UV coatings market by Player, Region, Type, Application and Sales Channel 2019-2027

Over the forecast period, the worldwide UV coatings market is expected to be driven by rising environmental consciousness and a developing electronics industry. The increased demand for coatings from industrial applications is projected to benefit the worldwide UV coatings industry. Low operating costs are projected to have a direct impact on market growth. The global market is expected to benefit further from low to zero percent volatile organic compound emissions and enhanced qualities such as greater gloss finish and improved resilience. Graphic arts and industrial applications such as wood, plastic, conformal, display, and paper coatings are likely to supplement market growth. In the near future, market growth may be hampered by niche applications and low price competitiveness. 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.

The Asia Pacific area has a sizable regional UV coatings market. Rising demand for high-performance electronics coatings and manufacturing facilities is driving the regional market. China dominated the Asia Pacific market due to its increasing electronics industry, followed by Japan and South Korea. Asia Pacific is also predicted to have the highest growth in the U.V. coatings market throughout the forecast period. Rising demand for domestic and industrial applications such as wood, paper, and plastic coatings distinguishes the European market. In 2013, wood coating was the most prevalent application of UV coating in Europe, followed by high-growth applications such as plastic and paper coating. The North American market is distinguished by high demand for print varnish coating application, which is expected to grow significantly over the next six years.