The global UV coatings market is likely to showcase a growth of around 9% during the forecast period. As consumers are focusing on improving operation productivity in order to properly utilize the resources, as a result, several coating consumers are preferring UV coating over conventional paints & coatings products. However, still, a large number of consumers are not aware of the benefits of UV coatings that in turn provide resistance to its growth.
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UV coatings have been available in the market for a long time and are commonly used in the wood and furniture industry to provide a glossy finish. Moreover, the graphic arts sector has widely adopted UV technology as it protects the print materials from scratches. Further, emerging areas in the automotive sector like electric vehicles and increasing investment in the electrical & electronics industry are expected to further increase the market for UV coatings. However, high cost and not much awareness in several end markets are two of the biggest factors that limit its market performance.
Based on the formulation, the market is categorized into water-based and solvent-based UV coating. Of both, water-based UV coating is likely to showcase significant growth during the foreseeable future. This can be ascribed to the increasing demand for low-VOC coating products. Further, increasing development in water-based UV coating is expected to reduce the cost of the coating.
Based on application, the market is categorized into industrial coatings, electronics, and graphic arts. Among these, industrial coatings are likely to showcase substantial growth over the forecast period. Rising investment in the electrical & electronics industry and recovery in the automobile sector coupled with growing sales of electric vehicles are some of the key factors which could drive the market over the forecast period.
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For a better understanding of the market adoption of UV coatings, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World. Over the forecast period, the Asia-Pacific is expected to showcase robust growth owing to increasing investment in the manufacturing sector in regional economies like India, Vietnam, and Taiwan, among others.
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