According to the latest market survey conducted by Future Market Insights, the global UV Cured Coatings market is relishing a market valuation of US$ 6.3 Billion in 2022 and is all set to expand with a CAGR of 12.1% during the 2022 to 2032 period. The market is anticipated to top a valuation of US$ 19.7 Billion by the end of the forecast period.
Market Size 2022
US$ 6.3 Billion
Market Size 2032
US$ 19.7 Billion
Value CAGR (2022 to 2032)
12.1%
Collective Value Share: Top 3 Countries (2022E)
35% to 40%
UV curing, also known as ultraviolet curing, is a photochemical technique that uses intense ultraviolet light to immediately cure or dry inks, adhesives, or coatings. Compared to conventional curing and drying techniques like PVC coatings, UV coatings offers a number of advantages. UV curing coatings are widely utilized to enhance production efficiency and improve scratch and solvent resistance.
UV-cured coatings have higher productivity in less time, with less waste, no environmental pollutants, and no loss of coating thickness. Significant adoption of UV-cured coatings from various end-use industries such as automotive, telecommunications, glass and plastic decorations, and graphic arts is driving the growth of the global UV-cured coating market.
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Historical (2017 to 2021) Vs. Forecast (2022 to 2032) Market Outlook
Over the period covered by the study (2017 to 2021), the global UV-cured coating market witnessed a significant growth rate, mainly due to increasing demand for UV-cured coatings over conventional PVC coatings, waterborne coatings, powder coatings, and high-solids coatings. The market for UV Cured Coatings was recorded to grow at a phenomenal CAGR of 9.2% between 2017 and 2021.
Whereas, as per the latest survey conducted by FMI, the 3D printing materials market is expected to progress at a CAGR of 12.1% between 2022 and 2032. The stringent environmental regulations and growing awareness to reduce volatile organic compounds (VOC) emissions by accepting eco-friendly technologies such as UV-cured coatings have led to a high demand for UV-cured coating.
UV coatings are widely used in over-print varnishes for scratch resistance, stain resistance, scuff resistance, and gloss enhancement on printed sheets and wood finishing. The significant increase in public and private spending for infrastructure development, particularly for commercial and residential sectors of emerging economies, such as China, Japan, South Korea, India, and others bolsters the demand for the global UV-cured coating market.
Market Dynamics
Thriving Automotive Industry to boost UV-cured Coatings Market
The automobile sector is the main driver of the sharp rise in demand for UV-cured coatings. Due to their exceptional physical endurance, these coatings are ideal for use in the automobile sector. These coatings are widely employed on a variety of automotive components, including body panels made of sheet molding compound (SMC), exterior plastic components, and forward lights. Moreover, the significant increase in the production of electric vehicles, owing to government favourable regulations and initiatives for electric vehicles is also bolstering the product market across the globe.
UV-cured coatings are used in a variety of electric vehicle components, including engine components, exterior coatings, window coatings, and so on. The UV-cured coating is more commonly used in electric vehicles compared to non-electric vehicles; owing to the need for UV, light refraction in an electric vehicle holds more importance and significance compared to non-electric vehicles. Therefore, it is anticipated that the expansion, innovation, and development of the automotive coatings industry will fuel demand for UV-cured coatings across the globe.
The high cost of UV-cured coatings hamper the growth of the market
The UV-cured coatings market is expected to experience slow expansion over the course of the forecast period due to a number of significant reasons, including high equipment start-up costs, high UV-cured coating costs, and low product awareness. Emerging economies of Asia Pacific and the Middle East and Africa have gained less adoption of these coatings, owing to their high cost, lack of awareness, and non-compliances with emission standards.
Government regulations and concerns about pollution will provide an opportunity for UV-Cured Coatings Manufacturers
The rising awareness about environmental pollution along with stringent government regulations to control environmental pollution is expected to provide lucrative opportunities for the growth of the global UV-cured coatings market during the forecast period. UV-cured coatings are free of pollutants like volatile organic compounds (VOC), making them an environmentally friendly product. Many government regulations against pollution (air and water) have prompted manufacturers to develop such environmentally friendly products.
According to the Environmental Protection Agency of India's Congressional Review Act (CRA), there is an act called CRA act 40 part 52 that states the list of volatile organic compounds that should be limited in use as well as the consequences of pollution caused by these pollutants. Therefore, during the course of the projection period, the aforementioned reasons are projected to increase demand for UV-cured coatings.
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Category-wise Insights
What is UV-Cured Coatings Market Outlook by Composition?
In 2022, the monomers segment dominated the market and generated the majority of global revenue. Monomers contribute to the plastic's advantages such as high refraction and tough structure, which is one of the driving factors in the monomers segment of the UV-cured coatings market. Moreover, the oligomers, pigments and additives, and photoinitiator segments are expected to witness a significant growth rate during the forecast period.
