UV (Ultraviolet) Coatings Market Size, Share, Growth Report 2030

UV (Ultraviolet) Coatings Market: Overview

The UV (Ultraviolet) Coatings market accounted for USD 6.5 Billion in 2020 and is expected to reach USD 16.9 Billion by 2028, growing at a CAGR of 12.8% from 2021 to 2028.

UV (Ultraviolet) coatings are a sort of coatings that are relieved with Ultraviolet radiation. It can be applied on different substrates like inks, paper, glass, plastics, and wood materials. Expanding environmental awareness is an indispensable factor driving the development of the UV (Ultraviolet) coatings market quickly.

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COVID-19 Impact Analysis

UV (Ultraviolet) coatings are utilized across major industries such as automotive, design & art, electronics, and others, where the effect of COVID-19 has been high. Lockdowns imposed in different nations have affected different areas, which have assumed a significant part in the decrease of the UV (Ultraviolet) coatings market. Postponed advertising activities have additionally influenced the development of the UV (Ultraviolet) coatings market in 2020. Most publications & marketing companies have changed to a digital mode; in this way, UV (Ultraviolet) coatings have a huge setback and will take time to regain their position in the market. It is normal that the market will begin recuperating in 2021 because of the expanding request from end-use ventures. The lockdown deferred forthcoming activities, which additionally influenced the development of the UV (Ultraviolet) coatings market in 2020.

Growth Factors

Developing industries globally are relied upon to promote the UV (Ultraviolet) coatings market. Coating displays are the significant sort of coatings utilized in the electrical & electronic globally. Increasing income and lifestyle in the developing nations is driving electoral & electronic industry across the globe. Also, interne is the recent interest in the market that incorporates different electronic gadgets. These electronic gadgets use display coatings that are restored with UV (Ultraviolet) light. Besides, rising ecological awareness among consumers is helping to flourish the UV (Ultraviolet) coatings market. Methods such as chemical curing produce unpredictable effects that are dangerous to climate and human health, thus UV (Ultraviolet) curing is a photomechanical technique of curing, thus does not include any organic curing in the process.

Nonetheless, accessibility of substances in the curing reactions is relied to produce difficulties in the UV (Ultraviolet) coatings market. Compound curing is among the solid contender of UV (Ultraviolet) relieving measure. Improvement of new materials and applications is expected to give tremendous growth in coming years. Also, improvement of bio-based UV (Ultraviolet) coatings would open up a chance in the following years.

Report Scope :

Type Segment Analysis Preview

Based on type of coatings, the market can be segmented as Display Coatings, Wood Coatings, Paper Coatings, Plastic Coatings, Conformal Coatings and Over Print Varnish. Recently UV (Ultraviolet) coatings market is dominated by wood coatings type. This trend is expected to grow in next few years due to increasing demand for wood coatings from its applications such as furniture, door skins, parquet, decorative panel and others. Wood coatings offer excellent strength and durability, hence is demand is expected to remain high.

End Use Industry Segment Analysis Preview

End-use industries of UV (Ultraviolet) coatings are graphics, electronics, packaging, and various other industries that use industrial coatings. Among the end-use industries type, industrial coatings occupy the largest share in the total UV (Ultraviolet) coatings market. The growth rate of industrial coatings is expected to be the fastest as compared to other types.

Regional Analysis Preview

Asia Pacific is expected to dominate the UV (Ultraviolet) coatings market in terms of manufacturing and consumption. The burgeoning electronics industry due to the high demand for high-performance electronics in the region is driving the UV (Ultraviolet) coatings market. China is contributing the highest to the demand of UV (Ultraviolet) coatings in the region. Europe followed Asia Pacific in terms of consumption. Demand in the region is mainly for wood coatings, plastic coatings and paper coatings from the industrial coatings industry. North America emerged as the third-largest market for UV (Ultraviolet) coatings in terms of consumption. The demand in the region is primarily driven by the rising use of UV (Ultraviolet) coatings in printing varnishes. The rest of the World is expected to exhibit strong growth in UV (Ultraviolet) coatings marketing due to rising demand from the electronics industry

The countries covered in the UV (Ultraviolet) coatings market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Key Market Players & Competitive Landscape

Global UV (Ultraviolet) coatings market is moderately fragmented with major players having presence across the value chain. Players in the market adopt backward integration and strategic alliances as key strategies to sustain their market position in the UV (Ultraviolet) coatings market.

Key players in UV (Ultraviolet) coatings market include The Dow Chemical Company, BASF SE, Akzonobel N.V., DIC Corporation, PPG Industries Inc., Dymax Corporation, Royal DSM N.V., Centexbel, Actega Coatings & Sealants, Eternal Chemical Co. Ltd., Axalta Coatings Systems, The Valspar Corporation, Ashland Inc., Croda, Brilliant Coatings Solutions and Soltech Ltd.

In September 2020, AkzoNobel acquired Stahl Performance Powder Coatings and its range of products for heat-sensitive substrates. The acquisition accelerated AkzoNobel’s low curing technology that the company expects would open up new market opportunities.

The UV (Ultraviolet) Coatings market is segmented as follows:

By Composition

• Oligomers 
• Monomers 
• Photoinitiators 
• PU Dispersions 
• Others

By Type

• Wood Coatings
• Paper Coatings
• Display Coatings
• Conformal Coatings
• Plastic Coatings
• Over Print Varnish

By End Use Industry

• Industrial Coatings
• Electronics
• Graphic Arts

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa