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Global Ultraviolet (UV) Coatings Market Insight2022-07-05 Comments
The ultraviolet (UV) coatings is forecast to crazy over the next four years. According to the WK-chem Research “Global Ultraviolet (UV) Coatings Professional Survey Report 2022, Forecast to 2027”,Increasing environmental laws and regulations are important factors driving the rapid growth of the UV coatings market.The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 11.01% base on WK-chem Research regression analysis model.
“The focus of ultraviolet (UV) coatings cannot just stay on environmental protection.” said Selena, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. “Industry participants of ultraviolet (UV) coatings must consider cost and versatility to adapt to the rapid development of the market.”
The rapid growth of the electronics industry and increasing awareness of environmental protection have promoted the growth of the global UV coatings market. The increase in demand for coatings from industrial applications has had a positive impact on the market. The outstanding characteristics of UV coatings, such as improved resistance and higher gloss, as well as the lowest percentage of VOC emissions, have further promoted the demand for UV coatings. The growth trend of graphic arts on wood, plastic and glass surfaces is expected to contribute to the growth of the market. The low operating costs of UV coatings also make a significant contribution to market demand.
There are still some factors that market participants must consider. For example, the high cost of ultraviolet (UV) coatings and the lack of awareness of these coatings in some countries are all factors that limit the development of the ultraviolet (UV) coatings market. Therefore, low cost will be one of the focuses of the development of ultraviolet (UV) coatings in the future.
The market players are focusing on new product launches as well as joint ventures and partnerships to expand their businesses.Some of the key players in the global UV coatings market are AkzoNobel N.V., The Dow Chemical Company, PPG Industries Inc., 3M, Asian Paints Ltd., The Valspar Corporation, The Sherwin-Williams Company, DIC Corporation, Axalta Coating Systems LLC, Royal DSM N.V. and others.
Segmentation of Ultraviolet (UV) Coatings Market:
According to the composition, the UV coatings market can be divided into oligomers, monomers, photoinitiators, polyurethane dispersions and others.Monomer accounts for the largest share of the entire market. Acrylate monomer is more environmentally friendly than other ingredients, is a non-flammable material, has low volatility and low odor. According to the type, the UV coatings market can be divided into wood coatings, plastic coatings, paper coatings and others.The wood coatings type is the largest part of the UV coatings market because the coated wood enhances the aesthetics and provides surface protection. Wood coatings are widely used in residential and non-residential applications. Due to the rapid increase in the application of these coatings in the wood and furniture industries, the demand for UV coatings will continue to increase. During the forecast period, the market size is also expected to expand.According to the application, the global ultraviolet (UV) coating market can be divided into automobile, printing ink, metal, wood, aerospace and others. Among them, the automobile industry occupies the dominant position in the market. Ultraviolet (UV) coatings are very suitable for automotive applications because of their excellent physical durability. Therefore, the growth and innovative development of the automotive industry in the field of automotive coatings are expected to promote the demand for UV curing coatings and further expand the market scale of UV coatings.
Ultraviolet (UV) Coatings Market: Regional Analysis
In terms of geography, the global ultraviolet (UV) coatings market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The Asia-Pacific region is the largest and fastest growing market for ultraviolet (UV) coatings. Electronic and industrial coatings end-use market segments are driving demand for high-performance coatings, which in turn drives demand for UV coatings in the region. Within the forecast, the Asia-Pacific region is the most promising coatings market, and it is expected that the Asia-Pacific region will continue to occupy the leading position in the UV coatings market. The importance of the Asia-Pacific region in the chemical industry cannot be underestimated. Its large developing middle-class population has generated demand for the industry, and has led to the continued industrialization and the rise of manufacturing in the region, thereby promoting an increase in the demand for UV coatings.
Largest share area：Asia-Pacific
Largest share country：China
Product Type(by Composition)：Oligomers, Monomers, Photoinitiators, Polyurethane Dispersions, Others
Product Type：Wood Coatings, Plastic Coatings, Paper Coatings, Others
Application：Automobile, Printing Ink, Metal, Wood, Aerospace, Others
Leading Company：AkzoNobel N.V., The Dow Chemical Company, PPG Industries Inc., 3M, Asian Paints Ltd