What is the UV-Cured Coatings Market Outlook by Chemical Type?
Polyester Acrylates segments account for a major share of the global UV-cured coatings market in 2022 and are expected to continue this dominance during the forecast period. Hardness, flexibility, viscosity, and refractive index are some key properties driving the demand for the polyester acrylates segment in the overall UV-cured coatings market during the forecast period. Polyester Acrylates are widely used in various end-use industries, such as aerospace, automobile, electrical appliances, marine industry, and others for various applications.
Region-wise insights
What are the future prospects for the UV-Cured Coatings market in the Asia-Pacific region?
Asia Pacific leads the UV Cured Coatings market, holding the majority of shares in global revenue in 2022, as a result of increasing demand from industries, such as aerospace and automotive. China and Japan are the major contributors to the consumption of UV-cured coatings in the region. Furthermore, countries such as India, South Korea, and Indonesia are expected to witness significant growth in the global UV-cured coatings market during the forecast period. Significant innovations and developments in various end-use industries and increasing production of electric vehicles, owing to stringent government regulations to control environmental pollution are expected to drive the demand for UV-cured coatings among these countries during the forecast period.
How is North America faring in the global UV-Cured Coatings market?
The market is expected to expand at a stagnant rate in the North American region. Innovations and improvements in the North American industrial sector are likely responsible for the quick adoption of UV-cured coatings in the area. In addition, the European region is also significantly contributing to the growth of the UV-Cured coatings market.
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Competitive Landscape
In order to meet the rising industrial demand for UV-cured coatings in industries like automotive, electronics, aerospace, and military, market participants are constantly improving the technology. To increase their global footprint and better position themselves to take advantage of the burgeoning market opportunity, some major companies in the market are engaging in mergers and acquisitions, and new entrants to the sector are also doing the same. Manufacturers are also investing a significant share in the development of environmentally friendly products to cater to the growing demand for green products across the globe.
For Instance,
In 2021, Sun Chemical introduced SunCure® 44HC150, it is a glossy stampable UV-curing coating made of 12% post-consumer recycled materials and 25% bio-renewable carbon content.
In 2021, Evonik has launched its new TEGO RC 1442 silicone release coating, which is based on Evonik’s existing RC 1400 series technology and delivers all the same release performance benefits customers are used to.
A similar development has been tracked by Future Market Insights in its latest market study.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 12.1% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Billion, Volume in Tons, and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered
Composition
Chemical Type
Application
Region
Regions Covered
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa
Key Countries Covered
USA
Canada
Mexico
Brazil
Germany
United Kingdom
France
Italy
Spain
Russia
BENELUX
China
Japan
South Korea
India
ASEAN Countries
Australia
New Zealand
GCC Countries
Turkey
Northern Africa
South Africa
Key Companies Profiled
Royal DSM N.V.
Akzo Nobel N.V.
The Sherwin-Williams Company
Allnex Belgium SA/NV
Alberdingk Boley GmbH
Arkema Group
BASF SE
Covestro AG
Nippon Gohsei
Wanhua Chemical Group Co., Ltd.
Miwon Specialty Chemical Co. Ltd
Hitachi Chemical Company Ltd.
Eternal Chemical Co. Ltd.
Toagosei Co. Ltd.
Jiangsu Litian Technology Co. Ltd.
Eternal Materials
Dymax Corporation
PPG Industries Inc.
DIC Corporation
Croda International Plc
Customization & Pricing
Available upon Request
Market Segmentation
By Composition:
Oligomers (UV Curable Resins)
Monomers (Reactive Diluents)
Pigments and Additives
Photo initiators
By Chemical Type:
Epoxy Acrylates
Polyester Acrylates
Urethane Acrylates
Others
By Application:
Electronics
Industrial Coatings
Plastic Coatings
Metal Coatings
Wood & Paper Coatings
Printing Inks
Others
By Region:
North America
Latin America
Europe
South Asia Pacific
East Asia
Middle East & Africa
Frequently Asked Questions
What was the value of the market in 2022?
In 2022, the value of the global UV Cured Coatings market reached over US$ 6.3 Billion.
At what rate is the global market projected to expand during the forecast period?
During the forecast period, the global UV Cured Coatings market is estimated to expand at a CAGR of 12.1% from 2022 to 2032.
By 2032, what will the value of the global market?
The global UV Cured Coatings market is projected to reach US$ 19.7 Billion by the end of 2032.
Which are the top players in the market?
The key players operating in the UV Cured Coatings market are BASF, Royal DSM N.V., Akzo Nobel, Covestro AG, PPG Industries, Nippon Gohsei, Nippon Paints, Dymax Corp., The Sherwin-Williams Company, DIC Corporation, Croda International Plc, Arkema Group, and various others.
