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UV-Cured Coatings Market- Global Industry Analysis, Size, Share 2024 | Research Report
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Currently, UV-cured coating is gaining importance due to various advantages over traditional heat drying or air drying methods that are based on solvent evaporation techniques. The advantages include increase in production speed, reduction in rejection rates, improved resistance against scratches and solvents, and superior bonds. UV-cured coating helps in achieving increased productivity and improved product quality & performance. Moreover, it is an eco-friendly solution.
Due to these advantages, UV-cured coating have wide applications in industries such as telecommunication, electronics, graphic arts, automotive, converting, and metal, glass and plastic decoration. UV-cured coating is also gaining popularity due to its environment-friendly characteristics. Growing awareness about pollution control and increasing stringent pollution control norms and policies are expected to drive usage of UV-cured coatings.
Moreover, the need to provide a better quality product in a shorter time span in reasonable quantities is constantly rising due to increasing industrialization, development in regions such as Asia Pacific, and competition across various industry segments and product lines. Hence, UV-cured coating is being adopted widely across different industry segments. Moreover, improved standard of living and increased disposable income of people in developing countries contribute to the growth of various industry segments, which in turn boosts the growth of the UV-cured coatings market.
The market in Middle East & Africa is in a nascent stage, thus providing significant scope and opportunities. Use of UV-cured coating has several disadvantages due to use of UV light such as health hazards because of increased exposure to UV light and can only be used for drying at places with access to UV light. Moreover, exposure to UV light weakens plastics and has effects such as color fading/changing in pigments.
Based on end-use, the UV-cured coatings market can be segmented into automotive, electronics, graphic arts, and glass and plastic decoration. Automotive and electronics being growing markets are expected to contribute considerably and experience significant growth during the forecast period. Rapid development, industrial growth, improved standard of living, and increasing disposable incomes of the people in developing countries are the factors contributing to the growth of the automotive market. This in turn is likely to increase demand for UV-cured coatings.
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In terms of application, the UV-cured coatings market can be segmented into plastic coatings, wood & paper, and metal cuttings. The plastic coatings segment is expected to be dominate the UV-cured coatings market owing to increased demand in the electronics and automotive industries.
Geographically, the UV-cured coatings market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The electronics and automotive segments are expected to experience considerable growth during the forecast period due to the industrial growth and development in the developing countries in Asia Pacific. Europe is expected to gain market share during the forecast period. The industrial segment of the UV-cured coatings market is expected to witness strong growth in regions such as Asia Pacific and Europe driven by industrial growth, development, increased disposable incomes, and awareness about environmental pollution control.
Key players in the industry include BASF SE, Nippon Ghosei, Hitachi Chemical Co. Ltd., and Tagosei Co. Ltd.and many others
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