UV Coatings Market Size

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.