According to the report published by Zion Market Research, global demand for the Ultraviolet Coatings market was valued at approximately USD 7.59 Billion in 2019 and is expected to generate revenue of around USD 15.36 Billion by end of 2026, growing at a CAGR of around 10.6% between 2020 and 2026.
Global Ultraviolet Coatings Market: Overview
An ultraviolet coating is a surface treatment that involves the curing process to harden the surface by the use of ultraviolet radiation. Coating ultraviolet rays develop a shiny coating over the surface of the materials such as plastics, wood, and paper. This technique offers good quality of scratch resistance, low drying span, glossy finish, and perfect clarity. Hence, this type of coating is totally environment-friendly. Thus, it does not emit volatile organic compounds (VOCs) when cured.
Global Ultraviolet Coatings Market: Growth Factors
Rising awareness of using eco-friendly products and demand for green products and wood coatings are the factors driving the global ultraviolet coatings market. Increasing use in various applications and potential markets are the major drivers for the ultraviolet coatings market. Adaptation of ultraviolet coatings for marketing and advertising materials and increased demand for the same has augmented the market growth. Low operational cost, zero percent volatile organic compounds, higher gloss finish, improved resistance, low price, competitiveness, development and innovation such as bio-based ultraviolet coatings are anticipated to impact the global UV coatings market in a positive way. High investment necessities, high power consumptions, and health hazards are some of the minor restraints of the market growth.
Global Ultraviolet Coatings Market: Segmentation
The global ultraviolet coatings market is segmented on the basis of application as graphic arts, electronics, industrial coatings, composites, others. Based on the type of composition, the global market is segmented as monomers, oligomers, photoinitiaters, and others. The monomers segment is sub-segmented as multifunctional acrylic esters and others. The oligomers segment is sub-segmented as epoxy, urethane, and polyester acrylates. On the basis of types of coating, the global ultraviolet coatings market is segmented as wood, plastic, paper, displays, conformal, and others. The wood segment is the dominant segment of UV coatings market.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Ultraviolet Coatings Market: Regional Analysis
Asia Pacific is anticipated to maintain its influence on the global the ultraviolet coatings market. The major countries such as China and India are showing considerable growth owing to increasing capital, rising demand, and growing industrialization. China is anticipated to be the dominating country in terms of revenue of the market. North America and Europe are expected to follow Asia Pacific. Rest of the World is likely to witness a favorable growth in the global ultraviolet coatings market.
Global Ultraviolet Coatings Market: Competitive Players
Some main participants of the Ultraviolet Coatings market are Akzo Nobel N.V., Royal DSM N.V., PPG Industries Inc., BASF SE, Ashland Inc., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coatings Systems, Dymax Corporation, Croda, Eternal Chemical Co. Ltd., DIC Corporation, The Dow Chemical Company, 3M, Centexbel and Asian Paints Ltd. among others.
|Historic Years||2018 – 2022|
|Forecast Years||2022 – 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Ultraviolet Coatings Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
What are the key factors driving Ultraviolet Coatings Market expansion?
Rising awareness of using eco-friendly products and demand for green products and wood coatings are the factors driving the global ultraviolet coatings market. Increasing use in various applications and potential markets are the major drivers for the ultraviolet coatings market. Adaptation of ultraviolet coatings for marketing and advertising materials and increased demand for the same has augmented the market growth.
What will be the value of Ultraviolet Coatings Market during 2020- 2026
According to Zion Market Research, global demand for the Ultraviolet Coatings market was valued at approximately USD 7.59 Billion in 2019 and is expected to generate revenue of around USD 15.36 Billion by end of 2026, growing at a CAGR of around 10.6% between 2020 and 2026.
Which region will make notable contributions towards global Ultraviolet Coatings Market revenue?
The region of Asia Pacific is anticipated to contribute substantially towards the overall Ultraviolet Coatings market share during the estimated timeframe.