Global UV Curing Coatings Market 2017-2021
About UV Curing Coatings
UV curing coatings are derived from petrochemicals in which adhesives, sealants, inks, and coatings are dried using UV radiations. They are considered highly important due to some of its excellent properties such as faster curing time, reduced workforce requirement, improved chemical resistance, and minimum operational cost. It improves adhesion and facilitates mechanical bonding between the substances. It requires less storage space and is comparatively eco-friendly, which adds up to an increased demand for UV curing coatings market.
Technavio’s analysts forecast the global UV curing coatings market to grow at a CAGR of 7.52% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global UV curing coatings market for 2017-2021. To calculate the market size, the report considers the include/exclude new installations/shipments/sales/volume/value and retrofit/replacement/spares/aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global UV Curing Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global UV curing coatings market: Akzo Nobel, allnex, Hitachi Chemical, PPG Industries, and The Sherwin-Williams Company
Other Prominent Vendors in the market are: Alberdingk Boley, Arkema, Ashland, Covestro, DSM, Dymax, Jainco Industry Chemicals, KEYLAND POLYMER MATERIAL SCIENCES, Protech Powder Coatings, TOAGOSEI, and Wanhua Chemical Group.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing demand from the wood and furniture industries. The increased demand for UV curing coatings from the wood coating industry is one of the most crucial factors for the growth of the market. UV curing coatings, obtained as primers, topcoats, and sealants are widely used in the wood and furniture industries for architectural moldings, doors, and window panes. The properties exhibited by UV curing coatings such as excellent finishing, improved quality, faster drying time, increased operational efficiency, and reduced space requirement, will significantly contribute to the increased demand from the wood and furniture industries.”
According to the report, one of the major drivers for this market is Strict government regulations on powder-based coatings. Conventional adhesives and coatings, when treated with heat for curing process, release an enormous amount of hydrocarbons into the atmosphere. In order to reduce the emission of VOC, strict government rules and norms have been passed, which restricts the use of powder-based coatings. It directly drives the growth of the UV curing coatings market. Similarly, the Action Plan on Prevention and Control of Air Pollution has been initiated in APAC to control and eliminate the emission of pollutants and harmful gaseous particles into the atmosphere during the curing process of conventional coating substances.
Further, the report states that one of the major factors hindering the growth of this market is Growth of the LED curing coating technology. The demand for light-emitting diode (LED) coatings is tremendously increasing due to the thermal management and curing speed. LED curing coatings act as an alternative to conventional UV curing coatings because they remove excess heat during the curing process and enable the prolonged active operation of the diode. They consume lesser energy and dry faster than the conventional UV curing coatings available in the market. They are eco-friendly with limited VOC emissions, and UV and ozone radiations. They operate efficiently and exhibit a good adhesive property due to which they are used in many industries such as wood coatings, electronic, medical, and automotive. Although UV curing coatings exhibit excellent properties and superior performance, the LED curing coatings market is growing parallelly.
Akzo Nobel, allnex, Hitachi Chemical, PPG Industries, and The Sherwin-Williams Company, Alberdingk Boley, Arkema, Ashland, Covestro, DSM, Dymax, Jainco Industry Chemicals, KEYLAND POLYMER MATERIAL SCIENCES, Protech Powder Coatings, TOAGOSEI, and Wanhua Chemical Group.
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