UV Coatings Market Snapshot
[226 Pages Report] The global UV coatings market size is expected to top US$ 4.5 Bn in 2021, finds Future Market Insights (FMI) in a recent market survey. Global sales of UV coatings will grow by 6.10% CAGR over 2021 - 2031. The market is expected to be driven by growing applications of UV coatings in graphic arts and paper coatings.
Popularity of green coatings will soar in the market as a result of increasing emphasis on reducing VOC emissions and improving energy efficiency. As per FMI, sales of UV coatings represented 3% of the global paints and coatings market in 2020.
Estimated UV Coatings Market Size Value in 2021
US$ 4.5 Bn
UV Coatings Market Value-Based CAGR (2021-2031)
2020-2021 UV Coatings Market Y-o-Y Growth
2016-2020 UV coatings Market Outlook in Comparison to 2021-2031 Growth Forecast
Demand for UV coatings is expected to grow at a 6.10% CAGR between 2021 and 2031, in comparison to 2.70% CAGR registered between 2016 and 2020.
Surging demand for UV curable coatings from the electronics, industrial, and graphic art sectors and low operation costs of UV coating production are expected to have a direct impact on the growth of the market. After bucking the initial impacts of the COVID-19 pandemic, sales of UV coatings are expected to grow year-over-year by 4.80% between 2020 and 2021, finds FMI.
Stringent environmental regulations mandating reduction of carbon emissions and encouraging adoption of sustainable practices are expected to drive demand for water-based UV coatings. Consumers are increasingly preferring environment-friendly and sustainable products. Realizing this, manufacturers are developing products that improve energy efficiency and reduce VOC emissions.
These developments are expected to bode well for the UV coatings market in the forthcoming years, with the U.S., China, Japan, and India emerging as key UV coatings producers. Increasing demand for water-based UV coatings is expected to accelerate sales of UV coatings at a 5.40% CAGR through 2031, in terms of volume.
What is Driving UV Coating Applications in Printing Industry?
UV coatings for woods and glass provide a glossy finish and aesthetic appeal to printed products such as business cards, posters, banners, offering a pleasant tactile appearance. Increasing adoption of print marketing solutions by various organizations is spurring demand for UV coatings in the paper & packaging industry.
UV coatings effectively protect print marketing tools. Brands are actively focusing on intelligent methods to improve storytelling and improve customer relationships. UV coatings help resist abrasions and protect print marketing tools from scratches and ink smudging. These coatings are crucial when it comes to protecting direct-mailers such as postcards, posters, and brochures from mishandling when they are transported to high-traffic public locations.
UV coatings also help brands deliver their print marketing tools effectively, which consequently enhances their brand image and delivers the brand's story and message clearly. In addition to this, UV coatings are eco-friendly and release no volatile organic compound (VOC) once cured, which is helping organizations achieve their sustainability goals.
The growing applications of 3D printing in various industries also are pushing sales of UV coatings. Hydrophobic UV coatings provide durable protection from liquids and abrasion and can be applied to a variety of materials such as glass, plastics, metals, painted surfaces, fabrics, and 3D printed products.
UV coating manufacturers are focusing on product development to improve the efficacy of these coatings. High-functioning UV coatings improve the shelf-life of products and protect delicate products such as 3D printed components from abrasion, scratches, and erosion.
For instance, NEI Corporation has launched NANOMYTE SuperCN, a light and durable hydrophobic UV coating, which is a unique combination of hydrophobicity and oleophobicity. The coating offers superior abrasion, erosion resistance, and adhesion to metal surfaces, and can be used on plastics with a primer.
Such developments are indicative of lucrative prospects for growth for key market players and entrants in the UV coatings market over the forthcoming years.
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What is the Scope for UV Coating Application in Automotive Industry?
UV coatings application in the automotive industry is expected to grow. They are often applied on various automotive components to for the purpose of glare reduction, scratch resistance, microbial resistance, anti-fogging, and chemical resistance. A UV curable coating is also applied on vehicle windows to reduce the amount of ultraviolet radiation passing through them.
As per FMI, expansion of the automotive sector across the globe is expected to drive sales of UV coatings. UV curable coatings are mainly used in plastic components of automotive vehicles as they do not require heat, which can distort the plastic shape.
Ongoing developments in plastic coatings used in automotive interiors, coating of alloys and wheels, and for under-hood parts are expected to create growth opportunities for entrants and key players in the market.
In addition to this, the introduction of dual-core technology in UV coatings for automotive components is also expected to drive demand for the same. Using dual-core technology enables manufacturers to provide new coating properties such as enhanced durability and better abrasion resistance by utilizing UV curing in high-value applications.
The process not only demonstrates how UV coatings can enhance the visual appeal and protect plastic components, but it also shows that a UV-cured coating application is viable on high-value, high-volume, and complex automotive parts. Driven by these factors, sales of UV coatings in the automotive sector are expected to rise at a steady pace, augmenting growth of the market over the forecast period.
Why is the U.S. UV Coatings Market Exhibiting High Demand?
Increasing applications of UV coating in the automotive sector are expected to fuel sales of UV coatings in the U.S. As per FMI, demand for UV coatings in North America is poised to grow at 3.60% CAGR over the assessment period.
The U.S. is home to a robust automotive industry, comprising of some of the leading automotive players such as Tesla, General Motors, Ford, Chevrolet, and Buick. Growing popularity of autonomous and electric vehicles in the U.S. is expected to complement growth of the UV coatings market.
