Growing Adoption in Printing Industry of UV Coatings Market
The UV coatings market is estimated to be valued at US$ 5131.35 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The Global UV Coatings Market Growth is expected to witness high, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from industries such as automotive, wood, electronics and printing inks. Rapid industrialization and infrastructure growth in Asia Pacific boost the adoption of UV coatings in the region.
Regional analysis Asia Pacific dominates the global UV coatings market with a share of over 35% in 2023 owing to presence of major automotive and electronics manufacturers. China, Japan and India experience growing consumption on back of robust economic development and expanding manufacturing sector.
Key players operating in the UV Coatings market include 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. Key players focus on new product launches, capacity expansions and mergers to strengthen their market position.
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