Home Advanced Materials UV Curable Coatings Market Size, Share and Forecast to 2031

UV Curable Coatings Market

UV Curable Coatings Market Size, Share & Trends Analysis Report By Component (Monomer, Photoinitiator, Oligomers, Pigments, Fillers, Additive), By End-User (Wood, Electronics, Automotive, Printing/Graphic Art, Paper and Packaging, Other) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRAM55696DR
Study Period 2019-2031 CAGR 8.2%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 7.76 Billion
Forecast Year 2031 Forecast Year Market Size USD 15.76 Billion
Largest Market Asia-Pacific Fastest Growing Market North America
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Market Overview

The global UV curable coatings market size 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). The need for flexible packaging and electronic gadgets has significantly expanded due to fast-paced lives and technological improvements. Thus, UV-curable coatings are expected to have significant utilization in these industries during the projected timeframe.

UV curable coatings utilize UV curing technology to trigger the chemical reaction. This is primarily derived from the free radical mechanism. The reaction proceeds by initiation due to photoinitiators, propagation, and cross-linkages. The main components of a typical 100% solid UV curable coating include a photoinitiator, a monomer, an oligomer, pigments, fillers, and additives. This technology may need just a fraction of a second to cure and utilizes very little space, as there is no need to bake the finished coat. With the shorter curing time required, this method achieves high production speeds and finds employment in end-user sectors, including wood, electronics, aerospace, printing and graphic arts, paper and packaging, and automobiles.

Market Dynamics

Global UV Curable Coatings Market Drivers

Rising Awareness of Greener Products

UV curable coatings are a new technology that reduces work, uses 100% solids, produces fewer emissions, and consumes less energy. These coatings do not give out Volatile Organic Compounds (VOCs). Many nations have implemented regulations to limit the use of such VOCs because, in sufficient quantities, VOCs can cause eye, headaches, nose, and throat irritation, dizziness, visual disorders, and memory impairment. In more extreme cases, some are known to cause animal cancer, and some are suspected of causing human cancer. Therefore, they can be carcinogenic and prove fatal to life.

VOCs are now regulated and limited by various regulatory bodies across regions. VOCs are organic chemical compounds that quickly evaporate due to high vapor pressure and low boiling point. Increasing environmental concerns and tightening regulations on VOCs have led to a major reform in the global coatings industry. There has been a rise in demand for UV-curable coatings due to the above factors. These coatings offer excellent mechanical and chemical resistance compared to conventional coatings. This has led to an increase in the consumption of UV-curable coatings that leave almost no footprint on the environment and do not release VOCs since they comprise 100% solid formulations.

UV Curable Coatings in Newer Applications

UV-curable coating applications have grown with the diversification of consumers and industrial goods. UV curing at low temperatures prevents damage to electronic components, helps in enhanced production rates, increases the product's life, paves the way for inline testing, and minimizes the requirement for space or energy. UV curing offers more durable and reliable products with increased abrasion, chemical resistance, and higher bonding strength of dissimilar substrates. Various applications include conformal coatings of printed circuit boards (PCB), wire tacking, and die and pin attachments.

Furthermore, the general driving forces for such widening applications are electronic devices getting smaller and faster, the environment, health and safety, total product cost, and manufacturing yield improvement. There will be a greater need for UV-curable coatings in the electronics and packaged food and drink industries. Fast-paced lifestyles and technological advancements have drastically increased the demand for flexible packaging and electronic devices. Therefore, UV-curable coatings will find major applications in these industries in the forecast period.

Global UV Curable Coatings Market Restraint

Raw Material/Feedstock Shortages

The pandemic increased demand for consumer electronics and flexible packaging, thereby increasing the consumption of UV-curable coatings. However, COVID-19 also impacted raw material availability and the supply chain. The lockdowns, travel restrictions, and import and export trade issues led to problems in the availability of desired raw materials. During these restrictions, monomers and specific oligomers like epoxy acrylates were difficult to keep in stock.

