New York, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The Global UV Curable Coatings Market Size To Grow from USD 8.48 Billion in 2022 to USD 19.63 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.72% during the forecast period.
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UV curable coatings—also known as ultraviolet curable coatings—are a type of coating that becomes hard or cures when exposed to UV light. UV curable coatings are composed of liquid monomers, oligomers, photoinitiators, and additives. When the coating is exposed to UV light, the photoinitiators go through a photochemical reaction that begins the crosslinking of the monomers and oligomers. The crosslinking procedure produces a polymer network, which causes the coating to swiftly harden or cure. A few of the various characteristics that UV curable coatings can be made to have include high gloss, matte, scratch resistance, flexibility, and minimal shrinkage. They can be used as protective coatings, decorative coatings, or functional coatings with specific performance requirements. A few of the various characteristics that UV curable coatings can be made to have include high gloss, matte, scratch resistance, flexibility, and minimal shrinkage. They can be used as protective coatings, decorative coatings, or functional coatings with specific performance requirements.
COVID 19 Impact
During the early stages of the pandemic, supply chain delays, travel restrictions, and lockdowns had a similar impact on the UV curable coatings market as they did on many other industries. The demand for coatings decreased as a result of the temporary halt of manufacturing and construction in various locations. The COVID-19 pandemic increased people's awareness of hygiene and cleanliness. UV curable coatings, with their ability to provide antimicrobial characteristics and easy-to-clean surfaces, earned significance in applications including healthcare facilities, public places, and transportation, where maintaining cleanliness and preventing the spread of the virus became crucial. The UV curable coatings business had challenges as a result of supply chain disruptions during the outbreak, similar to many other industries.
The market for UV curable coatings is being driven by a number of end-use industries, including automotive, electronics, packaging, industrial, and healthcare. These industries require UV curable coatings because they provide quick curing, excellent performance, and environmental sustainability. UV LED curing technology is becoming more prevalent in the market for UV curable coatings. Energy efficiency, longer lifespans, and precise curing process control are all advantages of UV LED curing systems. The increased supply and cheap cost of UV LED curing equipment are expected to drive growth in the market for UV curable coatings. Industries are becoming more and more aware of the benefits of UV curable coatings, including their short curing periods, excellent adhesion, durability, and resistance to chemicals and abrasion.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global UV Curable Coatings Market Size, Share, and COVID-19 Impact, By Product (Wood, Plastics), By Application (Industrial Coatings, Electronic Coatings), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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Wood coating segment is dominating the market with the largest market share
Based on product, the global UV Curable Coatings Market is segmented into Wood, Plastics, Overprints, Conformal Coatings, and Others. Among these, wood coatings segment is dominating the market with the largest market share. UV curable coatings almost instantly solidify when exposed to UV light, resulting in shorter manufacturing cycles than with traditional coatings. This short curing time also improves productivity and efficiency in wood coating processes, allowing for shorter lead times and better throughput. UV curable coatings are perfect for a variety of wood applications, including furniture, cabinetry, flooring, doors, and millwork. They can be used as a decorative and protective covering for a number of types of wood substrates, such as plywood, MDF (medium-density fiberboard), hardwood, and softwood. The combination of these factors has led to growth in the market for UV curable coatings in the wood coatings sector.
Industrial coatings segment accounted the largest market share
On the basis of application, the global UV Curable Coatings Market is segmented into Industrial Coatings, Electronic Coatings, and Graphic Arts. Among these, industrial coatings segment accounted the largest market share over the forecast period. The adoption of UV LED curing technology in industrial coating applications has further accelerated the development of UV curable coatings in this sector. For industrial painting processes, UV LED systems are appealing because they offer energy efficiency, precise curing control, and longer bulb lives. UV curable coatings are necessary for the post-processing of 3D printed products. They can improve mechanical properties and surface finish in addition to protecting printed materials. As the usage of 3D printing spreads to new areas of the economy, it is projected that the need for UV curable coatings in this industry will rise.
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Asia Pacific is dominating the market over the forecast period
Among all other regions, Asia Pacific is dominating the market over the forecast period. Many companies in the Asia Pacific area are funding R&D initiatives to develop novel UV curable coating formulae and applications. This focus on innovation aids in market expansion and caters to the demands of specific industries. In the Asia-Pacific region, UV LED technology development and application are at the forefront. Due to its energy economy, lengthy lamp lifespan, and precise curing control, UV LED curing systems are widely used in the region. Due to the growing supply and low price of UV LED curing equipment, the market for UV curable coatings is growing.
North America is witnessing the fastest market growth over the forecast period. The North American region has a strong industry presence in the automotive, electronics, and packaging sectors. Since these industries demand coatings that give quick curing, good performance, and durability, UV curable coatings are a preferred choice. UV curable coatings provide high-quality finishes with excellent colour retention, gloss, and clarity. In North America, there is a rising market for aesthetically beautiful products, which has led to the usage of UV curable coatings in the consumer electronics, flooring, and furniture sectors. The North American area has a strong industry presence in the automotive, electronics, and packaging sectors. Since these industries demand coatings that give quick curing, good performance, and durability, UV curable coatings are a preferred choice.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global UV Curable Coatings Market include DSM, Akzo Nobel N.V., PPG Industries, Inc., BASF SE, The Sherwin-Williams Company, Valspar, Dymax Corporation, DIC CORPORATION, Croda International Plc, ALLNEX NETHERLANDS B.V., Jainco Industry Chemicals, Bangalore, Arkema, Ashland, Covestro AG, TOAGOSEI CO., LTD., KEYLAND POLYMER MATERIAL SCIENCES, Protech Powder Coatings Inc., Hitachi Chemical Diagnostics, Inc., Nippon Paint (India) Private Limited, Watson Coatings, Inc. and Others.
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Recent Market Developments
In April 2022, Akzo Nobel N.V. successfully acquired Grupo Orbis, a paints and coatings business in Colombia, strengthening its long-term foothold in the area.
In February 2022, a strategic alliance between Keyland Polymer and polySpectra was announced in order to 3D print consumer goods in any colour.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Curable Coatings Market based on the below-mentioned segments:
UV Curable Coatings Market, Product Analysis
- Wood
- Plastics
- Overprints
- Conformal Coatings
- Others
UV Curable Coatings Market, Application Analysis
- Industrial Coatings
- Electronic Coatings
- Graphic Arts
UV Curable Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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