UV Coatings Market Size by Major Players, Trends, Key Regions and Growth Forecast to 2022-2031

UV curing is a photochemical process in which ultra violet radiations are used to instantly cure coatings. UV coating technology is a highly growing technology of instant curing which is employed on various substrates and cured by the use of ultra violet radiations. The possibility of plummeting in the UV curable coating demand is expected to be very minimal in the future due to its increasing consumption among its end-user segments for various applications.

The consumption pattern in the UV coatings market varies from region to region, for instance the demand in Asia-Pacific is mainly driven by the electronics segment which is due to elevating demand for high performance electronics. The region is the biggest and the fastest growing market after ROW for UV coatings, consuming more than 45.0% the total global volume in 2022. The scenario is different in Europe, as the region witnesses rising demand in the industrial coating industry, which is mainly in the wood coating, paper coating, and plastic coating segment. On the other hand, the North America UV coating market is mainly driven by the rising consumption of over print varnish segment, mainly in the U.S. Also on the basis of countries, China, Japan, U.S., Germany, and South Korea, are the major consumers of UV curable coatings, with China being at the forefront.

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Currently, the demand of UV curable coatings is dominated by the wood coatings segment that consumed nearly 40% of the total UV curable coatings demanded in 2022 and this demand is increasing at a considerable pace due to their excellent properties and its uses in various applications that include furniture, parquet, decorative panels, and door skins. Display coating is expected to be the strongest growth areas of UV coatings in the near future, driven by the high quality demand of electronics around the globe. Among the end-user industries, the industrial coatings industry holds a share of more than 50% of the total volume of UV coatings in 2022, and the penetration of UV coatings in this segment is anticipated to grow at a notable pace on account of its unmatchable performance.

The key factors driving the industry are identified as increasing environmental awareness driving the demand for green products, elevating electronics market, growth in demand of industrial wood coatings, while increasing scope in new applications & potential markets with low capacities are identified as the major opportunities in the market. Value chain and backward integration is among the key strategies adopted by various market players to sustain their position in the much competitive market.

This study on UV coatings market estimates the demand and value for UV coatings and projects the same by 2031. As a part of quantitative analysis, the study segments the market by composition at a global level, and by type & by end-user segments at a country level with the current market estimation and forecast till 2031. The countries covered in the report are the U.S., Canada, Mexico, China, Japan, Taiwan, South Korea, India, Germany, Sweden, U.K., Italy, Belgium, Switzerland, and Brazil.

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Further, as a part of qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, winning imperatives, challenges, and key issues in the market. It also includes the company profiling and competitive strategies adopted by various market players, including AkzoNobel N.V. (The Netherlands), Royal DSM N.V. (The Netherlands), PPG Industries Inc. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Axalta Coatings Systems (U.S.), Dymax Corporation (U.S.), Eternal Chemical Co. Ltd. (Taiwan), and DIC Corporation (Japan).

These regions are further sub-segmented into the following:

  • North America (U.S. & Canada),
  • Latin America (Argentina, Mexico, Brazil, Rest of Latin America),
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe),
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), and the
  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

About SDKI :

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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