Increased efforts of several authorities over rules and regulations to promote environment-friendly products have headed too many developments and innovations in the industry, making it a hub and the potential growing market for different end use sectors. UV coating is a process in which ultra violet radiations are used to promptly cure coatings. The growing and consumption for UV coatings is different in different regions. For e.g. APAC being the major region for the UV coatings market is majorly driven by the electronics industry demand owing to the growth in demand for electronics in the region. Likewise, North America is mainly driven with the demand form print and paper industry. In Europe, the demand is generated from wood coating, paper coating, and plastic coating. Thus the regional disparities over demand of UV coatings are high in UV coatings market.
The wood coatings is the dominant segment for UV coatings market. Bourgeoning demand from electronic products is driving the demand for UV coatings for display segment at a notable pace, which in turn is growing the global UV coatings market. The display segment is expected to be a promising segment in the near future.
UV Coatings Market: Drivers & Restraints
Rising use of environmental friendly products is the major driving force for the global UV coatings market. The key factors motivating this growing industry are identified as increasing environmental awareness driving the demand for green products, growth in demand of industrial wood coatings, growing electronics market etc. In addition, increasing prospects in diverse applications and prospective markets are also recognised as the major opportunities in the UV coatings market. Backward integration is one of the major tactics embraced by various industry leaders to endure their position in this highly competitive market. Also, there is an increasing demand of UV coatings for marketing and advertising purposes which is expected to be a promising opportunity in the near future.
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Some of the minor restraints in the global UV coatings market implies to be its high capital requirements and high power consumption. This factor is expected to impose a challenge to the global UV coatings market. Some other minor disadvantages with the UV coating process such as difficulty to lower the gloss in certain applications,& health hazards in controlling uncured coating are also likely to restrain the market growth globally.
UV Coatings Market: Segmentation
On the basis of Applications, the global UV coatings market is segmented as
- Graphic Arts
- Industrial Coatings
On the basis of type of composition the global UV coatings market is segmented as
- Multifunctional Acrylic Esters
- Polyester Acrylates
- Photo initiators
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On the basis of types of coating the global UV coatings market is segmented as
UV Coatings Market: Region-wise Outlook
The global UV coatings market is projected to register a constructive growth for the forecast period, 2015? 2025. Asia Pacific is estimated to sustain its control on the global UV coatings market. The key nations in the region are projected to be China and India as an effect of increasing wealth and rising demand for growing manufacturing industry that is promoting the demand for UV coatings, domestically. China is estimated to be the dominant in terms of revenue of the industry. North America and Europe are projected to follow Asia Pacific in global UV coatings market. Rest of the world is also expected to register a favourable growth in global UV coatings market.
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UV Coatings Market: Key Players
Some of the key market participants in global UV coatings market are AkzoNobel N.V, Royal DSM N.V., PPG Industries Inc., BASF SE, The Sherwin-Williams Company, The Valspar Corporation, Dymax Corporation, Eternal Chemical Co. Ltd., and DIC Corporation.