UV Cured Coatings Market Overview, 2023-28

The global UV-cured coating industry is a dynamic and thriving sector that has witnessed remarkable growth in recent years. UV-cured coatings are gaining widespread popularity due to their numerous advantages and versatile applications across various industries. These coatings offer rapid curing times, exceptional durability, enhanced resistance to chemicals and UV radiation, and low VOC emissions. They have revolutionised traditional coating processes by significantly reducing drying and curing times, leading to increased productivity and efficiency. From automotive and aerospace to electronics, wood, and industrial sectors, UV-cured coatings have become a preferred choice for manufacturers seeking high-performance, eco-friendly, and visually appealing coating solutions. With on-going advancements in technology and an increasing focus on sustainable practises, the global UV-cured coating industry is poised for continuous innovation and expansion, catering to the evolving needs of diverse industries around the world. UV-cured coatings are increasingly being utilised for 3D-printed objects. The development of UV curing systems capable of efficiently curing complex shapes and structures has expanded the application possibilities for UV-cured coatings in the 3D printing industry. UV-curable powder coatings are emerging as an innovative solution, combining the advantages of powder coatings with UV curing technology. These coatings offer excellent durability, chemical resistance, and reduced waste compared to traditional liquid coatings. Furthermore, nanotechnology is playing a significant role in UV-cured coatings by enhancing their properties and functionalities. Nanoparticles are being incorporated into the coatings to provide improved scratch resistance, antimicrobial properties, UV stability, and enhanced surface properties. The integration of smart coatings with UV curing technology is enabling the development of coatings with additional functionalities. These coatings can change colour, respond to external stimuli, or provide surface sensing capabilities, opening up new possibilities in various industries, including automotive, aerospace, and electronics.

According to the research report, Global UV Curd Coating Market Overview, 2023-2028, the global UV Curd coating market is anticipated to cross USD 11.90 billion, increasing from USD 7.39 billion in 2022. The market is expected to grow at a CAGR of 8.44% by 2023-2028. With growing environmental concerns and stricter regulations regarding volatile organic compounds (VOCs), there is a rising demand for eco-friendly coating solutions. UV-cured coatings are solvent-free or low in VOCs, making them a more sustainable alternative to traditional solvent-based coatings. One of the key advantages of UV-cured coatings is their fast curing process. UV coatings cure within seconds when exposed to UV light, resulting in reduced processing time and increased productivity for manufacturers. UV curing requires minimal energy compared to conventional drying methods. The rapid cure time and reduced energy consumption contribute to cost savings for manufacturers, making UV-cured coatings an economically viable option. The global UV-cured coating market is witnessing increasing adoption in emerging markets, driven by rapid industrialization, infrastructure development, and the expansion of end-use sectors. Countries in Asia Pacific, Latin America, and the Middle East are emerging as significant growth markets for UV-cured coatings. Based on the composition segment, there are oligomers, monomers, photoinitiators, PU dispersions, and others. At a global level, monomer composition has the largest market share. The UV curing process relies heavily on monomers. When presented to UV light, monomers go through a polymerization response, framing a strong and solid covering. They go about as building blocks for the covering detailing and add to the general exhibition and properties of the relieved covering. Monomers facilitate crosslinking, which is essential for the formation of a durable and strong coating. Crosslinking enhances the coating's resistance to abrasion, chemicals, UV radiation, and other environmental factors, providing long-lasting protection to the substrate.

Based on the types, the segment includes wood coatings, plastic coatings, overprint varnish, display coatings, and conformal coatings. At a global level, wood coatings are gaining popularity, and they have the highest market share due to the fact that UV-cured coatings on wood surfaces are easy to maintain. They resist stains, dirt, and moisture, making the cleaning and upkeep of coated wood products simpler and more convenient. This attribute contributes to the overall appeal of UV-cured wood coatings for consumers. The quick-restoring nature of UV-relieved coatings prompts expanded efficiency in wood covering processes. Manufacturers are able to streamline their production workflows and achieve higher output rates because there is no need for prolonged drying or curing times. This is especially beneficial in businesses where time is a basic element. Based on the end user segment, which includes industrial coatings, electronics, and graphic arts, at the global level, the industries have the highest market share. At the global level, UV-cured coatings offer a safer working environment compared to solvent-based coatings. Since UV-cured coatings do not contain flammable solvents, there is a reduced risk of fire hazards and worker exposure to harmful chemicals. This contributes to improved occupational health and safety standards in industrial settings.

Based on the report, the global market is segmented into five regions, including North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Among them, Asia Pacific will dominate the market in 2022. The Asia-Pacific region has experienced significant economic growth and industrial development in recent years. Rapid industrialization, particularly in countries like China, India, and South Korea, has led to increased demand for UV-cured coatings across various industries such as automotive, electronics, packaging, furniture, and construction. Asia Pacific has a substantial manufacturing base, with numerous industries operating at a significant scale. This includes the production of consumer goods, electronics, automobiles, and furniture. UV-cured coatings find extensive applications in these industries to enhance product performance, durability, and aesthetics. As well as the rapid urbanisation and infrastructure development in Asia Pacific, these factors have propelled the demand for UV-cured coatings in the construction sector. These coatings are used for various applications such as flooring, wood finishes, protective coatings, and decorative purposes in commercial and residential projects. Furthermore, with the growth of middle-class populations in countries like China and India, there is an increase in disposable income and consumer spending power. This has led to a surge in demand for high-quality, aesthetically appealing products in industries such as automotive, electronics, and furniture, where UV-cured coatings play a vital role in achieving desired finishes and durability.

Recent Development:

• In 2021, PPG Industries, a leading global coatings company, completed the acquisition of Ennis-Flint, a manufacturer of pavement marking materials. This acquisition expanded PPG's product portfolio and strengthened its position in the transportation coatings market, including UV cured coatings.
• In 2020, Axalta, a global coatings company, acquired Capital Paints, a leading UAE-based industrial coatings manufacturer. This acquisition helped Axalta expand its presence in the Middle East and strengthen its portfolio of sustainable coatings, including UV cured coatings.
• DSM, a global science-based company, introduced its Decovery SP-2022 XP eco-friendly UV cured resin for the industrial coatings market. The resin offers excellent performance, low VOC emissions, and enhanced sustainability features.
• Sherwin-Williams, a major coatings manufacturer, launched its Polane® D 8700 UV polyurethane dispersion for industrial wood coatings. The product provides exceptional durability, chemical resistance, and UV protection..

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global UV Curd Coating market with its value and forecast along with its segments
• Region-wise UV Curd Coating market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Composition

• Oligomers
• Monomers
• Photoinitiators
• PU Dispersions
• Others

By Type

• Wood Coatings
• Plastic Coatings
• Over Print Varnish
• Display Coatings
• Conformal Coatings

By End use industry

• Industrial Coatings
• Electronics
• Graphic Arts

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Smart Lighting industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.