Global UV Curable Coatings Market Grows Steadily at a CAGR of 8.20%

Introduction

UV curable coatings employ UV curing technology to initiate the chemical reaction. This is mostly derived from the free radical mechanism. The reaction occurs through the process of initiation, which is facilitated by photoinitiators, followed by propagation and the formation of cross-linkages. A standard 100% solid UV curable coating comprises essential elements such as a photoinitiator, a monomer, an oligomer, pigments, fillers, and additives. This method has a rapid curing time, taking only a small fraction of a second, and requires minimal space since there is no requirement to bake the final layer.

Market Dynamics

Rising Awareness of Greener Products Drives the Global Market

UV curable coatings are an innovative technology that minimizes labor, utilizes 100% solids, emits fewer pollutants, and requires less energy. These coatings are non-emissive of Volatile Organic Compounds (VOCs). Several countries have enforced restrictions to restrict the usage of volatile organic compounds (VOCs) due to their potential to induce eye, headache, nasal, and throat irritation, dizziness, vision impairments, and memory loss when present in significant amounts. In certain instances, certain substances have been observed to induce cancer in animals, while others are under suspicion for their potential to cause cancer in humans. As a result, they have the potential to cause cancer and be lethal to living organisms. Such factors propel market growth.

Growing Demand in Asia-Pacific Countries Creates Tremendous Opportunities

UV-curable coatings and flexible packaging are extensively used in the aerospace industry. China possesses one of the most rapidly expanding aviation sectors globally. Multiple airports will be established in the nation in the upcoming years. Japan is a major producer of aircraft for both passenger and military purposes. With its fast-growing urban population and economy, India is a leading player in the aviation business.

Moreover, China now dominates the global market for flexible packaging, holding the largest market share. It is projected to maintain an average annual growth rate of 8% until 2022, while the rest of the world is expected to expand at approximately 4.3%. Hence, UV-curable coatings are expected to dominate the market in the Asia-Pacific region throughout the projected timeframe.

Regional Analysis

Asia-Pacific is the most significant global UV curable coatings market shareholder and is anticipated to exhibit a CAGR of 8.08% during the forecast period. Due to its substantial middle class and thriving manufacturing sector, China is recognized as one of the largest and most rapidly expanding markets for UV-curable coatings globally. China's nominal GDP exceeded USD 14 trillion in 2020, making it the second largest in the world. In 2020, this country was the sole major economy to experience a positive increase in its GDP. Additionally, it possessed over USD 3 trillion in foreign reserves, positioning it as one of the greatest in the world. In recent years, the Chinese economy has consistently maintained a strong and sustainable growth trajectory, notwithstanding a few small issues.

Moreover, the radiation curing markets have shown substantial growth. The adoption of UV curing technology in China is steadily growing, with radiation curing being the prevailing method. RedTech China, established in 1993, is a statewide association in China that primarily aims to enhance the sharing of information and promote business collaboration among its members and specialists in the field of radiation treatment. The International Monetary Fund (IMF) predicts that China's gross domestic product (GDP) will exceed USD 24 trillion by 2026. This projection highlights the significant potential of the Chinese market for the expansion of UV-curable coatings.

Key Highlights

• The global UV curable coatings market was valued at USD 7.76 billion in 2022. It is estimated to reach USD 15.76 billion by 2031, growing at a CAGR of 8.20% during the forecast period (2023–2031).
• Based on components, the global UV curable coatings market is bifurcated into monomers, photoinitiators, oligomers, pigments, fillers, and additives. The monomer segment dominates the global market and is projected to exhibit a CAGR of 8.66% over the forecast period.
• Based on end-users, the global UV curable coatings market is divided into wood, electronics, automotive, printing/graphic art, paper and packaging, and others. The wood segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 9.01% throughout the forecast period.
• Asia-Pacific is the most significant global UV curable coatings market shareholder and is anticipated to exhibit a CAGR of 8.08% during the forecast period.

Competitive Players

1. DSM
2. AkzoNobel
3. BASF
4. PPG Industries
5. Sherwin-Williams
6. DYMAX
7. Nippon Paint
8. Cardinal Paint
9. Axalta Coating Systems
10. Jainco Industry Chemicals

Recent Developments

• February 2023: The first commercial paint formulations for dual UV and electron-beam curing in the coil coating market were created by Beckers, a global coil coatings company.
• May 2023: Evonik introduced the TEGO RC 2000 LCF, the inaugural offering in its latest line of advanced TEGO RC solutions. The new release coating, produced from recycled silicone feedstocks, can be cured using either UV LED or classic UV arc lamps. This allows label companies to reduce their carbon footprint and align with their sustainability goals.

Segmentation

1. By Component
   1. Monomer
   2. Photoinitiator
   3. Oligomers
   4. Pigments
   5. Fillers
   6. Additive
2. By End-User
   1. Wood
   2. Electronics
   3. Automotive
   4. Printing/Graphic Art
   5. Paper and Packaging
   6. Other