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Global UV Curable Coatings Market - Outlook and Forecast 2021-2026
The market size of UV curable coatings was valued at USD 6.62 billion in 2020 and is projected to reach USD 10.75 billion by 2026, with a compound annual growth rate (CAGR) of 8.40% during the period from 2021 to 2026.
With increasing environmental concerns and the emphasis on sustainable development, UV curable technology is expected to gain significant importance and witness considerable investment in research and development. The Asia-Pacific (APAC) countries, driven by rapid urbanization and the growing middle-class population, are anticipated to exhibit strong demand for UV curable adhesive coatings across various end markets such as packaging, automotive, electronics, and wood.
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USD 6.6 billion in 2019
Component, End-Use, and Geography
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UV coatings have long been a well-established and proven technology in the automotive coatings sector. The future outlook for UV curing in the automotive industry is highly promising, as its applications continue to expand with the introduction of new coatings and solutions. The growing automotive industry in APAC’s emerging economies is expected to drive the demand for UV curable coatings in this sector.
The UV curable coating market offers immense potential and a promising scope due to its numerous advantages over conventional coating solutions. The photoinitiators segment within the global UV curable coatings industry is expected to witness rapid growth. In addition, the global market for automotive UV curable coatings is projected to grow at a CAGR of approximately 8% during the forecast period.
Upcoming end-user segments for UV curable coatings include electronics assemblies, electric vehicle batteries, low-migration formulations for food packaging, commercial printing, labels and packaging, and pre-coated substrates. These sectors hold significant opportunities for the application of UV curable coatings and are expected to contribute to the market’s growth.
The market is segmented based on various factors, including component, end-use, and geography.
Market Segmentation by Component
Pigment, Filler, and Additives
Market Segmentation by End-Use
Paper and Packaging
Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Russia
APAC – China, Japan, India, South Korea, Indonesia
Latin America – Brazil, Mexico
Middle East & Africa – South Africa, Saudi Arabia, UAE
Oligomers, which are moderately low molecular weight resins in the UV curable coatings industry, play a significant role in determining the overall properties of coatings, inks, and adhesives. The demand for UV curable coatings is primarily driven by major industries such as flexible packaging, consumer coatings, and automotive. The market for oligomers in the UV-cured coatings industry is projected to reach USD 1497.32 million by 2026.
Various industries extensively utilize UV curable coatings, including automotive, wood, electronics, aerospace, paper and packaging, and printing and graphic arts. Among these, the electronic industry is emerging as a key sector due to technological advancements, the growth of the electric car industry, and the widespread use of Printed Circuit Boards (PCBs) in electronic devices. These factors contribute to the increased consumption of UV curing coatings in the electronics industry.
The global market for UV curable wooden coatings is expected to witness steady growth. Factors such as the rising demand for environmentally-friendly coatings, renovation and remodeling activities, and increasing demands from both emerging and established economies drive the growth of the UV curable wooden coatings market.
Among all regions, the Asia-Pacific (APAC) region leads in the consumption of UV curable coatings, followed by North America and Europe. The APAC market for UV curable coatings is anticipated to maintain a Compound Annual Growth Rate (CAGR) of over 8% during the forecast period. In APAC, China stands as the largest consumer of UV wood coatings. Key end-user markets such as flexible packaging, paper packaging, wood finishing, automotive, electronics, and printing drive the adoption of UV curing technology in the APAC region.
Europe is a major global manufacturer of automobiles. The use of UV curable coatings in applications such as headlamps, sheet molding, and plastics is integral to the European automotive industry. As a result, the UV curable coatings market in Europe presents significant opportunities for players to expand and grow.
The UV curable coatings market exhibits a high level of fragmentation, with dominant players operating across all regions. Prominent competitors such as BASF SE, Sherwin-Williams Company, PPG Industries, DIC Corporation, AkzoNobel, Axalta Coating Systems, Royal DSM NV, and others are actively engaged in global operations alongside numerous local players. Investment in research and development will play a pivotal role in the growth of manufacturing companies in the upcoming years. As of 2021, the global UV curable coatings market is experiencing steady growth, and with the implementation of various strategic initiatives by market players, the market is expected to continue its upward trajectory throughout the forecast period.
Key companies profiled in this report include Royal DSM NV, AkzoNobel, BASF SE, PPG Industries, Sherwin-Williams, DYMAX Corp., Nippon Paints, Cardinal Paint, Axalta Coating Systems, Ltd., Jainco Industry Chemicals, The Protech Group, Eternal Chemical Co. Ltd, DIC Corporation, Master Bond Inc.
Key Questions Answered
What is the market size of UV curable coatings?
The market for UV curable coatings is projected to reach USD 10,751.64 million by 2026.
How has COVID-19 impacted the radiation-cured coatings market?
COVID-19 has presented significant opportunities within healthcare packaging, thereby benefiting the UV curable coatings sector.
Who are the major players in the global UV curable coatings market?
The key players in the global UV curable coatings market include Royal DSM NV, AkzoNobel, BASF SE, PPG Industries, and Sherwin-Williams.
What are the current trends in the UV-cured coatings market?
Increasing awareness for environmentally-friendly products and the use of UV-cured coatings in wood applications are among the latest trends in the UV-cured coatings market.
Which region exhibits the highest growth rate in the UV curable coatings industry?
The Asia-Pacific (APAC) region demonstrates the highest growth rate in the UV curable coatings industry.
What are the primary end-use segments in the UV curable coatings industry?
The primary end-use segments in the UV curable coatings industry include wood, electronics, automotive, printing/graphic art, paper and packaging, and others.