UV Coatings Market Outlook 2022 Pricing Strategy, Industry Latest News, Top Company Analysis, Research Report Analysis and Share by Forecast 2031
The global UV coatings market reached a valuation of US$ 3.6 Bn in 2021. The growing use of UV coatings in the wood and furniture industry to provide a glossy finish and protect print marketing items from scratches is expected to boost sales at a 5.2% CAGR, with the market valuation reaching US$ 6 Bn in 2031.
Green coatings are the latest trend in the UV coatings
market. These coatings are environment friendly that help reduce pollution at
any stage of the process. They are normally more expensive than other paints
and coatings on the market; however, they are more advantageous and have
comparable performance characteristics to regular hazardous paints.
Green coatings are becoming more popular in the coating
industry as environmental regulations and standards become more stringent,
particularly in Europe and North America. As a result, the demand for UV
curable coatings is booming.
UV coatings for woods and glass give printed products like
printed materials, posters, and banners a glossy surface, an appealing visual
aesthetic and a matte texture. Increasing applications of 3D printing in
numerous industries and growing demand from the print marketing sector will
continue pushing sales in the paper and packaging industries.
As per FMI’s regional analysis, East Asia and Europe are
expected to remain the most lucrative pockets in the market. The presence of
leading manufacturers, high consumption of UV coatings by various end-use
sectors, and the substantial growth in the automotive and paper & packaging
industries will fuel the growth of the market in these regions over the
assessment period.
“Surging demand for low VOC UV coatings in the automotive
sector and the expansion of the pulp & paper industry are expected to drive
sales in the market over the forecast period,” says a FMI analyst.
Key Takeaways:
- By
composition, the monomer segment accounted for more than 35% of total UV
coatings market share in 2021.
- Sales
of water-based UV coatings held about 35.6% of the total market
share in 2021.
- The
U.S. is accounted for a dominant share of 89.2% of the North America UV
coatings market in 2021.
- Germany
is projected to command 21.7% of the Europe UV coatings market share in
2031.
- China
and Japan accounted for 68.9% and 13.6% of the global UV coatings market
share respectively in 2021.
Competitive Landscape
Leading players operating in the global UV coatings market
include Arkema Group, BASF SE, Akzo NobelNV, PPG Industries, Axalta Coating
Systems LLC, The Valspar Corporation, The Sherwin Williams Company, Croda
International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., and Watson
Coatings Inc. and others.
Read Full Report@ https://www.futuremarketinsights.com/reports/uv-coatings-market
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