UV-Curable Coatings Market

The UV-Curable Coatings Market is valued at USD 10.8 Bn in 2026 and is projected to reach USD 15.3 Bn, growing at a CAGR of 5% by 2033.

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.

Key Report Findings

• 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 5%
• 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:

• 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 

Global UV-Curable Coatings Market is Segmented as Below:

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

By Technology Coverage
• Water-based
• Solvent-based
• Powder

By End-use Coverage
• Wood & Furniture
• Electronics
• Automotive
• Graphic Art
• Paper & Packaging
• Industrial Coatings
• Misc.

By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa