The global UV coatings market is expected to attain a valuation of USD 4,065.94 million in 2023 and is projected to reach USD 6,780 million by 2033, rising at a CAGR of 5.2% during the forecast period.
FMI presents a half-yearly comparison analysis and review about UV coatings market growth outlook. The market of UV coatings has been subjected to certain array of industrial and innovation factors including electronic industrial growth, innovative coating applications in construction sector and in automotive, investments in the field of nanotechnology, etc.
The growth trend in the market of UV coatings remains highly uneven owing to higher demand from the end use sectors in India and China as compare to other developed nations. Certain key developments in the market of UV coatings includes mergers and acquisitions and new product launch along with geographical expansions, these are also preferred growth strategies of some key manufacturers to gain access to the untapped market.
Significant growth in the building and construction sector, especially in the developing countries, substantial demand for electronic products, adaptation of efficient coatings in automotive industry are expected to remain key growth driving sectors for the hike in the market growth outlook. Despite these positive prospects of the market, the market is further subjected to certain challenges like, technological gap, higher pricing of the final product, and fluctuations of raw material pricing.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 4,065.94 million |
| Anticipated Forecast Value (2033) | USD 6,780 million |
| Projected Growth Rate (2023 to 2033) | CAGR of 5.2% |
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The UV Coatings market was worth USD 3,220.78 million in 2018. It accumulated a market value of USD 3,866.58 million in 2022 while growing at a CAGR of 4.6% during the historical period.
Sales of UV coatings increased at 4.6% CAGR between 2018 and 2022, with countries such as the USA, China, and Germany accounting for a substantial share of the global market. Sales prospects were dampened in 2020 due to the pandemic, which reduced the demand for UV coatings across various industries such as automotive, wood & furniture, and electronics.
However, increasing sales of UV-based LEDs and optical storage devices for their varied end-use applications are expected to boost the market in the forthcoming years. In response to the growing demand, manufacturers are offering an array of base materials to meet customer requirements.
Besides this, the ongoing expansion of the consumer electronics sector is expected to augment the growth of the market. Driven by this, the UV coatings market is forecast to grow at a 5.2% CAGR over the assessment period.
Demand for refinished coatings is expected to be higher than OEM coatings as they reduce the scope of wear and tear caused by trauma and harsh climatic conditions. The fast-curing time and durability associated with UV-based refinished coating make it a preferred choice as a primary material.
According to Future Market Insights, the global refinished coatings market is expected to witness a CAGR of over 5.1% in terms of volume during the period 2023 to 2033 and is considered to be the primary driver of the automotive coatings market.
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Automakers in China Prefer UV Resistant Paints and Coatings for Better Finish
As per FMI, China is projected to account for nearly 25.2% of the total market share in 2023, creating an incremental opportunity of above USD 836.5 million in 2033. The demand for UV coatings in the region is expected to grow with a CAGR of 5.4% during the forecast period.
UV coatings manufacturers in China are investing in innovation and the development of new UV-curable coatings by using technologies that reduce the emissions of volatile organic compounds, which is expected to drive sales in the market.
In addition to this, the presence of a vast automotive industry in China is expected to fuel the growth in the market. Surging demand for UV-resistant paints and coatings in the country will continue pushing sales over the assessment period.
Expansion of the Residential Sector will Boost Sales of UV Resistant Clear Coat for Wood
The United States is projected to account for approximately 90.4% of the North American UV coatings market in 2033. In 2022, the market grew by 3.8% year-on-year, reaching a valuation of USD 668.0 million.
The presence of prominent manufacturers of advanced coatings and paints like PPG Industries and Sherwin-Williams Company in the USA is expected to propel sales in the market. Moreover, the increasing use of UV coatings in the automotive, industrial coatings, and building & construction industries is expected to bolster the growth in the USA market.
Demand for Clear Coat UV Protection Will Remain High in Japan
As per FMI, sales in Japan are projected to account for 20.4% of the East Asia UV coatings market share by 2033. Manufacturers in the country are investing in research and development for the production of UV coatings that can sustain higher voltages and are more energy efficient.
