According to the report "UV Curable Coatings Market By Composition (Monomers, Oligomers), Type (Wood Coatings, Plastic Coatings, Overprint Varnish, Display Coatings), End-Use Industry (Industrial Coatings, Electronics, Graphic Arts), Region - Global Forecast To 2025," the global UV curable coatings market is expected to grow from $6.5 billion in 2020 to $11.4 billion by 2025, at a CAGR of 12% during the forecast period.
Government initiatives emphasizing on adoption of clean fuel and growth in the number of natural and fuel cell electric vehicles are expected to drive the market.
Monomers account for the largest share of the overall market, in terms of volume.
The monomers are non-flammable materials with low volatility and also have low odor. Monomers generally can have one to as many as six UV curable groups, and the number of functional groups will determine the properties the monomer will bring to the UV formulation.
These monomers are low viscous materials, most commonly esters of acrylic acid, and simple multifunctional or monofunctional polyols. Monomers are usually selected based on acrylic functional groups attached to them.
However, due to pandemic COVID-19, the sales of UV curable coatings decreased due to disturbance in the supply chain. This demand would surge with recovery in the electronics, industrial coatings, and graphic arts industries.
Wood coatings type is the largest segment in the UV curable coatings market since coated wood enhances the aesthetic appeal and also provides surface protection.
Wood coatings find extensive use in residential and non-residential applications.
However, because of COVID-19, the demand for UV curable coatings is reduced from wood coatings.
The wood coatings segment is at the forefront with the highest consumption of UV curable coatings globally owing to the rapidly increasing applications of these coatings in the wood & furniture industry.
China is the largest consumer of wood coatings.
Subsequently, certain European countries such as Germany and Sweden consumed a considerable share of UV wood coatings in 2019.
There is a huge decline in demand in the APAC region due to a complete and partial lockdown in the region.
Industrial coatings are the biggest end-use industry in the UV curable coatings market.
In industrial coatings, wood coatings, plastic coatings, and paper coatings are the major segments.
Other segments of industrial coatings include resilient flooring and metal coatings. Wood coatings are the most consumed segment among all the other segments.
UV curable coatings are known for high gloss whilst offering excellent adhesion and abrasion resistance, so they are widely used for high-quality coatings in the parquet, wood, and furniture industry.
The APAC is the biggest and the fastest-growing market for UV curable coatings, consuming almost half of the total global volume in 2019.
Electronics and industrial coatings end-use segments drive the demand for high-performance coatings, which in turn is pushing the demand for UV curable coatings within the region.
APAC is the most promising market for coatings and is anticipated to be the same in the near future.
The significance of APAC in the chemical industry cannot be undervalued.
Its large developing middle-class population derives the demand for the industry and has led to continued industrialization and a rise in the manufacturing sector of the region.
