UV-Cured Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The UV-Cured Coatings Market size is expected to grow from USD 5.00 billion in 2023 to USD 5.91 billion by 2028, at a CAGR of 3.41% during the forecast period (2023-2028).

The market was negatively impacted due to COVID-19. Several countries worldwide went into lockdown to curb the virus spread due to the pandemic. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market recovered from the COVID-19 pandemic and is increasing significantly.

Key Highlights

• The increasing demand for wood finishing is driving the market's growth.
• However, the high initial equipment costs and difficulty in finishing complex 3D objects are some of the factors restraining the market's growth.
• The shifting focus toward adopting UV powder coatings will likely provide growth opportunities for the market studied during the forecast period.
• The Asia-Pacific region is expected to dominate the market, mainly due to the high demand for UV-curable coatings in China and Japan.

UV-Cured Coatings Market Trends

The Automotive Industry is Expected to Dominate the Market

• Due to their superior physical durability, the demand for UV-cured coatings is increasing significantly, primarily from the automotive industry. UV-curable coatings are used in manufacturing automotive components to impart various properties to surfaces. It includes wear or scratch resistance, glare reduction, chemical resistance, microbial resistance, and anti-fogging.
• These coatings are used in various parts of vehicles, such as forward lightings, exterior plastic parts, and sheet molding compound (SMC) body panels. Furthermore, UV-cured clearcoats are used in the automotive industry. Also, it is applied to vehicle windows to reduce the UV radiation amount that passes through.
• According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production increased in 2022 by 6% compared to the previous year. Also, the automotive industry is expected to increase during the forecast period due to many factors, such as increased demand for private mobility.
• In China, the total vehicle production was 27,020,615, with an increase of 3% in 2022 compared to the previous year. Also, in Canada, the total vehicle production was 1,228,735 in 2022, with an increase of 10% in the production of vehicles in the country compared to the previous year.
• Therefore, the above factors will likely augment the demand for UV-cured coatings over the forecast period.

Asia-Pacific to Dominate the Market Growth

• The Asia-Pacific region accounted for the major market share primarily due to the increasing demand from the automotive and aerospace industries.
• China and Japan are the primary consumers of UV-cured coatings. Currently, UV-cured coatings are witnessing low demand from the Indian market. However, their consumption is expected to increase significantly shortly.
• Stringent regulations formulated by authorities to promote eco-friendly products are expected to lead to further innovation and developments in the regional market.
• China emerged as the world’s largest automotive producer. In 2022, the country witnessed about a 3% increase in the production of vehicles. The performance of the Chinese automotive industry increased so far and is also expected to grow in the future.
• However, the Chinese government is focusing on increasing the country's production and sale of electric vehicles. Thus, the country is planning to increase the production of electric vehicles (EVs) to 2 million a year by 2020 and 7 million a year by 2025. Such trends are expected to drive the Chinese automotive industry’s growth during the forecast period.
• Furthermore, China includes one of the fastest-growing aviation industries in the world, with a consistent increase in passenger traffic at about 6.6% per year. Thus, the country is planning to construct numerous airports in the next five years. It is expected to drive the demand for commercial jets. It, in turn, is expected to drive the demand for UV-cured coatings for application in jets.
• Similarly, the Indian government is planning to construct about 100 airports in the country by 2032. It is further likely to drive the demand for commercial jets.
• Japan is one of the largest producers of aircraft. Japan is mainly manufacturing the F-35A next-generation fighter jet and other military aircraft. Furthermore, it is focusing on strengthening the foundation of the aerospace industry. Commercial aircraft production increased in the past few years due to the increasing cargo demand.
• Hence, all the factors above are expected to drive the demand for UV-cured coatings in the region during the forecast period.

UV-Cured Coatings Industry Overview

The UV-cured coatings market is fragmented, where numerous players account for an insignificant market share. Some major market players include AkzoNobel, PPG Industries, Nippon Paints, Dymax Corp., and The Sherwin-Williams Company.

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