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Ultraviolet (UV) Coatings Market size was valued at USD 4.24 billion in 2023 and is projected to exceed USD 8.3 billion by 2036, expanding at over 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of UV coatings is evaluated at USD 4.42 billion. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.3% |
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Base Year Market Size (2023) |
USD 4.24 billion |
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Forecast Year Market Size (2036) |
USD 8.3 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
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By Composition |
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By Type |
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By End User |
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APAC Market Statistics
On the basis of geographical analysis, the global ultraviolet coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is poised to account for largest revenue share by 2036, led by 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.
January, 2022: Dymax to join hands with, WESCO Sales Group, Inc., to expand the sale of rapid curing materials and equipment, across the globe.
September, 2020: AkzoNobel announced the complete acquisition of Stahl Performance Powder Coatings, to expand its range of products to heat sensitive substrates.
Author Credits: Rajrani Baghel
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