UV CURABLE COATINGS MARKET OUTLOOK
The UV, curable coatings market size, was valued at USD 6.62 billion in 2020 and is expected to reach USD 10.75 billion by 2026, growing at a compound annual growth rate (CAGR) of 8.40% during 2021-2026.
Due to rising environmental concerns and sustainable development, UV curable technology will hold a prominent place and witness more investment in research and development. With the rapid urbanization and rising middle-class incomes, APAC countries will witness robust demand for UV curable adhesives coatings from end markets such as packaging, automotive, electronics, and wood.
UV curable coatings is a long-established and proven technology in the automotive coatings sector. The future of UV curing in the automotive is full of potential as their applications continue to grow as new coatings and solutions. The emerging economies of the APAC are expected to drive the growth of these UV-curable coatings through their growing automotive industry.
- UV curable coating is an upcoming market with a very bright scope owing to its excellent advantages over conventional coating solutions.
- The photoinitiators in the global UV curable coatings industry are expected to grow at a faster rate.
- The global automotive UV curable coatings industry, will grow at a CAGR of around 8% during the forecast period.
- Electronics assemblies, electric vehicle batteries, low-migration formulations for food packaging, commercial printing, labels and packaging, and pre-coated substrates are upcoming end-user segments.
UV CURABLE COATINGS MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY COMPONENT
Oligomers in the UV curable coatings industry are moderately low molecular weight resins that contribute to the overall properties of the coating, ink, or adhesive. Flexible packaging, consumer coatings, and automotive are major industries fostering the demand for UV curable coatings. The oligomers in the UV-cured coatings market are expected to reach USD 1497.32 million by 2026.
INSIGHTS BY END-USE
Various end-user industries where UV curable coatings are employed on a large scale include automotive, wood, electronics, aerospace, paper and packaging, and printing and graphic arts. The electronic industry is the upcoming sector. The advancement of technologies, the growth of the electric car industry, and the presence of Printed Circuit Boards (PCBs) in every electronic device fuel the consumption of UV curing coatings in the electronics industry.
The global wooden UV Curable coatings industry is expected to grow steadily. The growing demands for eco-friendly coatings, renovation and remodeling work, rise in demands from the emerging and established economies are the key drivers for the growth of the UV curable wooden coatings market.
INSIGHTS BY GEOGRAPHY
The APAC is the major consumer of UV curable coatings among all the regions, followed by North America and Europe. APAC's UV curable coatings industry is expected to maintain a CAGR of more than 8% during the forecast period. China is the largest consumer of UV wood coatings market across the region. The flexible packaging, paper packaging, wood, automotive, electronic, printing are the key end-user markets that will drive the consumption of UV curing technology in APAC.
Europe is one of the biggest manufacturers of automobiles globally. The use of UV curable coatings in headlamp applications, sheet molding applications, or plastic applications is inseparable. Thereby, the UV curable coatings market in Europe, creating incredible opportunities for the players to grow.
The UV curable coatings market is highly fragmented, with the presence of dominant players across all regions. Various competitors like BASF SE, BASF, Sherwin-Williams Company, PPG Industries, DIC Corporation, AkzoNobel, Axalta Coating Systems, Royal DSM NV, etc., are actively operating across the globe along with various local players. In the coming years, investment in research and development will be very crucial for the growth of manufacturing companies. In 2021, the global UV curable coatings market is growing steadily, and with the rising adoption of strategies by various players, the market is expected to rise over the projected horizon.
The UV curable coatings market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Printing/Graphic Art
- Paper and Packaging
- South Korea
- United Kingdom
- North America
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa