Global UV Coatings Market Is Estimated To Witness High Growth Owing To Rising Demand from Various Industries

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Global UV Coatings Market Is Estimated To Witness
High Growth Owing To Increasing Demand for
Sustainable and Eco-Friendly Coatings
The global UV Coatings market is estimated to
be valued at US 4,776.9 Mn in 2022 and is
expected to exhibit a CAGR of 7.42 over the
forecast period 2023-2030, as highlighted in a
new report published by Coherent Market
Insights. A) Market Overview UV coatings are
widely used in various industries such as
automotive, electronics, packaging, and
furniture, among others. These coatings provide
several advantages including enhanced durability,
scratch resistance, and resistance to chemicals
and weathering. UV coatings also offer a
sustainable and eco-friendly alternative to
traditional solvent-based coatings, thereby
reducing environmental impact. The increasing
demand for sustainable and eco-friendly coatings
is expected to drive the growth of the global UV
coatings market. B) Market Key Trends One key
trend in the global UV coatings market is the
growing adoption of UV LED technology. UV LED
technology offers several advantages over
traditional UV lamps, including reduced energy
consumption, longer service life, and instant
on/off capability. UV LED technology also enables
precise curing control, resulting in improved
productivity and higher quality coatings. For
instance, PPG Industries Inc. introduced a UV
LED primer for automotive original equipment
manufacturers (OEMs), which provides improved
adhesion and corrosion resistance. C) PEST
Analysis Political Governments around the
world are implementing regulations to reduce
volatile organic compound (VOC) emissions from
coatings. This is driving the adoption of UV
coatings, which have lower VOC content compared
to solvent-based coatings. Economic The growth
of end-use industries such as automotive and
electronics is fueling the demand for UV
coatings. The expanding middle-class population
and increasing disposable income in emerging
economies are also contributing to market growth.
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Social Rising awareness about the environmental
impact of traditional coatings is driving the
demand for sustainable and eco-friendly
alternatives. UV coatings provide a viable
solution by offering reduced VOC emissions and
improved durability. Technological
Advancements in UV LED technology are
revolutionizing the UV coatings market. UV
Coatings Market technology offers improved
energy efficiency, longer service life, and
enhanced control, making it an attractive option
for coating manufacturers. D) Key Takeaways 1
The global UV coatings market is expected to
witness high growth, exhibiting a CAGR of 7.42
over the forecast period, due to increasing
demand for sustainable and eco-friendly coatings.
Growing environmental concerns and regulations
regarding VOC emissions are driving the adoption
of UV coatings. 2 In terms of regional
analysis, Asia Pacific is the fastest-growing and
dominating region in the global UV coatings
market. The region has a strong presence of
automotive and electronics industries, which are
major consumers of UV coatings. The rising
disposable income and increasing urbanization in
the region further contribute to market growth.
3 Key players operating in the global UV
coatings market include BASF SE, Akzo Nobel N.V.,
Arkema Group, PPG Industries Inc., Axalta
Coating System LLC., The Valspar Corporation, The
Sherwin- Williams Company, Croda International
Plc., Watson Coatings, Inc., Allnex Belgium
SA/NV, Sokan New Materials, and Dymax
Corporation. These companies focus on strategic
initiatives such as mergers and acquisitions,
product launches, and collaborations to
strengthen their market position and expand
their product portfolio. In conclusion, the
global UV coatings market is witnessing high
growth driven by the increasing demand for
sustainable and eco-friendly coatings. The
adoption of UV LED technology and government
regulations on VOC emissions are also
contributing to market growth. Asia Pacific is
the fastest-growing region in the market, with
key players focusing on strategic initiatives to
gain a competitive advantage.