"The biggest COVID-19-related impact on radiation-cured coatings is that it has negatively impacted the supply chain while simultaneously driving up demand for many products. Many manufacturers using UV-curable coatings run lines at capacity and add new equipment. At the same time, these same users are being rationed by suppliers with freight and raw material supply challenges. The entire chemical industry, not just radiation curing, has been impacted."

In the last few years, there has been uncertainty with the availability of key raw materials such as photoinitiators, monomers, and oligomers in regions such as China. There are available substitutes for photoinitiators, albeit they can be quite costly. Transportation woes often add complexity as most road or rail infrastructure is old, or there could be shortages of truck drivers, and thus, new lodging requirements could drive up costs for over-the-road transport.

Global UV Curable Coatings Market Opportunities

Growing Demand in Asia-Pacific Countries

With ongoing industrialization and urbanization in countries such as China and India, Asia-Pacific will remain the major consumer of UV-curable coatings in the forecast period. The rising need for electric and hybrid vehicles in countries such as Japan and South Korea will drive the consumption of UV-curable coatings. As of 2018, China was the country in Asia-Pacific with the most electric vehicles in use, and this trend is expected to continue in 2022. Japan and South Korea are two other major leaders in electromobility worldwide, and China is forecasted to produce 13 million electric vehicles in 2023.

Furthermore, UV-curable coatings find major applications in the aerospace industry and flexible packaging. China has one of the fastest-growing aviation industries in the world. Several airports will be set up in the country in the coming years. Japan is also one of the largest aircraft producers for applications in passenger and military operations. With its rapidly urbanizing population and economy, India is also at the forefront of the aviation industry. Similarly, China has the biggest share of the worldwide market for flexible packaging; until 2022, its average annual growth rate will be 8%, compared to an estimated 4.3% for the rest of the world. Therefore, UV-curable coatings will find a major market in Asia-Pacific over the forecast period.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global UV curable coatings market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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. China is one of the world's biggest and fastest-growing markets for UV curable coatings owing to its huge middle class and manufacturing sector. At more than USD 14 trillion in 2020, China's GDP (nominal) is the 2nd largest in the world. It was the only major economy that witnessed positive GDP growth in 2020 and had more than USD 3 trillion in foreign reserves, ranking it one of the world's highest. Despite some minor problems, the Chinese economy has maintained a momentum of rapid and sustainable development in recent years.

Furthermore, the markets for radiation curing have shown significant expansion. UV curing technology continues to experience significant expansion in China, with radiation curing remaining the dominating method. Associations such as RedTech China (the nationwide association for Chinese radiation curing), founded in 1993, constantly focus on increasing information exchange and business among its members and experts. According to the IMF, China's GDP will cross USD 24 trillion in 2026, which indicates the potential of the Chinese market for the growth of UV-curable coatings.

North America is estimated to exhibit a CAGR of 8.49% over the forecast period. UV curable coatings are expected to see high consumption in the forecast period owing to the aerospace industry, automobile industry, wood and furniture works, electronics industry, and packaging and graphic works. The US aerospace and defense market includes commercial and general aviation, military aircraft, space systems, ground defense, and shipbuilding, all needing UV-curable technologies for better sustainability and protection. In addition, coatings play a major part in enhancing durability and its ability to resist corrosion and erosion. Relative to appearance, commercial aircraft benefit from the aesthetic characteristics of the coating system, while military aircraft rely on camouflage properties to minimize enemy detection and tracking during mission operations. All such applications drive regional growth.

In Europe, UV curing technology has been thriving primarily due to lower energy costs and faster curing speeds, which result in increased productivity and the desire for surfaces with a high gloss and color intensity. Due to various regulations in place, innovation has led the market. UV curing is the most prominent coating technology in the region because there is scope for so many improvements in hardware and resins. Graphitic inks and coatings, consumer electronics, and metal are just a few of the industrial sectors in Europe where UV curing technology is already in use.

