UV Curable Coatings Market - By resin (Epoxy Acrylates, Polyesters acrylates, Urethanes acrylates), By Technology (Water borne, Solvent borne), By Application (Furniture & Woodworking, Electronics, Graphic art & Printing Inks), & Forecast, 2023 - 2032

UV Curable Coatings Market Size

UV Curable Coatings Market size valued at USD 5.5 billion in 2022 and is set to grow at over 7.5% CAGR from 2023 to 2032. Increasing application scope of UV curing technology for surface protection will complement business growth.
 

The industry scenario is slated to be driven by the benefits UV curable coatings offer while still conforming to the tightening environmental regulations across the globe, particularly in Europe and North America. These regulations are pushing consumer demand towards green coatings such as UV curable coatings as their usage on surfaces such as wood, metal, paper, and ceramics is considered environmental-friendly. They do not cause any volatile emissions owing to their 100% solids content, and can cure surfaces almost instantaneously, which also proliferate their adoption across numerous applications.
 

Cracking defect of UV coated paper may constrain UV curable coatings market development

A major drawback of UV curable coatings is its cracking defect when it is used on paper. The nature of the coating is highly rigid and is susceptible to cracking when the paper is scored or folded, which drastically limits its use. Meanwhile, the challenges UV cured paper faces with respect to ink-based applications such as printing, further limits its application. Surfaces that are UV cured, cannot be used with adhesives or other forms of imprinting as well, which further impedes product sales. 
 

UV Curable Coatings Market Analysis

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Based on resin, the UV curable coatings market from urethanes acrylates segment is poised to reach USD 2.5 billion by 2032, While depicting more than 7.5% CAGR between 2023 and 2032. Urethanes acrylates are primarily used in industrial, automotive, packaging, and industrial coatings, which greatly contributes towards its high valuation. Rising demand from these avenues is forecast to foster segment outlook. The coating offers high performance levels with regards to its chemical, mechanical, and outdoor characteristics in multiple viscosities as per the requirements of the applications, further nurturing its revenue growth.
 

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Based on technology, the UV curable coatings market from water-borne coatings segment is predicted to cross revenues of over USD 6 billion by 2032, growing with more than 8% CAGR. Waterborne UV curable resins to see the greatest demand increase in wood coating applications. Waterborne UV wood coatings are expected to account for 10% of the market for radiation curable wood coatings. Their primary application areas are furniture coatings and commercial parquet hydro primers.
 

With respect to application, the UV curable coatings market from furniture and woodworking segment size is anticipated to go beyond USD 2 billion by 2032 and is likely to expand at nearly 8% CAGR, driven by the increasing use of UV curable coatings in the finishing of woodworking and furniture. UV curable coatings impart properties such as high gloss, abrasion, and scratch resistance on the surface of the wood, fueling its use in the sector. The growing remodeling and living space refurbishment trend is creating a notable demand for furniture and woodworking, which is also slated to influence the segment demand. 

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Asia Pacific UV curable coatings market is expected to surpass USD 6 billion by 2032, fostered by the growing adoption of eco-friendly products in the region. The growth can also be credited to the rising instances of mergers and acquisitions, among leading regional as well as international industry players, to cater to the evolving requirements and demands of the market. Meanwhile, rising investments towards R&D and the resulting advancements in the coatings technology are also likely to stimulate industry expansion. 
 

UV Curable Coatings Market Share

Some of the leading contenders in the UV curable coatings market include:

• Sherwin Williams
• PhiChem Corporation
• Dow
• Arshland Inc
• BASF SE
• Axalta Coatings Ltc
• Akzonobel NV
• Dymax Corporation,

Many market players have been recently observed to be relying on mergers and acquisitions to grow their product portfolios.
 

Impact of the COVID-19 pandemic

COVID-19 had a major impact on the UV curable coatings industry, with the ensuing lockdowns practically bringing high-growth industries such as automotive and construction to a standstill. While residential DIY projects kept revenues flowing, growth was severely muted. Industry players used the disruption to capitalize on lucrative opportunities. For instance, in September 2020, Amsterdam-based performance coatings firm, AkzoNobel, acquired Stahl Performance Powder Coatings and its wide range of products for heat-sensitive substrates. With the pandemic now approaching its end, the market is experiencing a slow roll-back to normalcy.
 

This UV curable coatings market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD million from 2018 to 2032, for the following segments:

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By Resin

• Epoxy Acrylates
• Polyesters acrylates
• Urethanes acrylates
• Others

By Technology

• Water-borne
• Solvent borne

By Application

• Architectural & Building
• Automotive & Transit
• Furniture & Woodworking
• Graphic art & printing inks
• Others

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • Indonesia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Asia Pacific
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • United Arab Emirates
  • Kuwait
  • Rest of Middle East & Africa