Market Size of UV-Cured Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.41 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UV-Cured Coatings Market Analysis
The UV-Cured Coatings Market size is expected to grow from USD 5.00 billion in 2023 to USD 5.91 billion by 2028, at a CAGR of 3.41% during the forecast period (2023-2028).
The market was negatively impacted due to COVID-19. Several countries worldwide went into lockdown to curb the virus spread due to the pandemic. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market recovered from the COVID-19 pandemic and is increasing significantly.
- The increasing demand for wood finishing is driving the market's growth.
- However, the high initial equipment costs and difficulty in finishing complex 3D objects are some of the factors restraining the market's growth.
- The shifting focus toward adopting UV powder coatings will likely provide growth opportunities for the market studied during the forecast period.
- The Asia-Pacific region is expected to dominate the market, mainly due to the high demand for UV-curable coatings in China and Japan.
UV-Cured Coatings Industry Segmentation
UV-cured coatings are exclusively formulated inks that remain liquid until they are exposed to intense ultraviolet light for curing. The UV light cross-links the components of the coatings into a tough polymer. The UV-cured coatings market is segmented by resin type, application, and geography. The market is segmented by resin type into epoxy, polyester, urethane, and other resin types. The market is segmented by application into automotive, printing ink, metal, wood, aerospace, and other applications. The report also covers the market sizes and forecasts for the UV-cured coatings market in 15 countries across major regions. Each segment's market sizing and forecasts are based on revenue (USD).
| Resin Type | |
| Epoxy | |
| Polyester | |
| Urethane | |
| Other Resin Types |
| Application | |
| Automotive | |
| Printing Ink | |
| Metal | |
| Wood | |
| Aerospace | |
| Other Applications |
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UV-Cured Coatings Market Size Summary
The UV-cured coatings market is experiencing a recovery and significant growth after the disruptions caused by the COVID-19 pandemic. The market is driven by the increasing demand for wood finishing and the automotive industry's need for durable coatings that offer properties like scratch resistance and chemical resistance. Despite challenges such as high initial equipment costs and the complexity of finishing 3D objects, the market is poised for expansion. The shift towards UV powder coatings presents new growth opportunities, particularly in the Asia-Pacific region, where countries like China and Japan are major consumers. The region's dominance is supported by the robust demand from the automotive and aerospace industries, with China leading in vehicle production and Japan focusing on aerospace advancements.
The demand for UV-cured coatings is further bolstered by the automotive sector's growth, with coatings being used in various vehicle components and windows to reduce UV radiation. The automotive industry's expansion, driven by increased private mobility demand, is expected to augment the market's growth. Additionally, the aviation sector's expansion in China and India, along with Japan's strong aerospace manufacturing, is anticipated to drive further demand for these coatings. The market remains fragmented, with key players like AkzoNobel, PPG Industries, and Nippon Paints contributing to innovation and development. Recent advancements, such as Beckers' dual ultraviolet and electron-beam curing formulations, highlight ongoing technological progress in the industry.
UV-Cured Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Wood Finishings
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 High Initial Costs of Equipment
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1.2.2 Difficulty in Finishing Complex 3D Objects
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Regulatory Policies Analysis
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Resin Type
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2.1.1 Epoxy
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2.1.2 Polyester
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2.1.3 Urethane
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2.1.4 Other Resin Types
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2.2 Application
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2.2.1 Automotive
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2.2.2 Printing Ink
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2.2.3 Metal
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2.2.4 Wood
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2.2.5 Aerospace
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2.2.6 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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UV-Cured Coatings Market Size FAQs
What is the current UV-Cured Coatings Market size?
The UV-Cured Coatings Market is projected to register a CAGR of 3.41% during the forecast period (2024-2029)
Who are the key players in UV-Cured Coatings Market?
AkzoNobel NV, PPG Industries, Nippon Paints, Dymax Corp. and The Sherwin-Williams Company are the major companies operating in the UV-Cured Coatings Market.
