The global UV coatings market is expected to attain a valuation of US$ 4,065.94 million in 2023 and is projected to reach US$ 6,780 million by 2033, rising at a CAGR of 5.2% during the forecast period.
FMI presents a half-yearly comparison analysis and review about UV coatings market growth outlook. The market of UV coatings has been subjected to certain array of industrial and innovation factors including electronic industrial growth, innovative coating applications in construction sector and in automotive, investments in the field of nanotechnology, etc.
The growth trend in the market of UV coatings remains highly uneven owing to higher demand from the end use sectors in India and China as compare to other developed nations. Certain key developments in the market of UV coatings includes mergers and acquisitions and new product launch along with geographical expansions, these are also preferred growth strategies of some key manufacturers to gain access to the untapped market.
Significant growth in the building and construction sector, especially in the developing countries, substantial demand for electronic products, adaptation of efficient coatings in automotive industry are expected to remain key growth driving sectors for the hike in the market growth outlook. Despite these positive prospects of the market, the market is further subjected to certain challenges like, technological gap, higher pricing of the final product, and fluctuations of raw material pricing.
How will the High Demand for Refinish Coatings Impact Sales of UV Coatings?
Demand for refinished coatings is expected to be higher than OEM coatings as they reduce the scope of wear and tear caused by trauma and harsh climatic conditions. The fast-curing time and durability associated with UV-based refinished coating make it a preferred choice as a primary material.
According to Future Market Insights, the global refinished coatings market is expected to witness a CAGR of over 5.1% in terms of volume during the period 2023 to 2033 and is considered to be the primary driver of the automotive coatings market.
Why is the United States UV Coatings Market Witnessing High Demand?
Expansion of the Residential Sector will Boost Sales of UV Resistant Clear Coat for Wood
The United States is projected to account for approximately 90.4% of the North American UV coatings market in 2033. In 2022, the market grew by 3.8% year-on-year, reaching a valuation of US$ 668.0 million.
The presence of prominent manufacturers of advanced coatings and paints like PPG Industries and Sherwin-Williams Company in the USA is expected to propel sales in the market. Moreover, the increasing use of UV coatings in the automotive, industrial coatings, and building & construction industries is expected to bolster the growth in the USA market.
Category-wise Insights
Why are the Sales of Monomers Rising within the UV Coatings Market?
Increasing Applications in the Paper & Printing Industry Will Spur Demand for Matte UV Coatings
Sales of monomers are expected to grow at a 4.8% CAGR over the forecast period of 2023 to 2033. VMOX (vinyl methyl oxazolidinone) is a new vinyl monomer that is specifically tailored for the use of UV coatings and ink applications in the paper & printing industry such as UV.
When compared to conventional reactive diluents, monomer offers various advantages such as high reactivity, very low viscosity, good color brilliance, and low odor. Owing to these factors, sales of monomers are projected to reach US$ 2,140 million in 2033.
Who is the Leading End User of UV Coatings?
Growing Focus on Vehicle Aesthetics is Propelling UV Lacquer Coatings Sales in the Automotive Sector
In terms of end users, the automotive segment is expected to account for a dominant share of the global UV coatings market. The demand for UV coatings for automotive industry is expected to rise with a CAGR of 5.9% during the forecast period. In the automotive industry, radiation curing technology is increasingly being used to coat a wide range of plastic substrates.
Automakers are shifting from die-casting metals to plastics for automotive interiors, as the latter reduces the overall vehicle weight, which helps to reduce fuel consumption and CO2 emissions while also providing different aesthetic effects. This is expected to continue pushing sales in this segment over the forecast period.
Start-ups in UV Coatings Market
Start-ups have a significant role in recognizing growth prospects and driving industry expansion. Their effectiveness in converting inputs into outputs and adapting to market uncertainties is valuable. In the UV coatings market, several start-ups are engaged in manufacturing and providing related services.
UVIS offers anti-microbial coatings that effectively prevent yeast, mold, noroviruses, and bacteria. It also provides a UVC disinfection module that uses light to eliminate germs from escalator handrails.
Intuitive Coatings specializes in durable surface protection coatings. Their coatings are resistant to corrosion, UV, chemicals, abrasion, and temperature.
Nano Activated Coatings Inc. (NAC) provides polymer-based nano-coatings with multi-functional properties.
Competitive Landscape
The market for UV Coatings is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Arkema Group, BASF SE, Akzo Nobel NV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin-Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., Watson Coatings Inc.
Some recent developments in the UV Coatings market are:
In April 2021, Dymax Oligomers and Coatings partnered with Mechnano to develop UV-curable dispersions and masterbatches of Mechnano’s functionalized carbon nanotube (CNT) for UV applications.
Sherwin-Williams Company acquired Sika AG’s European industrial coatings division in August 2021. The deal was set to be completed in Q1 2022, with the acquired business joining Sherwin-Williams’ performance coatings group operating segment.
PPG Industries Inc. acquired Tikkurila, a prominent Nordic paint and coatings company, in June 2021. Tikkurila specializes in environmentally friendly decorative products and high-quality industrial coatings.
