Global UV Coatings Market to See High CAGR Growth of 10.1 % by 2026
Global UV Coatings Market, By Composition (Monomers, Oligomers, Photoinitiators and PU Dispersions) By Type (Wood Coatings, Plastic Coatings, Over Print Varnish, Display Coatings, Conformal Coatings and Paper Coatings), By End-Use Industry (Industrial Coatings, Electronics and Graphic Arts)
Market Analysis: Global UV Coatings MarketGlobal UV coatings market is projected to grow at a CAGR of 10.1% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2015, 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Market Definition: Global UV Coatings MarketUV coatings protect from ultraviolet radiation by chemical reaction, a chain polymerization. During the UV radiation the photo initiators become highly reactive particles and crosslink with the acrylates to form a protective plastic film. The UV coating can be organized in to various substrates such as inks, paper, glass, plastics and wood products. The UV coating market is dominated by wood coatings product type. According to an article published in Arkema, It has been observed that China has approximately 50 UV coatings manufacturers and a total annual output of 120 thousand-160 thousand tons of UV coatings annually, it has also been reported that approximately 44 percent of the UV coatings manufactured in China are used to paint wood products, including wood furniture, wood floors and wood doors. Huilong Paint is a global leader in providing UV coating solutions for the woodwork market. Due to increase in the environmental awareness many of the key players are manufacturing solvent free products. The Arkema has launched various technologies such as UV curable hard coats, Soft touch and feel UV coatings for UV coating. Growing electronics industry across the world is expected to drive the UV coatings market. Display coatings are also majorly used in the electronics globally.
Major Market Drivers and Restraints:
- Increasing environmental awareness driving the demand for green products.
- Elevating electronics market.
- Growth in demand for industrial wood coatings.
- Niche applications and low price.
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Market Segmentation: Global UV Coatings Market- Global UV coatings market is segmented on the basis of resin type, coating method, end-use industry, and geography.
- On the basis of composition, the global UV coating market is segmented into monomers, oligomers, photo initiators and PU dispersions.
- On the basis of type, the global UV coating market is segmented into wood coatings, plastic coatings, over print varnish, display coatings, conformal coatings and paper coatings.
- On the basis of end-user, the global UV coating market is segmented into industrial coatings, electronics and graphic arts.
- On the basis of geography, the global UV coatings market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
The global UV coatings market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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