UV Coatings Market Estimated to Witness High Growth Owing to Rising...

UV Coatings Market Estimated to Witness High Growth Owing to Rising Use in Wood Coatings

Posted 2024-02-01 13:59:56

UV coatings refer to ultraviolet light cured coatings that are cured by the use of ultraviolet light. UV coatings offer various advantages over traditional coatings such as faster curing, lower emissions of volatile organic compounds (VOCs), good adhesion, and resistance to heat, moisture, abrasion, and chemicals. They find wide applications in graphic arts, industrial coatings, automotive coatings, electronic products, and packaging sectors. In wood coatings, UV coatings provide protection and durability to furniture, cabinets, flooring, and other wood products. They dry and harden very quickly without requiring any baking process.

The global UV Coatings Market is estimated to be valued at US$ 5911.32 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising Use in Wood Coatings: One of the major drivers fueling growth of the UV coatings market is increasing use of UV coatings in wood coatings applications such as furniture, flooring, cabinets etc. UV coatings provide weather resistance, protection from abrasion and moisture, and durability to wood products. They dry and cure very quickly without the need for any baking process. This significantly improves manufacturing productivity and reduces production costs for wood coatings manufacturers.

Faster Drying and Lower VOC Emissions: UV coatings dry and cure almost instantly when exposed to ultraviolet light. This allows for a significantly faster production process as compared to traditional solvent-based coatings. Moreover, UV coatings contain lower or no volatile organic compounds (VOCs), thus reducing air pollution and meeting stringent environmental regulations regarding VOC emissions. These advantages are boosting adoption of UV coatings across various end-use industries.

SWOT Analysis
Strength: The UV coatings value market has witnessed significant growth over the past few years due to increasing demand from various end-use industries such as electronics, construction, and graphic arts. UV coatings offer properties such as durability, resistance to chemicals, and fast curing which makes them suitable for various applications. They provide excellent adhesion and protection to materials from UV light, moisture, and temperature extremes.
Weakness: High initial costs associated with UV coating equipment and the need for specialized skills are some of the weaknesses of this market.UV coatings also have limitations in terms of flexibility and may crack or peel off under heavy usage over time.
Opportunity: Growing construction and electronics industry in Asia Pacific and Middle East Africa region provides huge opportunities for UV coatings manufacturers. Rapid urbanization in developing countries necessitates increased infrastructure development which will drive the usage of UV coatings in applications such as flooring, wood finishes etc. Emerging applications in 3D printing offers new avenues for market growth.
Threats: Stringent environmental regulations regarding VOC emissions during the coating process poses challenges for market players. Rising customer shift towards powder and water-based coatings also threatens the demand for UV coatings. Trade conflicts and downturn in economic activities can significantly impact market demand.

Key Takeaways
The Global UV Coatings Value Market Size is expected to witness high growth over the forecast period due to rising applications in various end-use industries. The global UV Coatings Market is estimated to be valued at US$ 5911.32 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Asia Pacific is currently the largest and fastest growing regional market for UV coatings driven by increasing construction and industrial activities in China, India, and other Southeast Asian countries. Presence of a strong electronics and manufacturing base coupled with expanding infrastructure development is fueling the demand for UV coatings in the region. Other fast growing markets include India, Indonesia, Malaysia, and Vietnam due to economic growth, rising income levels, and increasing investments in commercial real estate and industrial sectors.

Key players:
Key players operating in the UV coatings value market are Cisco Systems, Inc.,Huawei Technologies Co., Ltd.,Juniper Networks, Inc.,Arista Networks, Inc.,Hewlett Packard Enterprise (HPE) Company,Dell Technologies Inc.,Extreme Networks, Inc.,NETGEAR, Inc.,ZTE Corporation,D-Link Corporation,TP-Link Technologies Co., Ltd.,Allied Telesis Holdings K.K.,Fortinet, Inc.,Mellanox Technologies (now part of NVIDIA Corporation),H3C Technologies Co., Limited, Nokia Corporation,Arista Networks, Inc.,MikroTikls SIA,NEC Corporation,Ubiquiti Inc. These companies are focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their market position.