The global UV Coatings market is forecast to reach USD 16.32 Billion by 2027, according to a new report by Reports and Data. The growing electronics industry globally addresses the increasing complexities and compliance and customization requirements. Smart manufacturing helps manufacturers achieve better efficiency in terms of output and cost by providing high levels of flexibility in the physical process.
Rising disposable income & changing lifestyles in developing countries will also drive the market. Per capita, disposable incomes exhibit low volatility in developed countries because of a spike in double-income households. It has directly boosted consumer purchasing power. The affordability of high-end products has also increased in developing countries and rising environmental awareness among consumer groups.
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The COVID-19 impact:
The COVID-19 pandemic has led to the economic slowdown and halted the operations of numerous enterprises as well as manufacturing facilities. Moreover, the inadequate supply of raw materials and scarcity of labor workforce owing to the disease outbreak are estimated to result in alterations in the growth of UV Coatings market in the subsequent years. Antiviral Nano Coatings, a specified part related to UV coatings is what is capturing the market.
Further key findings from the report suggest
- The UV LED curing technology utilizes in the wood coatings industry for edge coatings, roller coatings, and digital printing. UV LED technology has drastically reduced energy consumption and significantly reduces work-piece surface temperature.
- UV LED fiber curing system offers multiple benefits for curing coatings on all types of fiber and wires, which even include optical fiber, electrical and structural wire, and threads for smart fabrics.
- The manufacturing processes make use of the benefits of UV coatings. The applications range from manual curing of the adhesives used during sub-component assembly for quick coatings of the finished products’ coatings and colorings.
- UV curable coatings is used for a variety of properties like polymeric surfaces, including glare reduction, wear or scratch resistance, anti-fogging, microbial resistance, and chemical resistance.
- Asia Pacific is a primary regional UV coatings market. The regional market is fueled by the increasingly high-performance electronics coatings demand and manufacturing facilities. China dominated the Asia Pacific market on account of the growing electronics industry, followed by Japan and South Korea.
- The European market is characterized by increasing domestic and industrial applications demand, such as wood, paper, and plastic coatings. The wood coatings was the major application of UV coatings in Europe, followed by high growth applications such as plastic and paper coatings.
- The chemical curing method emits volatile organic compounds that are harmful to the environment and human health. UV curing of the coatings is a photomechanical method of curing. Hence it does not involve any organic compounds in the curing process.
- Key participants include Akzonobel N.V, Royal DSM N.V, PPG Industries Inc, BASF SE, Sherwin-Williams Company, Valspar Corporation, Axalta Coatings Systems, Dymax Corporation, Eternal Chemical Co. Ltd and DIC Corporation, among others.
Source: Reports and Data
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