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UV Coatings Market Analysis (2023 to 2033) (part 2)

FMI 2024-01-10 100

  Who is the Leading End User of UV Coatings?

  Growing Focus on Vehicle Aesthetics is Propelling UV Lacquer Coatings Sales in the Automotive Sector

  In terms of end users, the automotive segment is expected to account for a dominant share of the global UV coatings market. The demand for UV coatings for automotive industry is expected to rise with a CAGR of 5.9% during the forecast period. In the automotive industry, radiation curing technology is increasingly being used to coat a wide range of plastic substrates.

  Automakers are shifting from die-casting metals to plastics for automotive interiors, as the latter reduces the overall vehicle weight, which helps to reduce fuel consumption and CO2 emissions while also providing different aesthetic effects. This is expected to continue pushing sales in this segment over the forecast period.


  Start-ups in UV Coatings Market

  Start-ups have a significant role in recognizing growth prospects and driving industry expansion. Their effectiveness in converting inputs into outputs and adapting to market uncertainties is valuable. In the UV coatings market, several start-ups are engaged in manufacturing and providing related services.

  UVIS offers anti-microbial coatings that effectively prevent yeast, mold, noroviruses, and bacteria. It also provides a UVC disinfection module that uses light to eliminate germs from escalator handrails.

  Intuitive Coatings specializes in durable surface protection coatings. Their coatings are resistant to corrosion, UV, chemicals, abrasion, and temperature.

  Nano Activated Coatings Inc. (NAC) provides polymer-based nano-coatings with multi-functional properties.


  Competitive Landscape

  The market for UV Coatings is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.

  The key industry players are Arkema Group, BASF SE, Akzo Nobel NV, PPG Industries, Axalta Coating Systems LLC, The Valspar Corporation, The Sherwin-Williams Company, Croda International PLC, Dymax Corporation, Allnex Belgium SA/NV Ltd., Watson Coatings Inc.


  Some recent developments in the UV Coatings market are:

  In April 2021, Dymax Oligomers and Coatings partnered with Mechnano to develop UV-curable dispersions and masterbatches of Mechnano's functionalized carbon nanotube (CNT) for UV applications.

  Sherwin-Williams Company acquired Sika AG's European industrial coatings division in August 2021. The deal was set to be completed in Q1 2022, with the acquired business joining Sherwin-Williams' performance coatings group operating segment.

  PPG Industries Inc. acquired Tikkurila, a prominent Nordic paint and coatings company, in June 2021. Tikkurila specializes in environmentally friendly decorative products and high-quality industrial coatings.


  Key Segments Profiled in the UV Coatings Market Industry Survey

  By Composition:

  Monomer

  Oligomer

  Polyester

  Polyether

  Polyurethane

  Epoxy

  Photo Initiator

  Additives


  By Type:

  Water-Based

  Solvent-Based


  By End Use:

  Wood & Furniture

  Electronics

  Automotive

  Paper & Packaging

  Industrial Coatings

  Building & Construction


  By Region:

  North America

  Latin America

  Western Europe

  Eastern Europe

  South Asia and Pacific

  East Asia

  Middle East and Africa