Fairfield Market Research UV-Curable Coatings Market Scope, Size, Share, Report 2030

UV-Curable Coatings Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials


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This study intends to analyse diverse aspects of the global UV-curable coatings market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.

Market Analysis in Brief

In recent years, the coatings industry has found, and continues to find, a growing number of applications across various industry verticals. Higher levels of urbanization, and globalization have led to a greater demand for end products and services that implement UV-curable coatings. Owing to the many benefits that this form of coatings offers in comparison to its counterparts, there is expected to be a steady increase in the demand for these products, thus augmenting market growth prospects over the forecast period. Another major element that is expected to play a profound role in the further expansion of the global UV-curable coatings market is greater awareness among individuals concerning the importance of using environmentally friendlier solutions, of which UV-curable coatings is one.

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Key Report Findings

  • The UV-curable coatings market was valued within the range of US$6-7 Bn in 2021
  • End-use industries to play a pivotal role in fuelling market growth
  • This market is projected to grow at a strong CAGR of more than 11%
  • Asia Pacific to account for the majority market share over the forecast period
  • Stringent environmental concerns to foster expansion opportunities

Growth Drivers

Growing Environmental Consciousness

The latest trend in the coating industry is green coatings. These coatings are called so as they are environment-friendly and aid in reducing pollution levels. They are typically more expensive than other paints and coatings on the market, but also have advantages over traditional hazardous paints and exhibit higher if not comparable performance qualities. Green coatings are becoming increasingly popular in the coatings industry due to the increase in rules and standards concerning the environment, particularly in Europe, and North America. UV-curable coatings are now more in demand due to these factors, and this trend is expected to continue in the coming years, in turn boosting UV-curable coatings market revenue.

Greater Demand in Newer Application Areas

Due to significant advancements in UV-curing technology and industry-wide technological changes, UV-curable coatings are also being used outside factories and in in-field applications. Concrete floor coatings, wood floor coatings, vinyl floor coatings, countertop coatings, tub coatings, among other coatings are the main applications for field curing. These programs are still developing, but effective commercialization is expected in the coming years. Despite its modest presence in this market, UV technology is expected to be acknowledged as one of the leading technologies for applying metal coatings. Several end-use industries use metal coatings. Consequently, a sizable increase UV-curable coatings industry is expected due to this increase in application areas.

COVID-19 Impact

The industrial, electronics, and graphic arts sectors employ UV-curable coatings. Lockdowns implemented in many nations have affected a wide array of industries, and the UV-curable coatings market was no exception. The market for UV-curable coatings had been negatively impacted owing to delays in scheduled projects beginning in 2020. The UV-curable coatings industry would take some time to regress to its pre-COVID-19 state of operations as most advertising migrated to digital formats. This market began to show signs of recovery in 2021 due to surging end-use industry demand, and its trajectory has indexed positive indications ever since.

Growth Challenges

High Costs  

It is challenging to break into a competitive market with a new product that costs more than the competition. This situation is the same for the UV-curable coatings industry because these products are considered pricey compared to other products already available in the market. UV-curable coatings have become widely accepted in regions like Europe, and North America because of stricter emission norms and regulations.

However, these products are still to find their footing throughout Asia Pacific, and the Middle Eastern countries because of non-compliance with emission standards and a general lack of understanding. Anticipated decline in demand has caused key market participants to delay investments, while local manufacturers are constrained by high CAPEX costs associated with updating equipment. The UV-curable coatings market stands to be affected by these pertaining issues.

Growth Opportunities Across Regions

Asia Pacific to Dominate on the Back of Industrial and Electronic Coatings

Over the forecast period, it is expected that North America will account for the largest revenue share. End-use markets for industrial and electronic coatings are driving the need for high-performance coatings, which in turn, is increasing the demand for UV-curable coatings. The region currently is the most promising market for coatings and is predicted that this will reflect shortly. The importance of Asia Pacific to the chemical sector cannot be overstated. This region has continued to industrialize and index an increase in the manufacturing sector due to its sizable developing middle-class population. The two countries that use UV-cured coatings the most are China, and Japan. There is currently little demand in Indian UV-curable coatings market. However, their usage is predicted to rise dramatically.

Additionally, minimal UV-cured coatings are implemented in nations like Taiwan, and South Korea. However, the pace of output is exceedingly high. It is expected that in this region, strict rules implemented by authorities to promote eco-friendly products will spur more innovation and improvements in the sector. China is the world's largest producer of automobiles. However, the nation's automobile output decreased by roughly 4.16% in 2018. Economic changes, and China's trade conflict with the United States affected the performance of the Chinese car sector.

