July 24, 2024
UV Coatings Value Market

UV Coatings Value Market is estimated to Witness High Growth Owing To Growing Popularity

The UV Coatings Value Market is estimated to be valued at US$ 5131.35 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

UV coatings are used in various applications owing to their good adhesion properties, chemical resistance, abrasion resistance and environmental friendliness. They are used in wood floors, graphic arts, optical lenses, cosmetics packaging and food packaging among others. UV coatings offer immediate cure, high gloss and durable finish and eliminate the need for baking.

Market key trends: –

One of the major trends in the UV coatings Value Market is growing popularity in food packaging applications. UV coatings provide excellent protection to food from external elements such as moisture, oxygen and microbial growth. They are safe for direct food contact and do not require heat curing process thereby preserving the nutritional value, flavor and integrity of packaged food. They can be applied on both rigid and flexible substrates such as paper, paperboard, plastic films and glass bottles. This is expected to drive the demand of UV coatings significantly in the food industry over the forecast period.

Porter’s Analysis: –

  • Threat of new entrants: – The threat of new entrants is low to medium due to high capital requirement and established brand presence of existing players.
  • Bargaining power of buyers: – The bargaining power of buyers is high due to availability of substitute products.
  • Bargaining power of suppliers: – The bargaining power of suppliers is medium given the availability of raw material alternatives.
  • Threat of new substitutes: – The threat of substitutes is medium with the emergence of new coating technologies.
  • Competitive rivalry: – Competition in the market is intense.

SWOT Analysis: –

  • Strength: – Wide application base across various end-use industries and eco-friendly nature are the key strengths.
  • Weakness: – High production cost and stringent environmental regulations pertaining to VOC emissions pose major challenges.
  • Opportunity: – Growing demand from Asia Pacific due to rapid industrialization offers promising growth opportunities.
  • Threats: – Volatility in raw material prices and trade tariffs can impede the market expansion.

Key Takeaways: –

The Global UV Coatings Value Market Growth is expected to witness high, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from wood flooring and furniture industries. Asia Pacific dominates the global market and is expected to maintain its lead over the forecast period, owing to rapid industrialization and infrastructure development in China, India, and Southeast Asian countries. Key players 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.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it