New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- In a comprehensive research analysis conducted by ChemView Consulting, the UV coatings market is escalating from a valuation of US$ 2.3 billion in 2023 to an expected US$ 6777.3 million along with CAGR of 5.5% from 2023 to 2033. This growth is driven by advancements in technology and increasing environmental concerns, positioning North America as a leader in the industry scenario.
The market for UV coatings is witnessing substantial expansion, primarily propelled by technological advancements and the growing focus on environmental sustainability. The is due to the need for alternative, eco-friendly coatings that align with global trends for greener technologies.
While the UV coatings market holds great promise, it faces several challenges. High initial costs for specific infrastructure and equipment for curing are among the primary concerns. Moreover, these coatings may not be suitable for all substrates, including heat-sensitive materials and certain polymers, which may limit their use in some sectors. Despite these challenges, the industry presents numerous opportunities. One of the most significant is the wide range of applications in industries like electronics, automotive, packaging, wood & furniture, aerospace, and others. This adaptability fuels demand across various industries and aids in business development.
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Key Takeaways from the UV Coatings Market:
- North America holds a substantial 28.9% market share in 2023.
- Wood & Furniture dominates with a 34.1% market share in 2023.
- The market is expected to grow at a CAGR of 5.5% during the period 2023–2033.
“The adoption of UV coatings owing to their rapid curing times leads to increased production efficiency, thus reducing energy use and faster turnaround in manufacturing operations,” opines our Lead Analyst at Chem View Consulting.
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Key Players and Strategies for Success in the Cutting-Edge UV Coatings Market
The competitive landscape of the UV coatings industry is characterized by a mix of established players and innovative startups. Leading companies such as BASF SE, Sun Chemical, The Valspar Corporation, Elkem, and Evonik’s Coating have set the stage for this industry by introducing advanced UV coating technologies. Investment and collaboration within the industry are on the rise, with venture capital firms and major chemical conglomerates entering the fray. These strategic partnerships aim to accelerate research and development, scale production, and expand market reach.
Key Companies in the Market:
- BASF SE
- Sun Chemical
- The Valspar Corporation
- Elkem
- Evonik’s Coating
- Axalta Coating Systems Ltd.
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Waston Coatings Inc.
- Dymax Corporation
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Key Developments in the Market:
- In June 2023, Elkem launched UV LED curable silicone for environmentally friendly release coatings.
- In November 2022, Evonik’s Coating added an innovative deaerator to its line of products.
- In April 2021, Sun Chemical launched SunCure 44HC150, an attractive UV-curing coating made with 25% bio-renewable carbon content and 12% post-consumer recycled materials.
Key Segments of the UV Coatings Market:
By Composition:
- Monomers
By Type:
- Water-based
By End Use:
- Wood & Furniture
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
Explore Chem View Consulting’s related ongoing Coverage in Chemicals and Materials Domain
Ready-to-use Grout and Adhesive Market: The market is expected to cross a valuation of US$ 3,471.9 million and will grow at a CAGR of 6.5% between 2023 and 2033. Demand for ready-to-use grout and adhesive solutions is being driven primarily by increased construction projects in the residential, commercial, and infrastructure sectors. These characteristics are influenced by population increase, urbanization, and infrastructure development.
UV Tapes Market: UV Tapes Market is expected to grow at a CAGR of 8.6% and is poised to reach US$ 1,276. 25 million between 2023 and 2033. The industry has been propelled by the rapid growth of the semiconductor and microelectronics sectors. These tapes are crucial for wafer dicing, backgrinding, and other critical procedures in microelectronics manufacturing due to their outstanding adherence, clean removal, and precise processing capabilities.
Soft Touch Polyurethane Coatings Market: The Soft Touch Polyurethane Coatings Market to hit US$ 29,278.49 million and is expected to register around 7% CAGR from 2023-2033. The increasing use of soft touch polyurethane coatings in various end-use industries, including as electronics and healthcare, due to their antimicrobial and easy-to-clean features, is likely to drive market expansion further.
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About ChemView Consulting
ChemView Consulting is a leading market research firm in the Asia Pacific, with expertise in Chemicals & Materials, Food & Beverages, Packaging, Oil & Gas, Clean Energy & Power, Life Sciences, Industrial Equipment, Mobility, and Consumer Product. We are one of the top market intelligence firms specializing in business analytics with an expertise in the ever-growing chemicals industry. We track high-growth markets with innovative ideas and opportunities insights through B2B research.
Our client base ranges from industry experts, investors, top companies in the chemicals and oil & gas industry to SMEs, start-ups, and new entrants. We have worked with over 100 companies to upscale their position as the global leader in the chemical & materials landscape with our cutting-edge analytics and advisory services.
