Fort Collins, Colorado, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The UV Coatings Market size was valued at USD 4.6 Billion in 2022 and is anticipated to reach USD 7.3 Billion by 2032 at a CAGR of 4.8%.
UV coatings are energy-efficient, eco-friendly, and cost-efficient. These factors have led to their high adoption, driving market growth. This type of coating is used in the wood coating industry, the automotive industry, and also for coatings of all types of fiber and wires.
The growing demand for sustainable and environment-friendly coating solutions is a major factor in the market growth. UV coatings dry much faster than air-drying coatings and offer sharper and more vibrant colors in the images than regular coatings. Besides, they allow the printed material to resist smudge and maintain a high-quality appearance. Additionally, these coatings dry off instantly and do not contain solvent fumes, posing health risks to operators. They are environment-friendly, free of solvents, and do not emit volatile organic compounds.
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Segmentation Overview:
The global UV coatings market has been segmented into type, composition, end-use, and region. The UV Coatings market has been segmented based on composition as oligomers, monomers, photoinitiators, and PU dispersions. The monomers segment held the largest share in 2022. Monomers have low molecular weight and are used to reduce the viscosity of formulations. Monomers are used in UV coatings to improve UV light's absorption and shield the formulation's substrate from degradation by UV light. They are used in UV floor paints, furniture paints, paper varnishes, 3C coatings, plastic coatings, and electronic adhesives.
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UV Coatings Market Report Highlights:
- The global UV coatings market is anticipated to reach USD 7.3 Billion at a CAGR of 4.8% by 2032.
- Nanotechnology-based self-repairing coatings are becoming prominent in the market. These coatings have nano capsules filled with polymerized fillers, which can repair damaged coatings.
- Asia Pacific will likely account for a significant market share in the forthcoming years owing to the high demand for UV coatings from electronics and industrial coatings in this region. China, Japan, and India are at the forefront of the market. Rising demand from auto OEM coatings and Industrial Maintenance and Protective Coatings in this region is also expected to foster market growth.
- Some prominent players in the UV coatings market report include Biowink, HeraMED, MobileODT, Prima-Temp, Lucina Health, Braster SA, Plackal Tech, Natural Cycles, iSono Health, Ava Science, and others.
Industry Trends and Insights:
- In 2023, Evonik launched new EV LED curable release coatings that meet environmental standards and sustainability. TEGO RC 2000 LCF production involves silicone feedstock with less energy-intensive UV LED. At the product launch, the company officials emphasized customer demand for eco-friendly alternatives.
- Sun Chemical launched bio-source UV coating in 2021, manufactured with 25% bio-renewable carbon content and 12% consumer recycled materials, per company officials. The launch indicates a breakthrough in Sun’s chemical energy curing line in the forthcoming years.
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UV Coatings Market Segmentation:
By Type: Wood coatings, plastic coatings, overprint varnish, display coatings, conformal coatings, paper coatings.
By Composition: Oligomers, monomers, photoinitiators, PU dispersions.
By End-use Industry: Industrial Coatings, Electronics, Graphic Arts
By Region: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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