UV-Cured Coatings Market size is expected to reach a value of US$11.6 billion by the end of the year 2026 and is set to grow at a CAGR of 12.4% during the forecast period from 2021-2026. The increase in demand from the automobile industry for coatings such as plastic coatings in various parts of vehicles such as exterior parts, forward lightings and sheet molding compound (SMC) body panels is hugely driving the growth of UV-cured coatings market. UV Coating is also used in many industrial coatings, as it helps in protection against scratches, tears and fingerprints and enhance the brilliance of the ink colors. UV coatings are also extensively used for over-print varnishes which is applied on printed sheets and on wood finishing for scratch resistance, stain resistance, scuff resistance and gloss enhancement. This is hugely driving the UV-cured coatings industry.
COVID-19 impact
During the Covid-19 pandemic, the UV-cured coatings market witnessed a huge slowdown since the operations of the UV-cured market was affected owing to the market limitations caused by the pandemic. Economies around the globe were shut which lead to the downfall of many countries’ financial position. This caused various setbacks such as economic lockdown, curbs on imports & exports, decrease in the countries’ GDP and others, which took huge tolls on various industries. The UV-cured coatings industry faced heavy losses due to the economic lockdown. However, the situation is set to ease out by the end of the year 2021.
UV-Cured Coatings Market Segment Analysis – By Composite
Monomers segment held the largest share of 30% in the UV-cured coatings market in the year 2020. Monomers are low viscous materials, mostly consisting of common esters of acrylic acid and simple multifunctional or mono-functional polyols. Monomers are non-flammable materials and has low volatility and odor. Monomers usually have more than one functional group which differentiates the properties of the group. Monomers help in providing certain advantages such as high-refraction and tough structure to the plastic which is one of the driving factor of the monomers segment in the UV-cured coatings market.
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UV-Cured Coatings Market Segment Analysis – By Application
Coatings segment held the largest share of 38% in the UV-cured coatings market in the year 2020. Wood finishing is one of the major applications of UV-cured coatings. UV-cured coatings enhance the glossiness of the wood which gives it a more aesthetically pleasing outlook and hugely driving the wood coatings in the UV-cured coatings market. Wood furnishings and appliances are commonly used in residential and as well as non-residential applications which is driving the need for wood finishing in the UV-cured coatings market. In August 2019, the order for residential wooden furniture increased at 51% as compared to the previous year 2018. This is increasing the need for wooden coatings in the coatings market for wooden furniture used for both residential and non-residential purposes.
UV-Cured Coatings Market Segment Analysis – By End-Use Industry
Automotive segment held the largest share of 40% in the UV-cured coatings market in the year 2020. Rapid development, industrial growth and the improved standard of living of the people in developing countries are contributing to the growth of the automobile industry. The scenario of transport has drastically upgraded across the globe, which is leading to the growth of the automobile industry. The total production of all the vehicles globally stood at 5,20,09,458 units in the year 2020 (3rd Quarter). UV-cured coatings are used in various parts of the automobile sector such as the exterior plastic parts, forward lightings and window shielding which is hugely driving the growth and usage of UV-cured coatings in the UV-cured coatings market.
UV-Cured Coatings Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 42% in the UV-cured coatings market in the year 2020. The increase in the growth of the electrical and electronics industry is driving the UV-cured coatings market in countries like India, China, Japan and South Korea. For instance, According to China Household Electrical Appliances Association, the electrical home appliance segment of China posted a revenue of US $ 146.942 billion in September 2020. UV-cured coatings are used for adhesive bonding, assembly, component marking, gasketing, coating, insulating and sealing in electronic products. And the increased production of electronics is increasing the demand for UV-cured coatings in the Asia-Pacific region. This is one of the factors driving the need and demand for UV-cured coating products in the Asia-Pacific Region.
UV-Cured Coatings Market Drivers
Increase in the electric vehicles production
The increase in the production of electric vehicles across the globe is majorly driving the UV-cured coatings market. UV-cured coatings are used in various parts of electric vehicles such as exterior coatings, window coatings, engine components etc. UV-cured coating is used in electric vehicles more so than non-electric vehicles as the need for refraction of UV lights on an electric vehicle hold more importance and significance. According to International Energy Agency (IEA), the sales of electric cars topped 2.1 million in the year 2019 across the globe. This is one of the major factors driving the demand for UV-cured coatings market.
Growing awareness about pollution control and government regulations
The growing awareness about environmental concerns regarding pollution is hugely driving the UV-cured coatings market. UV-cured coatings are free of pollutants such as volatile organic compounds (VOC), thereby making it an eco-friendly product. The many government regulations against pollution (air and water) has lead the manufacturers to adopt such eco-friendly products. According to the Congressional Review Act (CRA) of the Environmental protection agency of India, there is an act called CRA act 40 part 52 which states the list of volatile organic compounds which should be limited in use and the consequences of pollutions caused by these pollutants. Such acts are also driving the UV-cured coating market.
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UV-Cured Coatings Market Challenges
Oxygen inhibition on top layer
One of the major challenges to the UV-cured coatings market is that, while the coating has been applied, the top layer tends to get uncured, sticky and wet which affects the long-term reliability of the coating, causing damages to the surface. This is called the oxygen inhibition effect and it is quite difficult to avoid the situation. The oxygen inhibition layer usually consists of uncured monomers. This leaves the surface tacky and sticky which makes it difficult for the surface to refract UV-light. Though this can be corrected through a process that is quite lengthy, it is a main cause of concern while laying down the coatings.
UV-Cured Coatings Industry Outlook
Expansion, collaborations, partnerships, new product launches and investments acquisitions and mergers are some of the key strategies adopted by players in the UV-Cured Coatings Market. Major players in the UV-Cured Coatings Market include:
Dymax Corporation
Nippon Paints
Alberdingk Boley GmbH
PPG Industries
Tagosei Co. Ltd.
Hitachi Chemical Co. Ltd.
Covestro AG
Allnex Belgium SA/NV
Eternal Chemical Co. Ltd.
Miwon Specialty Chemical Co. Ltd.
BASF SE among others.
Acquisitions/Technology Launches
In January, 2021 Alberdingk Boley GmbH opened a new facility in Italy to establish an independent distribution company. The new company will serve the market directly and grant their customers both, qualified service and excellent technical know-how about their products which include surface coatings, adhesives, architectural paints, decorative coatings, plasters and others.
Key Takeaways
Asia-Pacific market held the largest share in the UV-cured coatings market due to the increase in demand for industrial coatings from various industries like automobile and aerospace in countries like India, China, Japan and South-Korea.
UV-coatings are eco-friendly since they are not made with volatile organic compounds (VOC), and the increasing awareness to adapt eco-friendly products is driving the UV-cured coatings market.
The various properties offered by UV-cured coatings such as scratch resistance, stain resistance, scuff resistance and gloss enhancement are increasing the demand for UV-cured coatings market.
Amid the Covid-19 pandemic the UV coatings market faced a lot of challenges in terms of production, marketing and supply chain management, which lead to huge losses. It is however set to improve in the coming months of 2021.
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