UV coatings are widely used in plastic components of automotive such as headlights, as well as on the outer body of the vehicle. These coatings protect the car's exterior by repelling heat, acid rain, and road salt, making it easier for users to clean the vehicle. It also preserves the painted surface for a longer duration, while reducing the risk of pollen allergies for drivers and passengers.
Owing to these factors, sales of UV coatings in the U.S. are expected to grow at a significant pace over the forecast period.
How is the China UV Coatings Market Faring?
Expansion of the printing industry is resulting in increasing sales of UV coatings for flexography, 3D printing, and various other printing applications such as labeling, packaging, and literature publications in China.
UV coatings offer high-quality finishing and surface protection in printing and packaging applications. This factor is driving its applications as additive in ceramics and gravure printing, further augmenting growth of the market.
Besides this, increasing developments in the residential and commercial sector in China are fueling applications of UV coatings in the wood and furniture industry. UV coatings have a myriad of advantages over traditional coating materials, such as low VOC emissions and fast radiation curing technology. This enhances the durability and shelf life of the product, which in turn is driving sales of UV coatings in the wood and furniture industry in China.
Why the India UV Coatings Market is Attracting High Investments?
As per FMI’s analysis, India is expected to emerge as one of the leading producers and exporters of UV coatings over the assessment period. Growing demand for UV coatings from the budlings & construction, paper & packaging, and the electronics sector will continue providing impetus to growth of the market.
Rapid urbanization in the country, coupled with increasing government-backed investments in the development of smart cities is expected to drive demand for UV coatings. These coatings are used in indoor and outdoor applications in buildings, floorings, and concrete constructions.
UV coatings also enhance the appearance of exterior wall paints, trim paint lacquers, and wooden decks. Increasing emphasis on home décor and visual appeal of interiors of building will continue pushing sales of UV coatings in India.
What is Fuelling Sales of Monomer UV Coatings?
Based on composition, the monomer segment is expected to hold a dominant share in the global UV coatings market over the assessment period. Monomers are non-flammable materials that have low volatility and low odor while being less viscous in nature.
Monomers are widely being adopted in graphic arts, industrial coatings, and electronics applications. Growing expansion of the printing and publication industry is also expected to drive sales of monomer UV coatings over the forecast period, opines FMI.
Why is Demand for Water-based UV Coatings Continuously Rising?
In terms of base, water-based UV coatings are expected to remain highly sought after. Shifting consumer preference for eco-friendly and sustainable products is expected to continue driving sales of water-based UV coatings over the assessment period.
Water-based UV coatings comprise microscopic polymer particles dispersed in water. These UV coatings accelerate curing time and emit little to no VOC content. Water-based UV coatings offer advanced performance, high chemical resistance, and superior productivity. These benefits are anticipated to shape the water-based UV coatings demand outlook positively.
Who is the UV Coatings End User?
As per FMI, sales of UV coatings in the wood & furniture industry are expected to remain high over the forecast period. UV coatings provide an aesthetic appeal to wooden floorings and furniture and offer surface protection.
Increasing urbanization in various developed and developing economies is driving demand for UV coatings in the wood & furniture industry. These coatings only require a few seconds to cure, while traditional coatings can take several days to set properly. They also offer high finishing, scratch resistance, and abrasion resistance, making the product stand out and durable.
Key manufacturers operating in the global UV coatings market are focusing on expanding their production capacities to cater to growing demand from various end-use industries. In addition to this, players are launching new products to improve their product portfolios to gain a competitive edge in the market. For instance:
- In September 2021, Axalta Coating System LLC, a global supplier of liquid and powder coatings, announced the opening of a state-of-the-art coatings facility in Jilin City, Jilin Province, China. The new production facility will support the production of UV coatings for light vehicles, commercial vehicles, and automotive plastic components.
- In October 2021, The Sherwin-Williams Company announced the construction of the company's new global research and development center. The new facility is aimed at product development, coatings research, color technology, and process engineering and UV, and other types of coatings.
Scope of Report
Historical Data Available for
MT for Volume and US$ Mn for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others.
Key Market Segments Covered
Base, Composition, End-use Industry and Regions
Key Companies Profiled
Available upon Request
FAQs the Study Answers
What is the current UV coatings market size?
The UV coatings market is expected to reach a valuation of US$ 4,508.9 Mn in 2021.
At what rate did the UV coatings market grow between 2016 and 2020?
The UV coatings market experienced moderate growth, exhibiting a 2.70% CAGR between 2016 and 2020.
What are the key trends driving UV coatings sales?
Growing emphasis on lower VOC emissions product developments, along with increasing applications of UV coatings in graphic arts and paper coatings are key trends expected to drive sales of UV coatings over the forecast period.
Who are the top UV coatings manufacturers?
BASF SE, Arkema Group, AkzoNobel n.V. PPG Industries Inc, and Axalta Coating Systems LLC are the leading players operating in the global UV coatings market.
What North America UV coatings market demand outlook?
North America UV coatings market is projected to grow at a 3.60% CAGR during the forecast period.
Which companies hold dominant UV coatings market share?
Top 5 players operating in the global UV coatings market are expected to account for 42% of the total market share in 2021.
What will be the UV coatings market share in Europe?
The UV coatings market in Europe is anticipated to expand at a 5.50% CAGR between 2021 and 2031.
What is the Japan and South Korea UV coatings market outlook?
In 2021, Japan and South Korea are anticipated to hold 25% of the global UV coatings market share collectively.
UV Coatings Market by Category
- Epoxy Resins
By End-use Industry:
- Wood & Furniture
- Paper & Packaging
- Industrial Coatings
- Building & Construction
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa