Global UV Coatings Market Poised for 5.2% CAGR Growth, Valued at USD 6,780 million in 2033, with Major Developments in Asia

UV coatings market

The global UV coatings market is anticipated to attain a valuation of USD 4,065.94 million in 2023 and is estimated to reach USD 6,780 million by 2033, expected to rise at a CAGR of 5.2% during the forecast period. The demand for UV coatings is expected to rise due to increasing environmental awareness and the growing electronics industry. The rise in coatings demand from industrial applications will most likely have a positive impact on the market.

The market growth is expected to be supported by low operational costs, minimal to zero volatile organic compound emissions, and superior characteristics such as higher gloss finish and improved resistance. The growth of graphic arts and numerous industrial applications such as wood, plastic, conformal, display, and paper coatings is anticipated to contribute to market expansion.

The sales of UV coatings are expected to increase due to rising research activities focused on generating new and enhanced functionalities, particularly through the application of nanotechnology. Self-healing coatings, which incorporate filled nanocapsules, are being developed to repair physical damage by releasing polymerizable substances. Additionally, there is a growing demand for biocidal coatings, leading to ongoing research to enhance their resistance against a wide range of microbes. These factors have the potential to significantly boost market growth.

UV coatings technology offers two key advantages that have earned it the “green” label in the clothing manufacturing industry. Firstly, UV coating formulations typically have low levels of hazardous air pollutants (HAPs) and volatile organic compounds (VOCs). Secondly, UV coatings require less energy for drying compared to solvent-based or water-based coatings, resulting in reduced greenhouse gas emissions. As companies strive to reduce their environmental footprint and comply with regulations, UV coatings serve as a valuable tool to cut air pollution and greenhouse gas emissions. These factors are expected to drive market growth throughout the forecast period.

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Key Takeaways

  • The market in China is projected to grow with a CAGR of 5.4% during the forecast period.
  • The demand for UV coatings in Japan is expected to grow with a significant CAGR of 5.5% during the forecast period.
  • United States is expected to account for 90.4% of the North American market share by 2033.
  • By composition, monomers segment is expected to grow with a CAGR of 4.8% during the forecast period.

“Increasing demand for UV coatings from industrial applications is expected to drive market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The market for UV Coatings is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players are Arkema Group, BASF SE, Akzo Nobel NV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin-Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., Watson Coatings Inc.

Some recent developments in the UV Coatings market are:

  • In April 2021, Dymax Oligomers and Coatings collaborated with Mechnano to create UV-curable dispersions and masterbatches of Mechnano’s functionalized carbon nanotube (CNT) for UV applications.
  • Sherwin-Williams Company acquired Sika AG’s European industrial coatings division in August 2021. The deal was set to be completed in Q1 2022, with the acquired business joining Sherwin-Williams’ performance coatings group operating segment.
  • PPG Industries Inc. acquired Tikkurila, a prominent Nordic paint and coatings company, in June 2021. Tikkurila specializes in environmentally friendly decorative products and high-quality industrial coatings.

Key Segments Profiled in the UV Coatings Market 

By Composition:

  • Monomer
  • Oligomer
    • Polyester
    • Polyether
    • Polyurethane
    • Epoxy
  • Photo Initiator
  • Additives

By Type:

  • Water-Based
  • Solvent-Based

By End Use:

  • Wood & Furniture
  • Electronics
  • Automotive
  • Paper & Packaging
  • Industrial Coatings
  • Building & Construction

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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