Global UV Curable Coatings Market Insights Forecasts to 2032

• The UV Curable Coatings Market Size was valued at USD 8.48 Billion in 2022.
• The Market Size is Growing at a CAGR of 13.72% from 2022 to 2032
• The Worldwide UV Curable Coatings Market Size is expected to reach USD 19.63 Billion by 2032
• North America is expected To Grow the fastest during the forecast period.

The Global UV Curable Coatings Market Size is expected to reach USD 19.63 Billion by 2032, at a CAGR of 13.72% during the forecast period 2022 to 2032.

UV curable coatings, also called ultraviolet curable coatings, are a kind of coating that hardens or cures when exposed to UV radiation. Liquid monomers, oligomers, photoinitiators, and additives make up UV curable coatings. The photoinitiators undergo a photochemical reaction when the coating is exposed to UV light, which starts the crosslinking of the monomers and oligomers. The coating quickly hardens or cures as a result of the crosslinking process, which creates a polymer network. High gloss, matte, scratch resistance, flexibility, and low shrinkage are just a few of the many features that UV curable coatings can be designed to attain. They can be utilised as functional coatings with particular performance needs, protective coatings, or ornamental coatings. High gloss, matte, scratch resistance, flexibility, and low shrinkage are just a few of the many features that UV curable coatings can be designed to attain. They can be utilised as functional coatings with particular performance needs, protective coatings, or ornamental coatings.

Impact of COVID 19 On Global UV Curable Coatings Market

Lockdowns, travel bans, and supply chain delays in the early phases of the pandemic affected the UV curable coatings market similarly to how they affected many other sectors. The temporary suspension of construction and manufacturing activity in several areas reduced demand for coatings. The COVID-19 pandemic raised people's consciousness of cleanliness and hygiene. In applications like healthcare facilities, public areas, and transportation, where preserving cleanliness and avoiding the spread of the virus became vital, UV curable coatings, with their capacity to give antimicrobial qualities and easy-to-clean surfaces, received prominence. Like many other industries, the UV curable coatings sector encountered difficulties as a result of supply chain disruptions during the epidemic. The manufacture and distribution of coatings were hampered by transportation limitations, a lack of raw materials, and logistical delays. To counteract these difficulties, businesses adapted by diversifying their suppliers and optimising their supply chain procedures.

Key Market Drivers

Several end-use industries, including automotive, electronics, packaging, industrial, and healthcare, are driving the demand for UV curable coatings. UV curable coatings are essential for these industries because they offer quick curing, great performance, and environmental sustainability. The market for UV curable coatings is seeing an increase in the use of UV LED curing technology. Systems for UV LED curing have benefits including energy efficiency, extended lifespans, and precise curing process control. The market for UV curable coatings is anticipated to rise as a result of the expanding supply and low cost of UV LED curing equipment. The advantages of UV curable coatings, such as their quick curing times, great adhesion, durability, and resistance to chemicals and abrasion, are being recognised by industries more and more. The need for UV curable coatings is increased by these benefits, which help to increase production efficiency, decrease downtime, and improve product performance.

Key Market Challenges

Despite the benefits of UV curable coatings, certain businesses and sectors might not be fully aware of their potential. It is still difficult to inform potential clients about the benefits, application procedures, and potential financial savings associated with UV curable coatings. It takes skill and understanding of the chemistry involved to formulate UV curable coatings. Viscosity, cure time, adhesion, and other performance parameters can be difficult to balance in the way that is intended. Options for formulation can also be impacted by the price and availability of raw materials. UV curable coatings need specialised curing tools, including UV lamps or UV LED systems, which might be expensive up front. For small and medium-sized organisations (SMEs) or businesses with limited resources, the expense of installing and maintaining UV curing equipment may be a hurdle.

