Burlingame, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global UV Coatings Value Market was valued at US$ 4,776.9 Mn in 2022, and is expected to exhibit a CAGR of 7.42%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 8,471.0 Mn by 2030, according to a new study conducted by Coherent Market Insights, Inc. UV coatings is witnessning significant traction worldwide owing to their several advantages, such as low volatile organic compound (VOC) emissions, fast curing duration, high gloss finish, and high durability. These coatings are widely used in industries such as electronics, packaging, automotive, printing, wood coatings, and other industrial applications. Moreover, UV coatings are environmental friendly solution.
Key Industry Insights & Findings from the report:
In September 2023, Evonik has launched the first product from its new range of next generation of TEGO® RC solutions: TEGO® RC 2000 LCF. Made using recycled silicone feedstocks, the new release coating can be cured using either the less energy intensive UV LED or traditional UV Arc lamps, helping label producers lower their carbon footprint to meet growing sustainability ambitions
In January 2020, Electrolube, the global marketer in electro-chemical solutions, has launch an innovative range of UV Conformal Coatings, Thermal Management solutions and Encapsulation Resins at this year’s IPC APEX EXPO, held at the San Diego Convention Centre, CA, from 4-6 February.
In March 2023, DPR has partnered with UV Ray, a producer of UV, dichroic mirror technology curing systems, to develop a UV varnish module for its Taurus TRS35PL label finishing system, a roll to roll system with digital laser cutting and laminating.
Global UV Coatings Value market is expected to exhibit a CAGR of 7.42% during the forecast period, owing to growing construction activities, increasing environmental concerns, and growing technological advancement in coatings.
On the basis of Base Type, water-based segment is expected to hold a dominant position, owing to the growing environmental concerns. Water-based coatings are eco-freindley and emit very less VOC.
On the basis of Composition, epoxy resins segment is expected to hold a dominant position, owing to etheir strength, resistance to water and high temperatures, and high versatility properties.
On the basis of End Use Industry, buildings & construction segment is expected to hold a dominant position, owing to the fact that UV coatings are widely used to protect residential and commercial buildings.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to the rapid urbanization and industrialization across countries like India and China.
Key players operating in the global UV Coatings Value market include 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
Read full market research report, "UV Coatings Value Market, By Base Type, By Composition, By End use, And By Geography, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Key Trends and Analysis of the Global UV Coatings Value Market:
New product launch due to ongoing research and development activities is a recent trend in the market. For instance, in August 2023, ACTEGA has launched its new Ultrasheen PakSafe UV coatings. PakSafe UV coatings have undergone thorough regulatory analysis and are specially formulated to exclude all California Proposition 65 materials and “forever chemicals” (PFAS - per-and polyfluoroalkyl substances). This new, more sustainable line of coatings not only meets a number of regulatory standards but retains the scuff resistance and flexibility required for a wide range of high-quality packaging applications.
UV Coatings Value Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 4,776.9 million |
| Forecast Period: | 2022 to 2030 |
| Growth rate | CAGR of 7.42% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2021 |
| Forecast period | 2023 - 2030 |
Market Drivers:
Growing environmental concerns is expected to drive UV coatings value market growth
There is a shift towards more sustainable and environmentally friendly solutions among consumers. This has increased the adoption of UV coatings, as they produce fewer VOCs compared to traditional solvent-based coatings. Moreover, rising awareness regarding the harmful effect of traditional coatings solutions is again expected to propel the market growth.
Rise in end-user industries to fuel market growth
Growth of end user industries such as automotive, electronics, packaging, and wood coatings are increasingly raising the adoption of UV coatings to meet specific performance and appearance requirements. Additionally, UV coatings cure instantly when exposed to UV light, led to faster production processes and less energy consumption. Such benefits associated with UV coatings is further expected to propel the market growth.
Market Opportunities:
Rapid growth of construction industry due to increasing urbanization is expected to serve major growth opportunities
Growing construction activities due to rapid urbabnization is expected to positively shape the market growth. According to the United Nation, in 2022, the degree of urbanization worldwide was at 57 percent. North America was the region with the highest level of urbanization, with over four fifths of the population residing in urban areas.
Detailed Segmentation:
- Global UV Coatings Market, By Base Type:
- Water-based
- Solvent-based
- Global UV Coatings Market, By Composition:
- Monomers
- Oligomers
- Polyester
- Polyether
- Polyurethane
- Epoxy resins
- Photo-initiator
- Additives
- Global UV Coatings Market, By End Use Industry:
- Wood & Furniture
- Electronics
- Automotive
- Paper & Packaging
- Industrial Coatings
- Buildings & Construction
- Global UV Coatings Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
Company Profiles:
• 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
• Dymax Corporation
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