Global UV Coatings Market: Overview
Use of traditional methods to cure coatings and various product formulations is usually energy intensive and caused generate harmful emissions. UV curing refers to the energy or radiation curing in which the product formulations are instantly cured and there are no harmful results obtained. It is environment-friendly and hence use of the UV coatings is increasing rapidly. Its features include better gloss finish and better resistance. These features are also resulting in a higher demand for the UV coatings in the market. The largest demand is seen in Asia Pacific, mainly in China owing to the rising number of manufacturing companies and increasing end-uses in the electronic and industrial sector.
Global UV Coatings Market: Segmentation
The global UV coatings market is segmented into its composition, type, end-user industry and geography. On the basis of composition, the market is divided into monomers, photoinitiators, oligomers, PU dispersions and others. Based on the type, the global market is segregated into plastic coatings, wood coatings, display coatings, conformal coatings, over print varnish and paper coatings. Based on end-user industry, the market is classified into electronics industry, industrial coatings, and graphic arts. Diversification of the global market based on region is seen into Asia Pacific, North America, Latin America, Europe and the Middle East and Africa.
Global UV Coatings Market: Growth Factors
The global UV coatings market is a growing market. Major factors such as increasing environmental awareness, the rise in coatings demand for industrial applications, decreasing operational cost, minimum volatile organic compounds emission, superior characteristics such as higher gloss finish and improved resistance, increased research and development activities and innovations such as bio-based UV coatings are driving the global UV coatings market. Growing electronics industry is the major end-user industry due to which the market is growing rapidly. Wood coatings and industrial coatings are the major segments showing significant growth in the market. However, growth may be hampered by factors such as low price competitiveness and niche applications.
Global UV Coatings Market: Regional Analysis
The largest share of the global UV coatings market is held by Asia Pacific. In this region, the major demand is seen in China, Taiwan, India, Japan and South Korea. Factors contributing towards this growth are increasing the number of manufacturing industries in this region and rising demand for UV coatings for electronics and industrial use. Growth in Asia Pacific is followed by North America, Europe, Latin America and the Middle East and Africa. In North America, countries such as the U.S. and Canada are contributing towards the market growth. There is the major demand for over print varnish coatings application in North American region. European region includes countries such as Germany, Sweden, the U.K., Italy, Belgium, and Switzerland, which provide an ample share in the market. Latin American region include Brazil and Mexico contributing to the market growth.
Global UV Coatings Market: Competitive Players
Some of the major companies in the global UV coatings market are DIC Corporation, Royal DSM N.V., BASF SE, Akzonobel N.V., The Valspar Corporation, Dymax Corporation, PPG Industries Inc. and Axalta Coatings Systems.
Global UV Coatings Market: Regional Segment Analysis
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