Market Segmentation

Product Insights

Wood coating segment is dominating the market with the largest market share 

Based on product, the global UV Curable Coatings Market is segmented into Wood, Plastics, Overprints, Conformal Coatings, and Others. Among these, wood coatings segment is dominating the market with the largest market share. When exposed to UV light, UV curable coatings nearly instantaneously harden, leading to quicker production cycles than with conventional coatings. Shorter lead times and higher throughput are made possible by this quick curing period, which also increases productivity and efficiency in wood coating processes. Wide-ranging wood applications, such as furniture, cabinetry, flooring, doors, and millwork, are ideal for UV curable coatings. They can be applied as a protective and adorning coating to a variety of wood substrates, including hardwood, softwood, MDF (medium-density fiberboard), and plywood. The market for UV curable coatings has seen expansion in the wood coatings category as a result of the interaction of these variables.

Application Insights

Industrial coatings segment accounted the largest market share

On the basis of application, the global UV Curable Coatings Market is segmented into Industrial Coatings, Electronic Coatings, and Graphic Arts. Among these, industrial coatings segment accounted the largest market share over the forecast period. The development of UV curable coatings in this market has been further boosted by the use of UV LED curing technology in industrial coating applications. UV LED systems are appealing for industrial coating operations because they provide energy economy, precise curing control, and extended lamp lifespans. In the post-processing of 3D printed objects, UV curable coatings are essential. They can protect the printed products while also enhancing mechanical qualities and surface finish. The need for UV curable coatings in this industry is anticipated to increase as the use of 3D printing spreads to more sectors of the economy.

Regional Insights

Asia Pacific is dominating the market over the forecast period

Among all other regions, Asia Pacific is dominating the market over the forecast period. Many businesses in the Asia Pacific region are investing in R&D projects to create fresh UV curable coating formulas and uses. This emphasis on innovation helps to grow the market and meet the needs of particular industries. The development and implementation of UV LED technology are at the forefront in the Asia-Pacific area. UV LED curing systems are common in the area due to their energy efficiency, lengthy lamp lives, and precise curing control. The market for UV curable coatings is expanding as a result of the expanding supply and low cost of UV LED curing equipment.

North America is witnessing the fastest market growth over the forecast period. The automobile, electronics, and packaging industries are all well-represented in the North American region. UV curable coatings are a popular option since these industries demand coatings that deliver quick curing, good performance, and durability. High-quality finishes with good colour retention, gloss, and clarity are offered by UV curable coatings. The growing demand for aesthetically pleasing items in North America has prompted the use of UV curable coatings in industries like consumer electronics, flooring, and furniture. The automobile, electronics, and packaging industries are all well-represented in the North American region. UV curable coatings are a popular option since these industries demand coatings that deliver quick curing, good performance, and durability.

Recent Market Developments

• In April 2022, Akzo Nobel N.V. successfully acquired Grupo Orbis, a paints and coatings business in Colombia, strengthening its long-term foothold in the area.
• In February 2022, a strategic alliance between Keyland Polymer and polySpectra was announced in order to 3D print consumer goods in any colour.

List of Key Companies

• DSM
• Akzo Nobel N.V.
• PPG Industries, Inc.
• BASF SE
• The Sherwin-Williams Company
• Valspar
• Dymax Corporation
• DIC CORPORATION
• Croda International Plc
• ALLNEX NETHERLANDS B.V.
• Jainco Industry Chemicals, Bangalore
• Arkema
• Ashland
• Covestro AG
• TOAGOSEI CO., LTD.
• KEYLAND POLYMER MATERIAL SCIENCES
• Protech Powder Coatings Inc.
• Hitachi Chemical Diagnostics, Inc.
• Nippon Paint (India) Private Limited
• Watson Coatings, Inc.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Curable Coatings Market based on the below-mentioned segments:

UV Curable Coatings Market, Product Analysis

• Wood
• Plastics
• Overprints
• Conformal Coatings
• Others

UV Curable Coatings Market, Application Analysis

• Industrial Coatings
• Electronic Coatings
• Graphic Arts

UV Curable Coatings Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa