UV Coating Market

UV Coatings Market Outlook

As per rigorous research by ChemView Consulting, our analysts believe that the global UV coatings market will grow at a 5.5% CAGR during the period 2023–2033 to reach a valuation of US $6777.3 million by 2033.

Key Findings on the UV Coatings Market

1. Which is the largest market for UV coatings?

The biggest market for UV coatings is North America. As per our analysis, North America holds nearly 28.9% share of the UV coatings market.

2. What is the largest end use segment within the UV coatings market?

As per ChemView Consulting, the largest segment by end use is wood & furniture. As per our analysis, this segment accounts for nearly 34.1% of total revenues.

3. At what rate is the UV coatings market expected to grow?

The UV coatings market is expected to grow at a CAGR of 5.5% during the period 2023–2033.

4. What are the major trends influencing the UV coatings market?

• Advancements in Technology: Continuous research and development is resulting in advancements in UV coating technology. New formulations, curing procedures, and application methods are increasing the overall performance of UV coatings and increasing their uses across multiple industries.
• Shorter Processing Times: Adoption of UV coatings owing to their rapid curing times leads to increased production efficiency. Thus, reduced energy use and faster turnaround in manufacturing operations.

5. Who are the leading players in the UV coatings market?

The key companies in the UV coatings market are 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., and Dymax Corporation.

Key Drivers for UV Coatings Demand

• As environmental concerns grow, industry searches for sustainable solutions. UV coatings can be considered environmentally friendly because they are solvent-free and produce minimal VOCs (volatile organic compounds), aligning with the global trend for greener technologies.
• Additionally, the UV coatings market has grown due to its 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 market growth.
• Furthermore, stringent regulations on VOC emissions and dangerous chemicals in coatings have driven companies to switch to ecologically friendly alternatives like UV coatings, increasing market growth.

Key Challenges Inhibiting Demand for UV Coatings

• UV coatings frequently need specific infrastructure and equipment for curing, which might result in higher initial costs for producers. This might prohibit some companies from using UV coatings, particularly smaller ones with limited funding.
• Moreover, UV coatings may not be suitable for all substrates, including heat-sensitive materials and certain polymers. This restriction may limit the use of UV coatings in some sectors or situations.

Key Challenges & Opportunities for UV Coatings Manufacturers

• The UV coatings market is very competitive, with several companies competing for market share. Differentiating products based on features, performance, and innovation is critical for standing out in a crowded market.
• However, the need for UV coatings is being driven by the continual expansion of various sectors. Manufacturers who attentively target industries and modify their product lineups to satisfy specific demands can position themselves to profit from rising market demand.

Country/Region-wise Insights

US UV Coatings Market Forecast

• With a growing emphasis on environmentally friendly and sustainable solutions across industries, in the US market is projected to observe significant growth in the estimated period. The US UV coatings market is likely to account for a leading share of the global UV coatings market.
• Moreover, the growing trend toward improved product aesthetics and durability, combined with the need for effective and time-saving production procedures, is expected to drive demand for UV coatings in the US market.

Europe UV Coatings Market Outlook 

• With an increasing focus on sustainability and strict environmental restrictions in the Europe market is anticipated to drive sales in the market over the assessment period.
• In addition, the rise of industries such as electronics, automotive, and packaging in Europe fuels the usage of UV coatings to obtain superior finishes and longer product lifespans.

Japan UV Coatings Market Forecast

• Growing awareness of the environmental benefits and enhanced performance of UV coatings in Japan market is anticipated to drive the market over the forecasted period.
• Moreover, the rapid pace of technological growth, combined with the nation’s strong emphasis on research and development, is likely to significantly fuel innovation in UV coating formulations, improving their performance and application range.

China & India UV Coatings Market Forecast

• Growing numbers of middle-class people and rising disposable incomes in the China & India market are anticipated to fuel the market over the forecast period.
• In addition, the government’s efforts to improve manufacturing and infrastructure development are expected to increase the demand for UV coatings in the construction and industrial sectors.

UV Coatings Market Outlook & Forecast by Segmentation

By Composition

Based on composition, the monomers segment is expected to remain at the forefront of UV coatings market share over the assessment period. The growth is mainly because, when compared to traditional solvent-based coatings, monomers used for UV coatings often have fewer VOC emissions. Therefore, UV coatings developed from eco-friendly monomers are becoming more popular as environmental rules increase and customers seek more sustainable products.

Additionally, monomers that are employed in UV coatings can be designed to offer performance qualities, such as increased scratch resistance, chemical resistance, gloss retention, and durability. This formulation versatility enables manufacturers to customize coatings for specific purposes, expanding their market reach.

By Type

Based on type, the water-based segment is expected to remain at the forefront of UV coatings market share over the assessment period. The growth is mainly because continuous R&D efforts have resulted in the development of water-based UV coatings that can be cured at lower energy levels and in shorter curing times. This makes them more energy-efficient and cost-effective, which appeals to manufacturers aiming to optimize their manufacturing operations.

Moreover, water-based UV coatings have a wide range of uses, including furniture, automotive, packaging, electronics, and textiles. The versatility of these coatings and their capacity to satisfy the unique demands of many sectors contribute to their expansion.

By End Use

Based on end use, the wood & furniture segment is set to account for 34.1% of the UV coatings market share over the assessment period. The growth is mainly because continuous research and development efforts in the coatings industry have resulted in the development of specialist UV coating formulations intended exclusively for wood and furniture applications. These formulations address the unique problems posed by various wood types and furniture designs.

In addition, UV-coated wood and furniture are easy to clean and maintain owing to their stain and scratch resistance. This feature is particularly appealing to buyers looking for low-maintenance products.

Which Company Owns the Largest Share in the UV Coatings Market?

The key companies in the UV coatings market are 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., and Dymax Corporation. 

Recent Developments:

• In June 2023, Elkem, a market leader in the production of silicones, silicon, and carbon-based products with a focus on environmental responsibility, launched UV LED curable silicone for environmentally friendly release coatings. Elkem is committed to producing products essential for the green transition while reducing their detrimental effects on the environment and society.
• In November 2022, Evonik’s Coating, one of the top manufacturers of specialized chemicals in the world, added an innovative deaerator to its line of products. The brand-new deaerator, TEGO® Airex 923, is a 100% active organic polymer that is extremely compatible and exhibits increased efficiency. It has been designed for radiation cured wood coatings.
• In April 2021, Sun Chemical, the largest manufacturer of pigments and printing inks in the world, launched SunCure 44HC150, an attractive stampable UV-curing coating made with 25% bio-renewable carbon content and 12% post-consumer recycled materials.

As per our analysis, the companies that hold the largest share in the market are

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BASF SE 

Founded in 1865 and with headquarters in Ludwigshafen, Germany, and the United Kingdom, it is a multinational corporation and the world’s biggest chemical producer.

Akzo Nobel N.V.

Founded in 1994 and with headquarters in Amsterdam, the Netherlands, it is a multinational firm that manufactures paints and performance coatings for both industry and consumers across the world.

PPG Industries, Inc.  

Founded in 1883 and with headquarters in Pittsburgh, Pennsylvania, United States, it is a business that provides specialty materials, paints, and coatings around the world.

Axalta Coating Systems Ltd. 

Founded in 1866 and with headquarters in Philadelphia, Pennsylvania, United States, it is a business that specializes in coatings for numerous industrial uses, products, and sectors, such as automotive paints.

The Valspar Corporation 

Founded in 1806 and with headquarters in Minneapolis, Minnesota, United States, it is a paint and coatings producer.

What Makes this Report More Insightful than Others?

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