A UV coating is a glossy and shiny liquid coating that is applied to a printed paper surface by using special machine using ultraviolet light. It offers high gloss finish with unique effects such as matte, tints, satin, and even special scents. It is cured instantly after applying and also offer protection by providing an extremely hard finish. Moreover, it also saves energy since these inks cure easily and consume less energy compared to traditional coatings which require high heat to evaporate the water.
The global UV coatings market accounted for US$ 3,794.5 Mn in terms of value and 415.5 Kilo Tons in 2018
Increasing demand for UV coatings due to its environment-friendly nature is expected to foster the market growth over the forecast period. UV curable coatings (UV coatings) is rapidly increasing around the globe due to its contribution to improving the environmental situation across the globe. Moreover, UV radiations convert wet coatings into 100% solids and do not release VOC into the environment. So these UV coatings are characterized as an environment-friendly coating by government and non-government organizations such as the Chinese coatings industry. Therefore, the environment-friendly nature of UV coating is expected to foster market growth.
Increasing application of UV coatings such as 3D curing of consumer goods, industrial flooring, metal pipes and sheet coatings is projected to foster the market growth. Moreover, a growing number of UV coating manufacturer especially in the China region is further anticipated to propel the market growth. For instance, according to the report published by Coatings World in July 2016, it estimated that China right now has approximately 50 UV coatings manufacturers and a total annual output of 120 thousand-160 thousand tons of UV coatings and approximately 44 percent of the UV coatings produced in China were used to paint wood products, including wood furniture, wood floors, and wood doors.
Increasing prices of raw materials of UV coatings is projected to restrict the market growth of UV coatings. For instance, in January 2018, BASF has increased prices for UV resins, which are used by the coatings, printing, and packaging industries to manufacture UV-curable coatings for, e.g., wood, metal, and plastic substrates as well as for overprint varnishes and UV-curable inks. Hence, rising price of raw material is expected to hinder the market growth.
In terms of composition, photo-initiator market was valued at US$ 1,646.8 Mn market in 2018 and is forecast to reach a value of US$ 2,794.6 Mn by 2027 at a CAGR of 6.0 % between 2019 and 2027
Water-based type UV coatings dominated the global UV coatings market market in 2018, accounting for 60.0% share in terms of value, followed by solvent based UV coatings
By end-use industry, paper & packaging end-use dominated the global UV coatings market in 2018, accounting for 25.6 % share in terms of value, followed by wood & furniture and electronics, respectively
The rising trend of using waterborne coatings over solvent-based coatings is projected to fuel the market growth over the forecast period. For instance, in July 2019, Allnex, a global leader in energy-curable technology for industrial, graphics, consumer electronics, plastics, and special purpose coatings and inks, today announced the launch of its new UCECOAT® 7738 developed for industrial wood applications, specifically for clear and white pigmented systems. The latest addition to waterborne UV-curable resins, UCECOAT® 7738 is a Tin-free and label-free UV-curable polyurethane dispersion for clear and white pigmented coatings for wood substrates.
Increasing launch of a new product with low VOC emissions and enhance energy efficiency is expected to propel the market growth over the forecast period. For instance, in February 2019, BASF will be presenting VMOX for the first time at the European Coatings Show, which runs March 19-21 in Nuremberg.VMOX is particularly suitable as a reactive diluent in UV curing inks and coatings, which can, for example, be used for digital UV printing. Hence, the increasing launch of a new product with an enhancing feature is expected to propel the market growth of UV coatings.
In India, the regulation and monitoring of food safety in India are implemented through the Food Safety and Standards Authority of India (FSSAI). FSSAI has been established under the Food Safety and Standards Act, 2006.
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 NV, Sokan New Materials, and Dymax Corporation
By Base Type
By End-Use Industry