Global Ultraviolet (UV) Coatings Market Highlights over 2022 – 2031
The global ultraviolet (UV) coatings market is estimated to grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. UV coatings are protective coatings for wood, plastics, and paper, which are cured using UV radiations. The growth of the market can be attributed to the excellent coverage and light stability delivered by UV coatings. Moreover, advantageous features, such as, abrasion resistance, higher shine finish, very less drying time, and high clarity in coating, are estimated to raise the demand for UV coatings in the market. In addition to this, the growing consumption of coatings and enamels amongst the end-user industries, including, construction, electronics, printing, and others, is estimated to increase the demand for UV coatings. According to the statistics by the International Trade Center (ITC), the total export value of varnishes and enamels amounted around USD 14,161,245 thousand in 2020. Along with this, these coatings are environment friendly, as UV coatings are free of solvents, and do not emit any volatile organic compounds, which is estimated to propel the market growth.
The market is segmented by type into wood coatings, plastic coatings, varnish, display coatings, and others, out of which, the plastic coatings segment is anticipated to hold the notable share in the global ultraviolet (UV) coatings market over the forecast period on account of higher global consumption of plastics for various end-uses, such as, making furniture, electronics parts, interiors of automobiles, and others. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Ultraviolet (UV) Coatings Market Regional Synopsis
On the basis of geographical analysis, the global ultraviolet (UV) coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of presence of large chemical industry in the region. In fact, Asia Pacific region represented around 45% of global chemical manufacturing industry, in 2020. Moreover, the growing construction activities in the region, are further estimated to boost the market growth. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing construction activities, growing consumption of plastics, and adoption of new technologies in the region.
The global ultraviolet (UV) coatings market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global ultraviolet (UV) coatings market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing demand for coatings in construction industry to boost the market growth.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2031.
The major players in the market are PPG Industries, Inc., BASF SE, Akzo Nobel N.V., Carl Zeiss AG, Essilor International, Hoya Corporation, Koninklijke DSM N.V., Sherwin-Williams Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by composition, type, end-user, and by region.
The industrial segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Low price competitiveness is estimated to hamper the market growth.
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