At a projected CAGR of 12.8%, the market for UV curable coatings will increase in size from USD 6.5 billion in 2020 to USD 16.9 billion by 2028. Green coatings are becoming more and more popular in the coating industry as a result of increased environmental rules and standards, particularly in Europe and North America. However, COVID-19 has decreased the sales of the industrial coatings and electronics industries, which has decreased demand for UV curable coatings.
COVID-19’s effects on the market for UV-curable coatings globally
The industrial, electronics, and graphic arts sectors, where COVID-19 has had a significant impact, all use UV curable coatings. Lockdowns implemented in many nations have had an effect on various industries, which has significantly impacted the UV coatings market’s downturn.
The market for UV coatings has been negatively impacted by delayed future projects in 2020. UV coatings would take some time to reclaim their market because most advertising has migrated to a digital format. The market is anticipated to begin recovering, though, in 2021 as a result of rising end-use industry demand. Future projects were postponed as a result of the lockdown, which also had an impact on the market expansion for UV curable coatings in 2020.
Environmental awareness is growing in the coatings business.
The coating industry’s latest hot trend is green coatings. Green coatings are those that are environmentally friendly and aid in reducing pollution at any level. These coatings are typically more expensive than other paints and coatings on the market, but they also have advantages over traditional hazardous paints and exhibit higher/comparable performance qualities. Green coatings are becoming more and more popular in the coating industry as a result of increased environmental rules and standards, particularly in Europe and North America. UV curable coatings are now more in demand as a result of this.
UV curable coatings are expensive, and few people are aware of them.
It is challenging to break into a competitive market with a new product that costs more than the competition. The market situation is the same for UV curable coatings because they are quite pricey in comparison to other products that are already on the market. UV curable coatings have become widely accepted in regions like Europe and North America because of the strict emission norms and regulations, but they are still having trouble spreading throughout APAC and MEA countries because of non-compliance with emission standards and a lack of understanding.
Due to low anticipated demand, this has caused key market participants to delay investments, and local manufacturers are constrained by high CAPEX costs associated with updating equipment. The market for UV curable coatings may possibly be affected by these issues.
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UV curable coatings are in greater demand in newer applications.
Due to significant advancements in UV curing technology and industry-wide technological changes, UV curable coatings are also being used outside of factories and in field applications. Concrete floor coating, wood floor coating, vinyl floor coating, countertop coating, tub coating, and coating are the main applications for field curing.
These programmes are all still in the development stage, but effective commercialization is anticipated in the upcoming years. From its existing modest presence in this market, UV technology is also anticipated to be acknowledged as one of the top technologies for the application of metal coatings in the future. The automobile, protection, coil, and can industries are among those that use metal coatings. Consequently, a sizable increase in demand for UV curable coatings is anticipated due to an increase in applications as well as improved awareness in developing economies.
UV curable coatings products can develop cracking flaws.
UV coatings are abrasion-resistant, environment-friendly, quick-drying, adaptable, and reasonably priced. They also produce a glossy surface with exceptional clarity. The market’s demand for these properties has soared. However, the main issue with UV coated paper is the cracking that frequently takes place when the paper is folded or scored. It is challenging to add various treatments to printed paper because of its glossy and silky texture. For instance, applying ink when writing or using a rubber stamp can be challenging. Adhesives and all other types of imprinting are not permitted on such surfaces. It must be assured that the paper is not UV coated if a specific piece needs to be written on. Otherwise, when folded or scored, the section can develop fissures.
In terms of volume, monomers will hold the biggest market share.
The major portion of the market is made up of monomers. The monomers are low volatility, non-flammable, and odourless substances. The number of functional groups a monomer has will influence the attributes it will contribute to the UV formulation. Monomers typically have one to six UV curable groups.
These monomers are simple multifunctional or monofunctional polyols and low viscosity materials, most frequently esters of acrylic acid. Typically, acrylic functional groups are used to choose monomers. The COVID-19 pandemic, however, caused supply chain disruptions that resulted in a decline in UV curable coating sales. With the resurgence of the electronics, industrial coatings, and graphic arts industries, this demand would increase significantly.
By value and volume, wood coatings accounted for the largest portion.
In terms of volume, the UV curable coatings based on wood coatings made up 43% of the market in 2019. Since coated wood improves the visual appeal and also offers surface protection, wood coatings make up the largest section of the UV curable coatings industry. Both residential and non-residential applications make substantial use of wood treatments. The demand for UV-curable coatings for wood has decreased as a result of COVID-19, nevertheless.
The wood coatings segment is at the forefront with the greatest consumption of UV curable coatings globally owing to the constantly rising uses of these coatings in the wood & furniture industry. The biggest market for wood finishes is China. As a result, in 2019, Germany and Sweden, two European nations, consumed a sizable portion of UV wood coatings. Due to a complete and partial lockdown in the region, demand has drastically decreased in the APAC region.
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This research report categorizes the UV curable coatings market based on composition, type, end use industry, and region.
- PU Dispersions
- Wood Coatings
- Plastic Coatings
- Over Print Varnish
- Display Coatings
- Conformal Coatings
- Paper Coatings
By End use industry:
- Industrial Coatings
- Graphic Arts
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa