Increasing environmental awareness coupled with the growing electronics industry is projected to drive the global UV coatings market over the forecast period. The surge in coatings demand from industrial applications is expected to positively influence the global UV coatings market. Low operational cost is expected to have a direct impact on overall market growth. Minimum to zero percent volatile organic compounds emission and superior characteristics, such as higher gloss finish and improved resistance, are presumed to further aid the global market. Growing graphic arts & industrial applications, such as wood, plastic, conformal, display, and paper coatings, are expected to complement the market growth. Niche applications and low price competitiveness may hamper market growth in the upcoming future. Newer low capacity markets coupled with wider and greener UV coatings applications offer promising opportunities to the market participants over the forecast period. Intensified efforts promoting environmentally friendly products have resulted in increased innovations and are expected to open ample opportunities for market development. R&D and innovations, such as bio-based U.V. coatings, are expected to play a critical role in widening the global UV coatings market application scope.
Asia Pacific is a major regional UV coatings market. The regional market is fueled by the increasing high-performance electronics coating demand and manufacturing facilities. China dominated Asia Pacific market on account of the growing electronics industry, followed by Japan and South Korea. Asia Pacific is also expected to witness the highest U.V. coatings market growth over the forecast period. European market is characterized by increasing domestic and industrial applications demand, such as wood, paper, and plastic coatings. The wood coating was the major application of UV coating in Europe, followed by high growth applications such as plastic and paper coating in 2013. North American market is characterized by over print varnish coating application demand and is expected to witness significant growth over the next six years.
Backward integration and complete value chain control account as critical steps to consolidate and develop the global market. Prominent UV coatings market participants include Akzonobel N.V., BASF SE, Royal DSM N.V., The Valspar Corporation, PPG Industries Inc., DIC Corporation, Axalta Coatings Systems, and Dymax Corporation, among others.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.