Furthermore, printing inks and industrial coatings are the primary areas of application in Europe, as reported by Radtech Europe, the trade association for the UV and EB industry based in Brussels. Approximately 50% of the energy-curing applications in this industry can be classified into two categories: finishing, which includes industrial plastics, wood finishing, field-applied coatings, and vehicles. In the consumer electronics market, with an ever-growing demand for products such as mobile phones, laptops, and gaming consoles, UV coatings have increased significantly over the last few years. UV technology has met new applications, such as food packaging, which is one of the prominent growth areas in the future.

Report Scope

Report Metric Details
Segmentations
By Component
  1. Monomer
  2. Photoinitiator
  3. Oligomers
  4. Pigments
  5. Fillers
  6. Additive
By End-User
  1. Wood
  2. Electronics
  3. Automotive
  4. Printing/Graphic Art
  5. Paper and Packaging
  6. Other
Company Profiles DSM AkzoNobel BASF PPG Industries Sherwin-Williams DYMAX Nippon Paint Cardinal Paint Axalta Coating Systems Jainco Industry Chemicals
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global UV curable coatings market is segmented by components and end-users.

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. The primary components of 100% solid UV formulations for coatings are acrylate oligomers, mono- and multifunctional monomers, and photoinitiators. Monomers form an essential component of a UV-curable coating. In addition, monomers are essential to UV-curable coatings as they help link the oligomers and other monomers within the coating while also functioning as diluents to reduce viscosity. Thus, the demand for monomers will rise as there is a rise in demand for UV-curable coatings.

A photoinitiator is a key element of a UV-curable coating's composition. Photoinitiators are compounds that produce radicals when exposed to UV light. These then react with monomers or oligomers to initiate polymer chain growth. The photoinitiator market is projected to grow in the forecast period amid rising demand from various industries such as adhesives, ink, coatings, and others. Photoinitiators offer various advantages, such as chemical resistance, excellent durability, and high reaction speed and curing.

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. The global wooden UV curable coatings market is expected to grow steadily. The key drivers for UV-curable wooden coatings are the growing demand for eco-friendly coatings, renovation and remodeling, and the rise in demand from emerging and established economies. The purchasing power of consumers around the globe has consistently increased, and rapid urbanization and modernization have led to a rise in people's standard of living.

Additionally, consumers worldwide are increasingly inclined to spend more as they have high disposable income. Due to their appearances and appeal, remodeling and wooden furniture remain the predominant choices. Moreover, wood can be easily worked upon, is durable and resilient, and requires minimum maintenance. Wooden furniture can easily be refinished and renovated numerous times. The rising population and the thriving construction market in Asia-Pacific countries offer a major opportunity to grow wood-based furniture.

In the past few decades, the globe has seen improvements in electronics. Electronic devices have become more compact yet more efficient and powerful. Besides various types of coatings available for electronic devices, conformal coatings are applied to a sensitive PCB to protect its components from moisture, dust, chemicals, vibration, or environmental stress to enhance the performance of electronic components. Various electronic-grade and conformal coatings offer protection against corrosion, increasing the life and reliability of electronic components. Due to innovative products being launched now and then, the global consumer electronics market is a major driver for the UV-curable coatings industry.

Market Size By Component

Market Size By Component
  • Monomer
  • Photoinitiator
  • Oligomers
  • Pigments
  • Fillers
  • Additive
  • 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.

    Top Key Players

    UV Curable Coatings Market Share of Key Players

    UV Curable Coatings Market Share of Key Players
    DSM AkzoNobel BASF PPG Industries Sherwin-Williams DYMAX Nippon Paint Cardinal Paint Axalta Coating Systems Jainco Industry Chemicals Others

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the global UV Curable Coatings Market?
    The global UV Curable Coatings Market size is growing at a CAGR of 8.20% from 2023 to 2031.
    Asia-Pacific has the largest share of the market.
    Rising awareness of greener products and uv curable coatings in newer applications are the key driver for the growth of the market.
    Growing demand in asia-pacific countries is one of the upcoming trend in the market.
    The key players in the global Market include DSM, AkzoNobel, BASF, PPG Industries, Sherwin-Williams, DYMAX, Nippon Paint, Cardinal Paint, Axalta Coating Systems, Jainco Industry Chemicals.


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