UV Coatings Market Growth Projected at 6.10% CAGR by 2031
As per a recent market survey by Future Market Insights (FMI), the global UV coatings market valuation is expected to total US$ 4,508.9 Mn in 2021, with sales growing at a 6.10% CAGR over the assessment period of 2021 to 2031.
Increasing applications of UV coatings in various end-use industries such as paper & packaging, wood & furniture, and graphic arts are expected to continue driving sales of monomer UV coatings over the forecast period.
Besides this, shifting consumer preference for eco-friendly and sustainable UV coatings is also expected to spur demand for water-based UV coatings. Water-based UV coatings offer high productivity, reduce volatile organic compounds (VOC) emissions, and superior productivity.
Expansion of the automotive industry is expected to fuel sales of UV coatings for interior and exterior plastic components used in vehicles. UV coatings protect the exteriors of the vehicle from scratches, abrasion, and road salts while protecting the driver and passengers from allergies.
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FMI’s in-depth regional analysis projects the U.S. to emerge as a lucrative pocket in the North America UV coatings market, owing to the presence of leading automotive producers such as General Motors, Chevrolet, and Ford. Apart from this, demand for UV coatings is expected to remain high in the Asia Pacific region, with India and China emerging as leading producers and exporters of UV coatings through 2031.
Key Takeaways:
- Demand for water-based UV coatings is expected to grow at a steady pace, owing to enhanced productivity and low VOC emissions.
- Based on composition, sales of monomer UV coatings are anticipated to remain high, accounting for a lion’s share in the UV coatings market.
- Applications of UV coatings in the wood & furnishing industry are expected to continue rising, owing to rapid urbanizations, and growing applications in the residential and commercial sector.
- The U.S. is expected to dominate the North America UV coatings market, due to the presence of a robust automotive industry.
- China will emerge as a lucrative market, owing to high adoption of UV coatings in the printing and publication industry.
- Japan and South Korea will collectively account for 25% of the total UV coatings market share in 2021.
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Competitive Landscape
BASF SE, Akzo Nobel N.V., Arkema Group PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation are among the leading players operating in the global UV coatings market.
Amid soaring competition, top 5 players operating in the UV coatings market are estimated to hold nearly 42% of the total market share over the forecast period.
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