Pune, India, July 21, 2020 (GLOBE NEWSWIRE) -- Global UV Coating Market is likely to touch a valuation of USD 6,890.6 million by the end of 2028 from USD 4,037.8 million in 2020. The market will register at a healthy CAGR of 6.9% throughout the forecast period, anticipates the report. Increasing application of UV coatings technology in the photovoltaic film is projected to fuel the market growth of UV coatings. Also, the growth of the renewable energy and telecommunications sector is also expected to offer significant growth opportunities for the UV coatings market over the forecast timeframe. Hence, the rising application of UV coatings across various applications is expected to propel the market growth. The research analyst at QMI have recently published a new report, which studies the market size, along with analyzing various trends and opportunities of the global UV Coating market.
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Growing electronics industry and increasing environmental awareness is predicted to drive the global UV coatings market over the forecast period. Electronic components require corrosion resistant coating to function in harsh conditions. Another advantage offered by UV coatings is the low operational cost, which is expected to positively impact the overall market growth. High demand for coating in industrial applications is anticipated to surge the growth of the global UV coatings market.
Wider and greener UV coatings applications with newer low capacity markets offer promising opportunities to the vendors over the forecast period. Intensified efforts promoting environmental friendly products have resulted in increased innovations and are expected to open ample opportunities for market development. R&D and innovations such as bio-based U.V. coatings is expected to open new avenues for the global UV coatings market applications.
Resistance to Heat and Abrasion to Propel the Adoption of Water-based Coatings
Based on base type, UV Coatings market segmented into water-based and solvent based coating. Among this water-based coating segment is expected to account for 60.9%, the largest share of the global UV Coatings in 2020. This market is estimated to grow at a CAGR of 7.2% during the forecast period. The rising trend of using waterborne coatings over solvent-based coatings in various industries is the primary reason associated with the dominance and growth of this market segment.
Superior Quality of UV Coating to Spike the Demand for Industrial Coatings
Based on end use, UV Coatings market segmented into wood & furniture, electronics, automotive, paper & packing, industrial coatings, and buildings & construction. Industrial Coatings is expected to account for the largest share of 24.3% in the global UV coatings in 2020. This market is estimated grow at a CAGR of 6.4% during the forecast.
However, wood & furniture is expected to grow at the fastest CAGR of 7.6% during the forecast period.
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Burgeoning Industrial and Automotive Sector in Asia Pacific to Drive Market Growth
Asia Pacific is the largest UV Coating regional segment accounting for over 35% of the global market. This market is poised to grow at a CAGR of 9.0% during the forecast period. This regional segment is projected to account for a significant market share during the forecast period on account of the ascending demand for protective coatings from end users, such as automotive, industrial, wood and furniture, paper and packing and others. Asia Pacific is also projected to be the fastest growing UV Coating market Factors such as the presence of numerous end users, close proximity to raw material suppliers, and rapid industrialization and urbanization, especially in India and China are anticipated to boost the regional product demand.
Competitive Market Scenario of Key Companies Operating in the Global UV Coating Market
- In January 2020, Axalta Coating Systems announced partnership with JC Licht, a premier paint retailer with nearly 40 locations in Chicago and surrounding suburbs.
- In November 2019, BASF introduced innovative leveling agents Efka FL 3750 and Efka FL 3755 for solvent-borne and solvent-free coatings. These agents are an ideal choice for use in automotive OEM and refinish coatings, wood coatings and industrial coatings. Their application area can also be extended to UV curing formulations and powder coatings, as well as ambient curing and baking curing systems.
- In July 2019, Arkema acquired a company specializing in photoinitiators for curing, Lambson, to fulfill the demands of markets such as high performance coatings, 3D printing, electronics, digital ink, and composites.
BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation are the major eight players that are operating in the global UV Coating market.
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The market study report is issued by the name of, “UV Coating Market, By Base Type (Solvent-Based and Water-Based), By Composition (Photo-Initiator, Monomer Oligomer, Epoxy Resins, Additives), By End Use (Wood And Furniture, Industrial Coatings, Automotive, Electronics, Buildings And Construction, Paper & Packing), By Region (Western Europe, North America, Eastern Europe, Middle East, Asia Pacific, Rest of the World) – Market Estimate & Forecasting (2016-2028).”
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Quince Market Insights is a global market research and consulting company publishing syndicate studies as well as consulting assignments pertaining to markets that promise high growth opportunities in strategic future. We are dedicated team of analysts with strong base in technical expertise as well as thorough understanding of the market dynamics. Some of key areas expertise includes chemicals, advanced materials, construction, mining, food & agriculture, automotive, machines & equipment, and others. We analyze emerging trends in relatively nascent markets that promise high growth opportunities in future. We focus towards precision research practices that provide accurate market estimations and forecasts. This helps our clients to make proper estimations with regards to demand analysis, regional growth, major competitors, and dynamics of the market.