According to a study published by Insure Insights, the global UV coating market is estimated to grow at a CAGR of 13.4% during the forecast period. UV coatings are kind of coatings that are cured with ultraviolet radiation. It can be deployed on many substrates such as wood products, inks, paper, glass, and plastics. The UV coatings have many benefits over traditional curing and drying methods, such as PVC coatings. UV curing coatings are primarily used to increase production speed and enhance scratch and solvent resistance. The UV coatings have been adopted by many industries such as graphic arts, automotive, telecommunications, glass, and plastic decorations. The demand for the UV coating is increasing rapidly owing to its higher productivity in less time, minimum waste, zero environmental pollutants, and no loss of coating thickness.
Top Driver: Stringent Environmental Norms and Infrastructure Development
The global UV cured coating market is expected to grow at a significant pace during the forecast period due to the rising demand for UV coating over the conventional high-solids coatings, PVC coatings, and waterborne and powder coatings. The stringent environmental norms leading to the less employment of conventional coating processes are major factors driving the market. The rising awareness to reduce the volatile organic compounds (VOC) emissions by adopting eco-friendly technologies such as UV coatings is also estimated to fuel market growth. The expanding infrastructure development and spending, particularly for commercial and residential sectors, also propel the demand of the UV coatings.
Passenger Vehicle is Estimated to Witness Significant Growth During the Forecast Period
The global UV coating market has been segmented into monomers, oligomers, photoinitiators, PU dispersions, and others on the basis of composition. On the basis of type, wood coating, plastic coating, conformal coating, display coating, and others. On the basis of end-user industry, the market is segmented into industrial coating, electronic coating, and graphic arts.
surging demand for electronics to Benefit Asia Pacific Market
The global UV Coatings market has been segmented into North America, Europe, Asia Pacific, and SAMEA based on the region. The Asia Pacific is estimated to hold the largest market share due to the surging demand for electronics in countries such as India and China. Following the Asia Pacific, the North American region is also expected to witness significant growth during the forecast period. Europe is expected to register the steady market growth to the global UV coatings market over the forecast period.
Players to Focus on Expanding Product Portfolio
The global UV coating market is estimated to stay fragmented during the forecast period owing to the possible new entrants. The major market players operating in the market are Akzonobel N.V, Royal DSM N.V., PPG Industries Inc, BASF SE, Sherwin-Williams Company, Valspar Corporation, Axalta Coatings Systems, Dymax Corporation, Eternal Chemical Co. Ltd, DIC Corporation, Croda International Plc, Watson Coatings, Inc, Allnex Belgium SA/NV, Sokan New Materials, Dymax Corporation, Admat Innovations Private Limited, Techno Concepts, Jainco Industry Chemicals, and others.
BASF SE: – In February 2019, BASF introduced vinyl methyl oxazolidinone (VMOX), a new vinyl monomer. VMOX is a reactive diluent in UV curing inks and coatings, which can be used for various application such as digital UV printing. In these applications, the vinyl monomer has many technical advantages compared to conventional reactive diluents and offers innovative coatings formulations with a favorable toxicological profile.
Sherwin-Williams Company: – In January 2019, The Sherwin-Williams Company Industrial Wood Coatings division launched Ultra Cure MarGuard Clear Topcoat, a high performance, UV-cure clear coat, which offers excellent durability and resistance to chemicals, stains, scratches, scuffs and abrasion for flooring. Available for coating wood, sheet vinyl and luxury vinyl tile flooring materials, it combines industry leading toughness with excellent clarity and smoothness.
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