The country is also home to some of the top players in the global UV coatings market. This is expected to propel sales at a 5.5% CAGR over the assessment period, reaching USD 312.4 million by 2033.
Increasing Applications in the Paper & Printing Industry Will Spur Demand for Matte UV Coatings
Sales of monomers are expected to grow at a 4.8% CAGR over the forecast period of 2023 to 2033. VMOX (vinyl methyl oxazolidinone) is a new vinyl monomer that is specifically tailored for the use of UV coatings and ink applications in the paper & printing industry such as UV.
When compared to conventional reactive diluents, monomer offers various advantages such as high reactivity, very low viscosity, good color brilliance, and low odor. Owing to these factors, sales of monomers are projected to reach USD 2,140 million in 2033.
Growing Focus on Vehicle Aesthetics is Propelling UV Lacquer Coatings Sales in the Automotive Sector
In terms of end users, the automotive segment is expected to account for a dominant share of the global UV coatings market. The demand for UV coatings for automotive industry is expected to rise with a CAGR of 5.9% during the forecast period. In the automotive industry, radiation curing technology is increasingly being used to coat a wide range of plastic substrates.
Automakers are shifting from die-casting metals to plastics for automotive interiors, as the latter reduces the overall vehicle weight, which helps to reduce fuel consumption and CO2 emissions while also providing different aesthetic effects. This is expected to continue pushing sales in this segment over the forecast period.
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Start-ups have a significant role in recognizing growth prospects and driving industry expansion. Their effectiveness in converting inputs into outputs and adapting to market uncertainties is valuable. In the UV coatings market, several start-ups are engaged in manufacturing and providing related services.
The market for UV Coatings is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Arkema Group, BASF SE, Akzo Nobel NV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin-Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., Watson Coatings Inc.
Some recent developments in the UV Coatings market are:
PPG Industries Inc. acquired Tikkurila, a prominent Nordic paint and coatings company, in June 2021. Tikkurila specializes in environmentally friendly decorative products and high-quality industrial coatings.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 4,065.94 million |
| Market Value in 2033 | USD 6,780 million |
| Growth Rate | CAGR of 5.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Composition, Type, End Use, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, China, Japan, South Korea, India, Bangladesh, Australia, New Zealand, GCC countries, South Africa, Israel |
| Key Companies Profiled | Arkema Group; BASF SE; Akzo Nobel NV; PPG Industries; Axalta Coating Systems LLC; The Valspar Corporation; The Sherwin-Williams Company; Croda International PLC; Dymax Corporation; Allnex Belgium SA/NV Ltd.; Watson Coatings Inc. |
| Customization & Pricing | Available Upon Request |
The market is valued at USD 4,065.94 million in 2023.
The growth potential of the UV Coatings market is 5.2% CAGR through 2033.
The market is estimated to reach USD 6,780 million by 2033.
The automotive segment is a significant consumer of UV coatings.
Arkema Group, BASF SE, and Akzo Nobel NV are key UV Coatings market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Composition 5.1. Monomer 5.2. Oligomer 5.2.1. Polyester 5.2.2. Polyether 5.2.3. Polyurethane 5.2.4. Epoxy 5.3. Photo Initiator 5.4. Additives 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Water-Based 6.2. Solvent-Based 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Wood & Furniture 7.2. Electronics 7.3. Automotive 7.4. Paper & Packaging 7.5. Industrial Coatings 7.6. Building & Construction 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Arkema Group 18.2. BASF SE 18.3. Akzo Nobel NV 18.4. PPG Industries 18.5. Axalta Coating Systems LLC 18.6. The Valspar Corporation 18.7. The Sherwin-Williams Company 18.8. Croda International PLC 18.9. Dymax Corporation 18.10. Allnex Belgium SA/NV Ltd. 18.11. Watson Coatings Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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UV Coatings Market
