The global UV coatings market encompasses a wide range of products that are applied to various substrates to improve several properties like scratch resistance, antimicrobial properties, surface protection and appearance. UV coatings provide protection to graphical and product surfaces from natural weathering, UV degradation and abrasion. They impart surface protection and improve product life. These coatings offer various advantages like durability, efficiency, versatility and eco-friendliness. They are widely used across industries like printing, industrial coatings, electronics, wood and automotive sectors. The growing applications of UV coatings in the printing industry, especially flexography and packaging printing is a key driver for this market.
The global UV Coatings Market is estimated to be valued at US$ 5911.32 Bn in 2024 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:
Waterborne UV coatings are gaining popularity across industries due to their eco-friendly attributes. These coatings emit lower volatile organic compound (VOC) levels as compared to conventional solvent-borne UV coatings. They have low odor and are safe for operators as well as the environment. The stringent government regulations regarding VOC emissions are propelling the demand for waterborne UV coatings. These coatings offer performance similar to solvent-borne UV coatings and find wide usage in wood coatings, plastic coatings, and paper coating applications. Hence, the growth in waterborne UV coatings will be one of the defining trends in the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the UV coatings value market is moderate as it requires high initial investments to establish manufacturing facilities. However, there are low costs associated with scaled production.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, buyers prefer brands that provide superior film protection and durable finishes.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the presence of numerous raw material suppliers and lack of product differentiation.
Threat of new substitutes: The threat of new substitutes is moderate as alternative technologies like powder coatings are gaining popularity. However, UV coatings have better curing properties.
Competitive rivalry: The competitive rivalry is high among key players to gain market share through innovative product offerings, partnerships, and acquisitions.
Key Takeaways
The Global UV Coatings Value Market Size is expected to witness high growth over the forecast period. The global UV Coatings Market is estimated to be valued at US$ 5911.32 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Regional analysis – The Asia Pacific region accounts for over 35% of the global market share primarily driven by China, South Korea and India. This can be attributed to rapid industrialization and growth in automobile and wood industries in the region. The growing construction industry in China and India is also boosting the demand for UV coatings in this region.
Key players – 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
