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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.