
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The global UV coatings market is moderately fragmented nature. Companies are adopting partnerships and backward integration as key strategies to stay relevant in the market. Some of the key players operating in the market are Actega Coatings & Sealants, Ashland Inc., AkzoNobel N.V., Axalta Coatings Systems, BASF SE, Brilliant Coatings Solutions, Centexbel, Croda, DIC Corporation, Eternal Chemical Co. Ltd., PPG Industries Inc., Royal DSM N.V., The Dow Chemical Company, The Valspar Corporation, and Soltech Ltd.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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