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UV Coatings Market Analysis (2023 to 2033) (part 1)

 　The global UV coatings market is expected to attain a valuation of US$ 4,065.94 million in 2023 and is projected to reach US$ 6,780 million by 2033, rising at a CAGR of 5.2% during the forecast period.

　　FMI presents a half-yearly comparison analysis and review about UV coatings market growth outlook. The market of UV coatings has been subjected to certain array of industrial and innovation factors including electronic industrial growth, innovative coating applications in construction sector and in automotive, investments in the field of nanotechnology, etc.

　　The growth trend in the market of UV coatings remains highly uneven owing to higher demand from the end use sectors in India and China as compare to other developed nations. Certain key developments in the market of UV coatings includes mergers and acquisitions and new product launch along with geographical expansions, these are also preferred growth strategies of some key manufacturers to gain access to the untapped market.

　　Significant growth in the building and construction sector, especially in the developing countries, substantial demand for electronic products, adaptation of efficient coatings in automotive industry are expected to remain key growth driving sectors for the hike in the market growth outlook. Despite these positive prospects of the market, the market is further subjected to certain challenges like, technological gap, higher pricing of the final product, and fluctuations of raw material pricing.

　　How will the High Demand for Refinish Coatings Impact Sales of UV Coatings?

　　Demand for refinished coatings is expected to be higher than OEM coatings as they reduce the scope of wear and tear caused by trauma and harsh climatic conditions. The fast-curing time and durability associated with UV-based refinished coating make it a preferred choice as a primary material.

　　According to Future Market Insights, the global refinished coatings market is expected to witness a CAGR of over 5.1% in terms of volume during the period 2023 to 2033 and is considered to be the primary driver of the automotive coatings market.

　　What Is the Demand Outlook in the China UV Coatings Market?

　　Automakers in China Prefer UV Resistant Paints and Coatings for Better Finish

　　As per FMI, China is projected to account for nearly 25.2% of the total market share in 2023, creating an incremental opportunity of above US$ 836.5 million in 2033. The demand for UV coatings in the region is expected to grow with a CAGR of 5.4% during the forecast period.

　　UV coatings manufacturers in China are investing in innovation and the development of new UV-curable coatings by using technologies that reduce the emissions of volatile organic compounds, which is expected to drive sales in the market.

　　In addition to this, the presence of a vast automotive industry in China is expected to fuel the growth in the market. Surging demand for UV-resistant paints and coatings in the country will continue pushing sales over the assessment period.

　　Why is the United States UV Coatings Market Witnessing High Demand?

　　Expansion of the Residential Sector will Boost Sales of UV Resistant Clear Coat for Wood

　　The United States is projected to account for approximately 90.4% of the North American UV coatings market in 2033. In 2022, the market grew by 3.8% year-on-year, reaching a valuation of US$ 668.0 million.

　　The presence of prominent manufacturers of advanced coatings and paints like PPG Industries and Sherwin-Williams Company in the USA is expected to propel sales in the market. Moreover, the increasing use of UV coatings in the automotive, industrial coatings, and building & construction industries is expected to bolster the growth in the USA market.

　　Why is the Japan UV Coatings Market Considered Lucrative?

　　Demand for Clear Coat UV Protection Will Remain High in Japan

　　As per FMI, sales in Japan are projected to account for 20.4% of the East Asia UV coatings market share by 2033. Manufacturers in the country are investing in research and development for the production of UV coatings that can sustain higher voltages and are more energy efficient.

　　The country is also home to some of the top players in the global UV coatings market. This is expected to propel sales at a 5.5% CAGR over the assessment period, reaching US$ 312.4 million by 2033.

　　Why are the Sales of Monomers Rising within the UV Coatings Market?

　　Increasing Applications in the Paper & Printing Industry Will Spur Demand for Matte UV Coatings

　　Sales of monomers are expected to grow at a 4.8% CAGR over the forecast period of 2023 to 2033. VMOX (vinyl methyl oxazolidinone) is a new vinyl monomer that is specifically tailored for the use of UV coatings and ink applications in the paper & printing industry such as UV.

　　When compared to conventional reactive diluents, monomer offers various advantages such as high reactivity, very low viscosity, good color brilliance, and low odor. Owing to these factors, sales of monomers are projected to reach US$ 2,140 million in 2033.