SEATTLE, May 20, 2020 (GLOBE NEWSWIRE) -- UV coating is an advanced technology that provide a glossy and shiny finish to the surface. UV coatings also protect the surface from harmful radiation. Moreover, UV coatings also offer an attractive look to the printed materials and are widely used for materials require glossy looks such as hand-out sheets, photography brochure, business cards, presentation folders, and catalogs. Furthermore, UV coatings provide excellent abrasion resistance property and consume less energy as compared to conventional coating technology. Additionally, this technology is environmentally friendly and ideal for image-rich assignments that require an attractive and shiny finish.
The global UV coatings market is projected to reach around US$ 6,563.6 million by the end of 2027, in terms of revenue, growing at CAGR of 6.0% during the forecast period (2020-2027).
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Drivers:
Growing environmental awareness coupled with the rise in the printing &coating industry is expected to propel the market growth of the UV coatings. Growth in the graphic arts &industrial applications such as wood, plastic, display, and paper coatings are also contributing to the market growth of the UV coatings. Moreover, low operational cost and ability to offer improved surface properties such as glossy and shiny finish is further anticipated to foster the market growth of the UV coatings over the forecast period.
The growing electronic industry across developing regions such as the Asia Pacific is expected to serve as a major driving factor. Growing wood coating application along with the rising awareness regarding the advantage of UV coatings is expected to augment the market growth over the forecast period. Moreover, growing various manufacturing facilities around the globe due to the development of the overall the economy is estimated to have a positive outlook on the market of the UV coatings over the forecast period.
Market Opportunities
The growing use of UV coatings technology for coating plastic is expected to open up a new opportunity to the market of the UV coatings. Rising demand for high-performance electronic products along with the increasing use of UV coatings in printing varnishes is also expected to foster the market growth of the UV coatings. Moreover, UV coating also offers superior coverage and light stability to the surface which is further expected to raise the product demand which is fueling the industry growth.
Advantages such as low VOC emission and less curing time is expected to expand its application across furniture industry. This is projected to provide potential growth opportunities to the market of the UV coatings. The growing use of UV coatings across end-use industries such as architecture, automotive, textile, aviation, and marine is also anticipated to augment the market growth of the UV coating over the forecast period.
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Key Takeaways
Among end-use industry, paper & packaging segment dominated the global UV coatings market in 2019 with a 25.6% of market share in terms of revenue.
Geographically, Asia Pacific dominated the UV coatings market in 2019, reporting 35.8% market share in terms of revenue. This growth is majorly driven due to increasing electronics industry which is fuelling the demand for high performance electronic coatings.
Market Trends
The rising trend of graphics art on plastic, glass, and wooden surfaces is expected to foster the market growth of UV coatings. A growing number of research &development activities by manufacturer in order to develop more eco-friendly UV coatings is projected to accelerate the market growth over the forecast period. Additionally, improving living of standard of the consumer due to increasing disposable income of is propelling demand for various consumer goods which is further expected to bolster the market growth of the UV coatings.
The growing trend of using UV coating technology across flexographic and 3D printing applications such as labeling, advertising, and literature publications is expected to propel the market growth. UV technology is also gaining popularity due to its rising use as an additive in ceramic and metallic effect inks in gravure printing application. These factors are expected to have a positive impact on the market of UV coatings in the near future.
Competitive Landscape:
Players operating in the market are 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.
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Market Segmentation:
By Base Type
• Water-based
• Solvent-based
By Composition
• Monomers
• Oligomers
• Polyester
• Polyether
• Polyurethane
• Epoxy resins
• Photo-initiator
• Additives
By End-Use Industry
• Wood & Furniture
• Electronics
• Automotive
• Paper & Packaging
• Industrial Coatings
• Buildings & Construction
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa