Global UV-Cured Coatings Market - Segmented by Resin, Technology, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global UV-cured coatings market is expected to witness a CAGR of 7.2% through the forecast period, 2018-2023. The coatings based on epoxy resin are expected to dominate the UV-cured coatings market. Asia-Pacific is estimated to be the fastest growing region for the market due to increasing spending, economic growth, investments, and expansion of the electronics industry in the region.
Increasing Stringent Regulations on Coatings across the Globe
Increasing stringent environmental regulations are increasing the demand for high-value, eco-friendly coatings. UV-cured coatings are known for their eco-friendly properties, releasing no volatile organic compounds (VOC). Manufacturers are striving in the field of R&D to come up with eco-friendly products. These regulations are to act as a driving factor for the demand for UV-cured coatings during the forecast period.
Epoxy-based UV-cured Coatings to Own Higher Share of Market
Due to its superior mechanical and chemical properties, the demand for epoxy-based UV-cured coatings is estimated to be high. The main issue with epoxy-based coatings is the emission of VOCs. This can be avoided with UV-based curing technology. Coatings based on epoxy resins are known for durability, strength, low maintenance, resistance to chemicals, etc. With the growing demand from the automotive and industrial end-users, the market for UV-cured coatings is to grow through the forecast period.
Asia-Pacific to Lead among Other Regions
Asia-Pacific is estimated to be the biggest market for UV-cured coatings. China and Japan are the main consumers of UV-cured coatings. Countries, such as South Korea and Taiwan, have small consumption levels but have high production. The increasing regulations from the authorities in the region to promote eco-friendly products is expected to lead to further innovation and developments in the industry. At present, the Indian market has very small consumption of UV-cured coatings, but is expected to catch pace significantly.
Notable Developments in the Market
January 2018: Allnex announced increase in prices on UV/EB product line in the Americas
March 2016: AkzoNobel launched new UV curable coatings for fast-track repairs.
Major Key Players AkzoNobel, Ashland Coatings, PPG Industries, Sherwin Williams Company, Dymax Corporation, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user industries on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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