Ultraviolet (UV) coatings are gaining increased preference over traditional solvent-based coatings owing to their environment-friendly nature and superior performance. UV coatings are thermosetting powder coatings used as protective, functional and decorative coatings for different materials such as plastics, wood, and metals. UV coatings are used across various applications including plastic, wood, metal, paper, and printing due to their ability to deliver high scratch and chemical resistance along with faster curing mechanism. UV coatings are particularly popular for applications in packaging industry where they are applied on cartons, cases, containers and labels to provide a protective layer and enhance product appeal.
The global UV coatings market is estimated to be valued at US$ 5911.32 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the market is primarily driven by increasing demand from the packaging industry. UV coatings find extensive usage on cartons, cases, cans, bottles and other packaging substrates used in food & beverage and consumer goods industries. Packaging manufactures prefer UV coatings for their ability to impart aesthetic look and protection against scratches and scuffs during transportation and storage. Furthermore, strict environmental regulations regarding VOCs emissions from conventional coatings has augmented demand for eco-friendly UV coatings. Developments in LED-curable UV coating technologies have expanded application scope of UV coatings and accelerated their acceptance over solvent-based alternatives in the packaging sector.
Segment Analysis
The global UV Coatings Value Market is dominated by the wood sub segment. Around 35% of the market share is dominated by the wood sub segment as UV coatings are widely used for coating wood furniture and other wooden products owing to its properties like durability, scratch resistance and weather resistance. These coatings provide an aesthetic look and protection from environmental elements.
Key Takeaways
The Global Uv Coatings Value Market Size Is expected to witness high growth over the forecast period of 2024 to 2031. The global UV coatings market is estimated to be valued at US$ 5911.32 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Regional analysis related content comprises- Asia Pacific region dominates the global UV coatings value market with around 40% share owing to presence of key players and end use industries in countries like China and India. The region is expected to witness highest growth during the forecast period.
Key players related content comprises- Key players operating in the UV Coatings Value Market are Cisco Systems, Inc., Huawei Technologies Co., Ltd., Juniper Networks, Inc., Arista Networks, Inc., Hewlett Packard Enterprise (HPE) Company, Dell Technologies Inc., Extreme Networks, Inc.,NETGEAR, Inc.,ZTE Corporation, D-Link Corporation, TP-Link Technologies Co., Ltd., Allied Telesis Holdings K.K.,Fortinet, Inc., Mellanox Technologies (now part of NVIDIA Corporation),H3C Technologies Co., Limited, Nokia Corporation, Arista Networks, Inc.,MikroTikls SIA,NEC Corporation, Ubiquiti Inc.
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