In addition, China's aviation sector is among the fastest growing in the world, with an average annual growth rate of 6.6% for passenger traffic. As a result, the nation intends to build many airports over the next five years. This would increase the demand for UV-cured coatings that are used in airplanes. Similarly, the Indian government intends to build roughly 100 airports nationwide by 2032, in turn boosting the demand for commercial jets.

Japan is one of the biggest manufacturers of airplanes. The F-35A next-generation fighter jet and other military planes are mostly produced in Japan. Additionally, the aviation industry's base is being strengthened. Due to the rising demand for cargo, commercial plane production has risen over the last few years. All these factors are expected to bolster the UV-cured coatings market expansion in the region over the forecast period.

Key Market Players – UV-Curable Coatings Landscape

Some key companies in the global UV-curable coatings market include PPG Industries Inc. (US), Royal DSM N.V. (Netherlands), Eternal Chemical Co. Ltd. (Taiwan), BASF SE (Germany), DIC Corporation (Japan), Akzo Nobel N.V. (Netherlands), Axalta Coatings System (US), The Sherwin-Williams Company (US), Dymax Corporation (US), and Croda International Plc (UK), to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.

Recent Notable Developments

  • In September 2020, Stahl Performance Powder Coatings, and its line of goods for heat-sensitive substrates were acquired by AkzoNobel. The acquisition hastened the development of AkzoNobel's low-curing technology, which the organization expects will create new market prospects

  • In February 2020, the first contract for hydrogen transport modules in the US was given to Hexagon Purus by a significant hydrogen fuel supplier in the country. Hexagon's patented, lightweight Type-4, 500-bar pressure vessels make up the acquired transport modules

Regional Classification of the Global UV-Curable Coatings Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global UV-Curable Coatings Market

  • UV-Curable Coatings Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
     1.1. Global UV Curable Coatings Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                     2.2.1.1. Increasing environmental awareness/compliance and demand for low VOC, fast curing, and energy saving coatings from the end-users
                     2.2.1.2. Rise in usage of UV curable coatings from Automotive and Electronics Industry owing to the batter performance and longevity
            2.2.2. Restraints
                     2.2.2.1. Attaining adhesion on certain substrates is a challenge, thus affecting the growth prospect in certain markets
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-covid and Post-covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Government Regulations
     2.7. Technology Landscape
     2.8. Economic Analysis
     2.9. PESTLE

3. Production Output and Trade Statistics, 2019 - 2022
     3.1. Regional Production Statistics
            3.1.1. North America
            3.1.2. Europe
            3.1.3. Asia Pacific
            3.1.4. Latin America
            3.1.5. Middle East & Africa

4. Price Trends Analysis and Future Projects, 2019 - 2030
     4.1. Key Highlights
     4.2. Prominent Factors Affecting Prices
     4.3. By Oligomer
     4.4. By Region

5. Global UV Curable Coatings Market Outlook, 2019 - 2030
     5.1. Global UV Curable Coatings Market Outlook, by Oligomer, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.1.1. Key Highlights
                     5.1.1.1. Epoxy Acrylates
                     5.1.1.2. Urethane Acrylates
                     5.1.1.3. Acrylic Acrylates
                     5.1.1.4. Silicone Acrylates
                     5.1.1.5. Polyester Acrylates
                     5.1.1.6. Misc. (Polyether, etc.)
     5.2. Global UV Curable Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.2.1. Key Highlights
                     5.2.1.1. Water-based
                     5.2.1.2. Solvent-based
                     5.2.1.3. Powder
     5.3. Global UV Curable Coatings Market Outlook, by End-use, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.3.1. Key Highlights
                     5.3.1.1. Wood & Furniture
                     5.3.1.2. Electronics
                     5.3.1.3. Automotive
                     5.3.1.4. Graphic Art
                     5.3.1.5. Paper & Packaging
                     5.3.1.6. Industrial Coatings
                     5.3.1.7. Misc. (Aerospace, etc.)
     5.4. Global UV Curable Coatings Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.4.1. Key Highlights
                     5.4.1.1. North America
                     5.4.1.2. Europe
                     5.4.1.3. Asia Pacific
                     5.4.1.4. Latin America
                     5.4.1.5. Middle East & Africa
            5.4.2. BPS Analysis/Market Attractiveness Analysis

6. North America UV Curable Coatings Market Outlook, 2019 - 2030
     6.1. North America UV Curable Coatings Market Outlook, by Oligomer, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.1.1. Key Highlights
                     6.1.1.1. Epoxy Acrylates
                     6.1.1.2. Urethane Acrylates
                     6.1.1.3. Acrylic Acrylates
                     6.1.1.4. Silicone Acrylates
                     6.1.1.5. Polyester Acrylates
                     6.1.1.6. Misc. (Polyether, etc.)
     6.2. North America UV Curable Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.2.1. Key Highlights
                     6.2.1.1. Water-based
                     6.2.1.2. Solvent-based
                     6.2.1.3. Powder
     6.3. North America UV Curable Coatings Market Outlook, by End-use, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.3.1. Key Highlights
                     6.3.1.1. Wood & Furniture
                     6.3.1.2. Electronics
                     6.3.1.3. Automotive
                     6.3.1.4. Graphic Art
                     6.3.1.5. Paper & Packaging
                     6.3.1.6. Industrial Coatings
                     6.3.1.7. Misc. (Aerospace, etc.)
     6.4. North America UV Curable Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.4.1. Key Highlights
                     6.4.1.1. U.S.
                     6.4.1.2. Canada
            6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Europe UV Curable Coatings Market Outlook, 2019 - 2030
     7.1. Europe UV Curable Coatings Market Outlook, by Oligomer, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.1.1. Key Highlights
                     7.1.1.1. Epoxy Acrylates
                     7.1.1.2. Urethane Acrylates
                     7.1.1.3. Acrylic Acrylates
                     7.1.1.4. Silicone Acrylates
                     7.1.1.5. Polyester Acrylates
                     7.1.1.6. Misc. (Polyether, etc.)
     7.2. Europe UV Curable Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.2.1. Key Highlights
                     7.2.1.1. Water-based
                     7.2.1.2. Solvent-based
                     7.2.1.3. Powder
     7.3. Europe UV Curable Coatings Market Outlook, by End-use, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.3.1. Key Highlights
                     7.3.1.1. Wood & Furniture
                     7.3.1.2. Electronics
                     7.3.1.3. Automotive
                     7.3.1.4. Graphic Art
                     7.3.1.5. Paper & Packaging
                     7.3.1.6. Industrial Coatings
                     7.3.1.7. Misc. (Aerospace, etc.)
     7.4. Europe UV Curable Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.4.1. Key Highlights
                     7.4.1.1. Germany
                     7.4.1.2. France
                     7.4.1.3. U.K.
                     7.4.1.4. Italy
                     7.4.1.5. Spain
                     7.4.1.6. Russia
                     7.4.1.7. Rest of Europe
            7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific UV Curable Coatings Market Outlook, 2019 - 2030
     8.1. Asia Pacific UV Curable Coatings Market Outlook, by Oligomer, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.1.1. Key Highlights
                     8.1.1.1. Epoxy Acrylates
                     8.1.1.2. Urethane Acrylates
                     8.1.1.3. Acrylic Acrylates
                     8.1.1.4. Silicone Acrylates
                     8.1.1.5. Polyester Acrylates
                     8.1.1.6. Misc. (Polyether, etc.)
     8.2. Asia Pacific UV Curable Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.2.1. Key Highlights
                     8.2.1.1. Water-based
                     8.2.1.2. Solvent-based
                     8.2.1.3. Powder
     8.3. Asia Pacific UV Curable Coatings Market Outlook, by End-use, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.3.1. Key Highlights
                     8.3.1.1. Wood & Furniture
                     8.3.1.2. Electronics
                     8.3.1.3. Automotive
                     8.3.1.4. Graphic Art
                     8.3.1.5. Paper & Packaging
                     8.3.1.6. Industrial Coatings
                     8.3.1.7. Misc. (Aerospace, etc.)
     8.4. Asia Pacific UV Curable Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.4.1. Key Highlights
                     8.4.1.1. China
                     8.4.1.2. Japan
                     8.4.1.3. South Korea
                     8.4.1.4. India
                     8.4.1.5. Southeast Asia
                     8.4.1.6. Rest of Asia Pacific
            8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America UV Curable Coatings Market Outlook, 2019 - 2030
     9.1. Latin America UV Curable Coatings Market Outlook, by Oligomer, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.1.1. Key Highlights
                     9.1.1.1. Epoxy Acrylates
                     9.1.1.2. Urethane Acrylates
                     9.1.1.3. Acrylic Acrylates
                     9.1.1.4. Silicone Acrylates
                     9.1.1.5. Polyester Acrylates
                     9.1.1.6. Misc. (Polyether, etc.)
     9.2. Latin America UV Curable Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.2.1. Key Highlights
                     9.2.1.1. Water-based
                     9.2.1.2. Solvent-based
                     9.2.1.3. Powder
     9.3. Latin America UV Curable Coatings Market Outlook, by End-use, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.3.1. Key Highlights
                     9.3.1.1. Wood & Furniture
                     9.3.1.2. Electronics
                     9.3.1.3. Automotive
                     9.3.1.4. Graphic Art
                     9.3.1.5. Paper & Packaging
                     9.3.1.6. Industrial Coatings
                     9.3.1.7. Misc. (Aerospace, etc.)
     9.4. Latin America UV Curable Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.4.1. Key Highlights
                     9.4.1.1. Brazil
                     9.4.1.2. Mexico
                     9.4.1.3. Rest of Latin America
            9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa UV Curable Coatings Market Outlook, 2019 - 2030
     10.1. Middle East & Africa UV Curable Coatings Market Outlook, by Oligomer, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.1.1. Key Highlights
                     10.1.1.1. Epoxy Acrylates
                     10.1.1.2. Urethane Acrylates
                     10.1.1.3. Acrylic Acrylates
                     10.1.1.4. Silicone Acrylates
                     10.1.1.5. Polyester Acrylates
                     10.1.1.6. Misc. (Polyether, etc.)
     10.2. Middle East & Africa UV Curable Coatings Market Outlook, by Technology, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.2.1. Key Highlights
                     10.2.1.1. Water-based
                     10.2.1.2. Solvent-based
                     10.2.1.3. Powder
     10.3. Middle East & Africa UV Curable Coatings Market Outlook, by End-use, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.3.1. Key Highlights
                     10.3.1.1. Wood & Furniture
                     10.3.1.2. Electronics
                     10.3.1.3. Automotive
                     10.3.1.4. Graphic Art
                     10.3.1.5. Paper & Packaging
                     10.3.1.6. Industrial Coatings
                     10.3.1.7. Misc. (Aerospace, etc.)
     10.4. Middle East & Africa UV Curable Coatings Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.4.1. Key Highlights
                     10.4.1.1. GCC
                     10.4.1.2. South Africa
                     10.4.1.3. Rest of Middle East & Africa
            10.4.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape
     11.1. Company Market Share Analysis, 2021
     11.2. Competitive Dashboard
     11.3. Company Profiles
            11.3.1. The Sherwin-Williams Company
                     11.3.1.1. Company Overview
                     11.3.1.2. Product Portfolio
                     11.3.1.3. Financial Overview
                     11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            11.3.2. Akzo Nobel N.V.
            11.3.3. BASF SE
            11.3.4. PPG Industries
            11.3.5. Axalta Coatings LLC
            11.3.6. Dymax
            11.3.7. ICA SpA
            11.3.8. Eternal Group
            11.3.9. Zhejiang UVCHEM Special Coatings Co., Ltd.
            11.3.10. Teknos Group
            11.3.11. Tikkurila Oyj
            11.3.12. Cardinal Paint

12. Appendix
     12.1. Research Methodology
     12.2. Report Assumptions
     12.3. Acronyms and Abbreviations

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2022

2019 2022

2023 - 2030 

Value: US$ Mn 

Volume: Kilo Tons 

 

REPORT FEATURES

DETAILS

Oligomer Coverage

  • Epoxy Acrylates
  • Urethane Acrylates
  • Acrylic Acrylates
  • Silicone Acrylates
  • Polyester Acrylates
  • Misc. (Polyether, etc.)

Technology Coverage

  • Water-based
  • Solvent-based
  • Powder

End-use Coverage

  • Wood & Furniture
  • Electronics
  • Automotive
  • Graphic Art
  • Paper & Packaging
  • Industrial Coatings
  • Misc. (Aerospace, etc.)

Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
 

Leading Market Companies

  • The Sherwin-Williams Company
  • Akzo Nobel N.V.
  • BASF SE
  • PPG Industries
  • Axalta Coatings LLC
  • Dymax
  • ICA SpA
  • Eternal Group
  • Zhejiang UVCHEM Special Coatings Co., Ltd.
  • Teknos Group
  • Tikkurila Oyj
  • Cardinal Paint

Report Highlights

Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Oligomer-, Technology-, End use-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends

 

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

View Methodology
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