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UV Coatings Market - Global Industry Analysis, Size, Share, Growth 2024 | Research Report
UV coatings are type of coatings that are cured with ultraviolet radiation. It can be deployed on various substrates such as inks, paper, glass, plastics and wood products. UV coatings market can be segmented based on composition as PU dispersions, monomers, photo initiators and oligomers. Based on type of coatings, the market can be segmented as paper coatings, over print varnish, display coatings, plastic coatings, conformal coatings and others. End-use industries of UV coatings are graphics, electronics, packaging and various other industries that use industrial coatings.
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Currently UV coatings market is dominated by wood coatings product type. This trend is expected to remain same in the next few years due to increasing demand for wood coatings from its applications such as furniture, door skins, parquet, decorative panel and others. Wood coatings offer excellent strength and durability, hence is demand is expected to remain high. Among the end-use industries type, industrial coatings occupies the largest share in the total UV coatings market. The growth rate of industrial coatings is expected to be the fastest as compared to other types.
Global UV Coatings Market: Drivers and Restraints
Growing electronics industry globally is expected to drive the UV coatings market. Display coatings are the major type coatings used in the electronics across the globe. Rising disposable income and changing lifestyle in the developing countries is driving electronics industry across the globe. Additionally, internet of things is the new trend in the market that includes various electronic devices. These electronic devices use display coatings that are cured with ultraviolet. Furthermore, rising environmental awareness among consumer groups is expected to boost the UV coatings market. Chemical curing method emits volatile organic compounds that are harmful to environment and human health. UV curing of the coatings is photomechanical method of curing, hence does not involve any organic compounds in the curing process.
However, availability of substitutes in the curing process is expected to hamper the UV coatings market. Chemical curing is among the strong competitor of UV curing process. Development of new products and applications is anticipated to provide immense opportunities for the players in the market. Additionally, development of bio-based UV coatings would open up an opportunity in the next few years.
Global UV Coatings Market: Geographical Dynamics
Asia Pacific dominated the UV coatings market in terms of production and consumption. Burgeoning electronics industry due to high demand for high performance electronics in the region is driving the UV coatings market. China is contributing highest to the demand of UV coatings in the region. Europe followed Asia Pacific in terms of consumption. Demand in the region is mainly for wood coatings, plastic coatings and paper coatings from industrial coatings industry. North America emerged as the third-largest market for UV coatings in terms of consumption. The demand in the region is primarily driven by rising use of UV coatings in printing varnishes. Rest of the World is expected to exhibit strong growth in the UV coatings marketing due to rising demand from electronics industry.
Global UV Coatings Market: Competitive Landscape
Global UV coatings market is moderately fragmented with major players having presence across the value chain. Players in the market adopt backward integration and strategic alliances as key strategies to sustain their market position in the UV coatings market.
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Key players in UV coatings market include The Dow Chemical Company, BASF SE, Akzonobel N.V., DIC Corporation, PPG Industries Inc., Dymax Corporation, Royal DSM N.V., Centexbel, Actega Coatings & Sealants, Eternal Chemical Co. Ltd., Axalta Coatings Systems, The Valspar Corporation, Ashland Inc., Croda, Brilliant Coatings Solutions and Soltech Ltd.
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