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Press Release: UV Coatings Market to Surpass US$ 6,563.6 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
UV coating is a treatment of surface that is done to protect the surface from harmful radiation. The UV coating is basically done on the printed paper surface. It is a shiny and glossy liquid applied to the surface. UV coating makes printed materials eye-catching and is ideal for the product such as postcards, hand-out sheets, presentation folders, business cards, and catalogs, or any product that require a glossy and dramatic look. It offers good abrasion resistance, high clarity, and is environmentally friendly. This is highly effective for image-rich projects such as photography brochure.
The global UV coatings market was valued at US$ 3,794.5 Mn in terms of revenue and 415.5 Kilo Tons in terms of volume in 2018.
The booming printing industry is a major factor projected to propel the market growth over the forecast period. According to Printing & Allied Machinery Industry (PAMEX), the Indian printing industry is growing at a CAGR of 12% since past 15 years, driven by growth in packaging and labels. Hence growing printing industry is expected to fuel the market growth of the UV coatings over the forecast timeframe.
Growing consumption of UV coatings in the wood and furniture industry due to its low VOC emission, offer fast curing and smooth surface finish, and enhanced durability. Also, growing wood and furniture industry is another major factor projected to fuel the market growth. According to the FIRA, the £17.5 billion consumer expenditure on furniture and furnishings in 2017 represented a 21% increase from 2014. Year on year growth from 2014 to 2016 was 6.9% and 4.8% respectively. However, growth from 2016 to 2017 was higher at 7.9%.
Asia Pacific region dominated the Global UV Coatings market in 2018, accounting for 35.85% share in terms of value, followed by Europe and North America, respectively
Figure 1. Global UV Coatings Value Market Share (%), By Region, 2018
The high initial cost of equipment and complex process of UV coatings is expected to hamper the market growth of the UV coatings. Moreover, difficulty in applying other coatings on the paper after UV coatings such as usage of inks for writing and purpose is also expected to hinder the market growth of UV coatings. Also, stamping of rubber is difficult after UV coatings, which is further expected to restrict the market growth of UV coatings.
Restriction on the usage of UV coatings paper in the food packaging industry due to the presence of hazardous substances in the UV coatings which can have a bad impact on the health of the human is expected to hinder the market growth. Moreover, high R &D cost for the development of the product is another major factor projected to hinder the market growth of UV coatings over the forecast period.
Booming electronics industry around the globe is expected to offer enormous growth opportunity to the market of UV coatings. UV based coatings are widely used in electronic and optical industry such as the advent of UV based LEDs and optical storage devices that has different end-use application. For instance, in March 2019, CEL has announced a new family of Deep UltraViolet (UV-C) LEDs for a wide range of sterilization and disinfection applications such as consumer goods such as self-disinfecting holders for toothbrushes and kitchen utensils as well as sterilizing wands for items such as smartphones, tablets, and keyboards.
Increasing application of UV coatings technology in the photovoltaic film is projected to fuel the market growth of UV coatings. Moreover, the growth of the renewable energy and telecommunications sector is also expected to offer significant growth opportunities for the UV coatings market over the forecast timeframe. Hence, the rising application of UV coatings across the various application is expected to propel the market growth.
Figure 2. Global UV Coatings – Market Opportunity Analysis
Global water based UV coatings market was valued at US$ 2,277.3 Mn in 2018 and is forecast to reach a value of US$ 4,393.9 Mn by 2027 at a CAGR of 7.3% between 2019 and 2027
Figure 3. Global UV Coatings Value Market Share (%), By Base Type, 2018
The rising number of partnerships among major players is expected to fuel market growth over the forecast period. For instance, in September 2018, Allnex, an industrial coating resins producer, signed a strategic cooperation agreement focusing on waterborne UV coatings with Guangdong Bardese Chemical Group, to jointly promote the centralized development of green coatings in China. Hence, rising collaboration is expected to foster market growth.
Growing merger and acquisition among key players is another major trend that has been observed in the market. For instance, in November 2019, ICP has signed a purchase agreement to acquire Heidelberg’s Hi-Tech Coatings. The transaction will add new production facilities in the UK, the Netherlands and an additional facility in the US to ICP Group’s portfolio. The facilities produce more than 1,000 water-based and UV-based coatings. The deal includes the transfer of 60 employees to ICP’s ISG unit.
In the U.S., regulations of food packaging in context to the use of UV cured coatings as components of food packaging have been banned by the U.S. Food and Drug Administration (FDA). However, their use is permitted by the FDA under certain conditions and with compliance with certain regulations.
Players active in the market are BASF SE, Akzo Nobel N.V., Arkema Group, PPG Industries Inc., Axalta Coating System LLC., The Valspar Corporation, The Sherwin-Williams Company, Croda International Plc., Watson Coatings, Inc., Allnex Belgium SA/NV, Sokan New Materials, and Dymax Corporation
Few Recent Developments
BASF
Arkema
UV Coatings is eco-friendly compound that is mainly used to inhibit harmful UV rays coming from the Sun. The UV rays degrades the color quality of paper and plastics and hence, UV coating on paper, wood and plastics material provides the required protection and gloss to the surface. UV coatings are mainly available as water-based coatings and solvent based coatings. UV coatings are manufactured using various compositions such as Monomers, Oligomers (Polyesters, Polyethers, etc.), additives and photo-initiator. In terms of UV coatings end-use, UV coatings is majorly used in Paper & Packaging and Wood Furnishing industry. Other end uses of UV coatings include, Electronics, Automotive, Building & Construction, etc.
Market Dynamics
Asian UV Coatings production is dominated by Water based UV coatings mainly used in the printing industry. For instance, Indian printing industry is growing at a CAGR of 12% since past 15 years according to Printing & Allied Machinery Industry (PAMEX). Growing demand for packaged printing, digital printing and commercial printing is estimated to drive the demand for UV Coatings market in Asia.
Growing demand for eco-friendly coatings and rising demand from the automotive industry for eco-friendly solutions is projected to increase the demand for UV Coatings globally. However, restrictions on some UV coatings for food packaging application is hampering the growth of UV coatings market globally.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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