Growth Of UV Coatings Value Market

Posted 2023-11-23 12:38:54

The global UV Coatings Value Market is estimated to be valued at US$ 5131.35 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis: -

· Strengths: - UV coatings dry very quickly on exposure to ultraviolet light. This offers a significant advantage over traditional solvent-borne coatings as it reduces curing time and increases production efficiency.

· Weaknesses: - UV coatings require specialized equipment for the application of UV lights for curing. This makes their production process more capital intensive compared to traditional coatings.

· Opportunities: - Growing wood coatings industry especially for flooring and furniture creates opportunities for increased demand of UV coatings. Developing novel UV coating formulations for 3D printing applications is another growth opportunity.

· Threats: - Stringent regulations over volatile organic compound (VOC) emissions during the production of coatings may increase production costs. Substitution threat from water-borne coatings which are environment-friendly.

Key Takeaways: -

The Global UV Coatings Value Market Growth is expected to witness high, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from wood and plastic coatings industries.

The Asia Pacific region dominated the global market in 2023, accounting for around 40% of the global consumption. China, India, Japan and other Southeast Asian countries are major consumers as well as producers of UV coatings in the region.

Key players operating in the UV coatings Value Market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation.

Regional analysis: - The Asia Pacific region dominated the global market in 2023, accounting for around 40% of the global consumption. China, India, Japan and other Southeast Asian countries are major consumers as well as producers of UV coatings in the region. This is because of the large wood, plastic and electronics industries in the region driving demand for UV coatings.

Key players analysis: - Key players operating in the UV coatings Value Market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV.