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UV-Cured Coatings Market Overview
UV-Cured Coatings
Market size is expected to reach a value of US$11.6 billion by the end of the year
2026 and is set to grow at a CAGR of 12.4%
during the forecast period from 2021-2026. The increase in demand from the automobile industry for coatings such as
plastic coatings in various parts of vehicles such as exterior
parts, forward lightings and sheet molding compound (SMC) body panels is hugely
driving the growth of UV-cured coatings market. UV Coating is also used in many
industrial coatings, as it helps in protection against scratches,
tears and fingerprints and enhance the brilliance of the ink colors. UV
coatings are also extensively used for over-print varnishes
which is applied on printed sheets and on wood finishing for scratch resistance, stain resistance, scuff resistance and
gloss enhancement. This is hugely driving the UV-cured coatings industry.
COVID-19 impact
During the
Covid-19 pandemic, the UV-cured coatings market witnessed a huge slowdown since
the operations of the UV-cured market was affected owing to the market
limitations caused by the pandemic. Economies around the globe were shut which lead to the downfall of many countries’ financial position. This caused
various setbacks such as economic lockdown, curbs on imports & exports,
decrease in the countries’ GDP and others, which took huge tolls on various
industries. The UV-cured coatings industry faced heavy losses due to the
economic lockdown. However, the situation is set to ease out by the end of the
year 2021.
Report Coverage
The report: “UV-Cured Coatings Market – Forecast
(2021-2026)”, by IndustryARC, covers an in-depth analysis of the following
segments of the UV-Cured Coatings Industry.
By Composite:
Monomers and
Oligomers.
By Resin
Type: Polymer Acrylate, Urethane Acrylate, Polyester, Polyurethane, Epoxy and Others.
By
Application: Adhesives,
Coatings, Insulation, Printing Inks, Electronics Components, Graphic Arts and Others.
By End-Use
Industry: Automotive,
Aerospace, Electrical & Electronics, Healthcare and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany,
UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of
Europe), APAC (China, Japan India, South Korea, Australia, New Zealand,
Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile
and Rest of South America) and RoW (Middle East and Africa).
Key Takeaways
- Asia-Pacific market held the largest share in the UV-cured coatings market due to the increase in demand for industrial coatings from various industries like automobile and aerospace in countries like India, China, Japan and South-Korea.
- UV-coatings are eco-friendly since they are not made with volatile organic compounds (VOC), and the increasing awareness to adapt eco-friendly products is driving the UV-cured coatings market.
- The various properties offered by UV-cured coatings such as scratch resistance, stain resistance, scuff resistance and gloss enhancement are increasing the demand for UV-cured coatings market.
- Amid the Covid-19 pandemic the UV coatings
market faced a lot of challenges in terms of production, marketing and supply
chain management, which lead to huge losses. It is however set to improve in
the coming months of 2021.
FIGURE: UV-Cured Coatings Market Revenue, 2020-2026 (US$ Billion)
UV-Cured Coatings Market Segment Analysis – By Composite
Monomers segment held the largest share of 30% in the UV-cured coatings market
in the year 2020. Monomers are low viscous materials, mostly consisting of
common esters of acrylic acid and simple multifunctional or mono-functional
polyols. Monomers are non-flammable materials and has low volatility and odor.
Monomers usually have more than one functional group which differentiates the properties
of the group. Monomers help in providing certain advantages such as
high-refraction and tough structure to the plastic which is one of the driving
factor of the monomers segment in the UV-cured coatings market.
UV-Cured Coatings Market Segment Analysis – By Resin Type
Polymer Acrylate held the largest share of 30% in the UV-cured coatings market in the year 2020. Polymer acrylate is used in a wide range of applications in various end-use industries. It is used in many key-use industries like automobile, aerospace, marine industry, electrical appliances and others. The additional advantages of polymer acrylate such as hardness, flexibility, viscosity and refractive index is what is driving the polymer acrylate segment in the UV-cured coatings market. Polymer acrylate also possess anti-static, film-forming and binding abilities which helps in holding the coatings, adhesives and insulation which is one of the major factors driving the polymer acrylate segment in the UV-cured coatings market
UV-Cured Coatings Market Segment Analysis – By Application
Coatings segment held the largest share of
38% in the UV-cured coatings market in the year 2020. Wood
finishing
is one of the major applications of UV-cured coatings. UV-cured coatings
enhance the glossiness of the wood which gives it a more aesthetically
pleasing outlook and hugely driving the wood coatings in the UV-cured
coatings market. Wood furnishings and appliances are commonly used in
residential and as well as non-residential applications which is driving the
need for wood finishing in the UV-cured coatings market. In August
2019, the order for residential wooden furniture increased at 51% as compared
to the previous year 2018. This is increasing the need for wooden coatings in
the coatings market for wooden furniture used for both residential and
non-residential purposes.
UV-Cured Coatings Market Segment Analysis – By End-Use Industry
Automotive
segment held the largest share of 40% in the UV-cured coatings market in the
year 2020. Rapid development, industrial growth and the improved standard of
living of the people in developing countries are contributing to the growth of
the automobile industry. The scenario of transport has drastically upgraded
across the globe, which is leading to the growth of the automobile industry. The
total production of all the vehicles globally stood at 5,20,09,458 units in the
year 2020 (3rd Quarter). UV-cured coatings are used in various parts
of the automobile sector such as the exterior plastic parts, forward lightings and window shielding which is hugely driving the growth and usage of UV-cured coatings in the UV-cured coatings market.
UV-Cured Coatings Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 42% in the UV-cured coatings market in the year 2020. The increase in the growth of the electrical and electronics industry is driving the UV-cured coatings market in countries like India, China, Japan and South Korea. For instance, According to China Household Electrical Appliances Association, the electrical home appliance segment of China posted a revenue of US $ 146.942 billion in September 2020. UV-cured coatings are used for adhesive bonding, assembly, component marking, gasketing, coating, insulating and sealing in electronic products. And the increased production of electronics is increasing the demand for UV-cured coatings in the Asia-Pacific region. This is one of the factors driving the need and demand for UV-cured coating products in the Asia-Pacific Region.
UV-Cured Coatings Market Drivers
Increase in the electric vehicles production
The increase in the production of electric vehicles across the globe is majorly driving the UV-cured coatings market. UV-cured coatings are used in various parts of electric vehicles such as exterior coatings, window coatings, engine components etc. UV-cured coating is used in electric vehicles more so than non-electric vehicles as the need for refraction of UV lights on an electric vehicle hold more importance and significance. According to International Energy Agency (IEA), the sales of electric cars topped 2.1 million in the year 2019 across the globe. This is one of the major factors driving the demand for UV-cured coatings market.
Growing awareness about pollution control and government regulations
The growing awareness about environmental concerns regarding
pollution is hugely driving the UV-cured coatings market. UV-cured coatings are
free of pollutants such as volatile organic compounds (VOC), thereby making it an
eco-friendly product. The many government regulations against pollution (air
and water) has lead the manufacturers to adopt such eco-friendly products.
According to the Congressional Review Act (CRA) of the Environmental protection agency of India, there is an act called
CRA act 40 part 52 which states the list of volatile organic compounds
which should be limited in use and the consequences of pollutions caused by
these pollutants. Such acts are also driving the UV-cured coating market.
UV-Cured Coatings Market Challenges
Oxygen inhibition on top layer
One of the major challenges to the UV-cured coatings market
is that, while the coating has been applied, the top layer tends to get
uncured, sticky and wet which affects the long-term reliability of the coating,
causing damages to the surface. This is called the oxygen inhibition effect and
it is quite difficult to avoid the situation. The oxygen inhibition layer usually consists of uncured monomers. This
leaves the surface tacky and sticky which makes it difficult for the surface to
refract UV-light. Though this can be corrected through a process that is quite
lengthy, it is a main cause of concern while laying down the coatings.
UV-Cured Coatings Industry Outlook
Expansion, collaborations, partnerships, new product launches and investments acquisitions and mergers are some of the key strategies adopted by players in the UV-Cured Coatings Market. Major players in the UV-Cured Coatings Market include:
- Dymax Corporation
- Nippon Paints
- Alberdingk Boley GmbH
- PPG Industries
- Tagosei Co. Ltd.
- Hitachi Chemical Co. Ltd.
- Covestro AG
- Allnex Belgium SA/NV
- Eternal Chemical Co. Ltd.
- Miwon Specialty Chemical Co. Ltd.
- BASF SE among others.
Acquisitions/Technology Launches
- In January, 2021 Alberdingk Boley GmbH opened a new facility in Italy to establish an independent distribution company. The new company will serve the market directly and grant their customers both, qualified service and excellent technical know-how about their products which include surface coatings, adhesives, architectural paints, decorative coatings, plasters and others.
Relevant Reports:
UV
Cured Printing Inks Market – Forecast (2019 - 2026)
Code: CMR 90632
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