UV Coatings Market

UV Coatings Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global UV Coatings Market grew at a CAGR of 4.5% between 2017-2021 and is estimated to be US$ 2,894.3 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.9 % and is expected to reach a valuation of US$ 5,134.6 Mn by 2032 end.

Various industrial and innovation factors, such as the expansion of the electronic industry, the use of new coatings in the automotive and construction industries, and investments in the nanotechnology sector, have impacted the UV coatings market.

Market Dynamic

GROWING AWARENESS FOR THE ENVIRONMENT DRIVES THE MARKET FOR UV COATING

Everyone is concerned about the environment. Businesses today must cope with increased regulations associated with air emissions, waste disposal, and safety and health. There are two primary advantages of UV coatings technology that have led to the recognition of the technology as green or environmentally friendly: first, most UV coatings do not contain significant quantities of VOCs or hazardous air pollutants (HAPs); second, the energy to dry a UV coating is much lower than that of a conventional solvent or even water-based coating. Since much of the energy produced globally is derived from fossil fuels, a reduction in energy consumption is equivalent to greenhouse gas reductions. It can be attributed directly to new efforts to reduce greenhouse gas emissions on the immediate horizon.

HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH

UV coatings are expensive when compared to other coating methods available. So lower, priced traditional coating methods are used instead. But UV coating is more efficient and consumes less energy. It doesn’t expose the substrate to high temperatures and therefore allows cross-linking on temperature-sensitive products. The process is nearly instantaneous also the equipment requires less space.

THE RISE IN SMART COATINGS  PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

In the upcoming years, There is a growing demand for coatings that have improved biocidal properties. This market has witnessed many technological innovations over the years, and self-healing coatings are one of them. Many of these products possess nanotechnology properties, allowing them to repair themselves.

COVID-19 Impact

The COVID-19 pandemic harmed the UV coatings market in the first quarter of 2020. But gradually and steadily, the demand for coatings began to increase. As people were confined to their houses, they focused more on DIY projects, and as a result, the need for floors, furniture, and various decorative panels helped the market recover. The market value might not catch up to the pre-COVID-19 value until 2027.

Market Segments Covered in Report

By Composition:

• Monomer
• Oligomer
• Polyester
• Polyether
• Polyurethane
• Epoxy
• Photo Initiator
• Additives

By Type:

• Water-Based
• Solvent-Based

By End Use:

• Wood & Furniture
• Electronics
• Automotive
• Paper & Packaging
• Industrial Coatings
• Building & Construction

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is the monomers segment projected to ensure the most revenue during the forecast period?

The monomers segment held the largest revenue share of more than 40.0% in the UV coatings market in 2021, mainly due to the need for non-flammable, low-odor, inexpensive, and high-performance products. Especially an increase in demand for PVC-based acrylic polymer coatings has built up this market segment.

The functionality of monomers has a very significant effect on the properties of the cured coating. Mixtures of monomers typically have been used to optimize the performance of formulations.

Why is the Water-Based segment expected to expand the fastest during the forecast period?

In 2021, Water-based coatings will be increasingly in demand among application markets and end users. This is because they are environmentally friendly and durable. Water-based coatings can be cleaned with water eliminating the need for expensive solvents. The zero flammability attribute of water-based coatings also adds to its popularity. The market prospects of coating technologies reflect environmental concerns and are governed by regulations. According to the rules, the market share of solvent-based coatings is significantly declining, and the percentage of alternative environmentally safe, especially water-based coatings, is increasing steadily. This trend is likely to continue during the forecast period.

Which end-use sector will have the highest market share over the projection period?

The construction segment is a fast-growing segment in the UV coatings market. Concrete, used in construction, is a porous material that can degrade when exposed to weather, foot traffic, and other normal wear and tear. UV coatings seal concrete and ensure its lasting structural integrity and aesthetic appeal. It offers concrete protection without conventional coating methods’ long drying times. The coating is particularly useful for high-usage concrete applications such as floors. Coated floors need periodic re-applications to maintain quality.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market held a sizeable revenue share of 58.1% In emerging economies, rapid population development has raised the need for UV Coatings. UV coatings manufacturers in China are investing in innovation and developing new UV-curable coatings by using technologies that reduce the emissions of volatile organic compounds, which is expected to drive sales over the assessment period.
• The U.S. is the main driver of regional growth in North America, which has the second-largest proportion of the UV Coatings systems market Sales in the market are anticipated to increase due to well-known producers of high-tech paints and coatings like PPG Industries and Sherwin-Williams Company operating in the United States. In addition, rising UV coating usage in the automotive, industrial coatings, and building & construction sectors is anticipated to support market expansion in the United States.

Competition Analysis

Leading global UV coatings market players are expanding their production capabilities and investing in strategic business agreements. In addition, companies are investing in R&D to create cutting-edge technologies for the UV coatings market to boost sales.

Some of the key developments that have taken place in the UV Coatings Market include:

• In June 2021, Tikkurila, a Leading Nordic Paint & Coatings Company, was purchased by PPG Industries Inc. The primary product lines of Tikkurila include premium industrial coatings and environmentally friendly ornamental goods.
• In 2020, The Protech Group purchased Winslow Browning Inc., a producer of liquid coatings, and the coatings division of ACG Industrie (France) (USA).

A list of some of the key suppliers present in the market are:

• Arkema Group
• BASF SE
• Akzo Nobel NV
• PPG Industries
• Axalta Coating Systems LLC
• The Valspar Corporation
• The Sherwin-Williams Company
• Croda International PLC
• Dymax Corporation
• Allnex Belgium SA/NV Ltd.s
• Watson Coatings Inc.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.