UV Curable Coatings Market likely to reach beyond USD 11.4 Billion by 2025 at a CAGR of 12.0%

 The report "UV Curable Coatings Market size is expected to grow from USD 6.5 billion in 2020 to USD 11.4 billion by 2025, projecting a CAGR of 12.0% during the forecast period between 2020 and 2025. Green coatings are the new riding wave in the coating industry. The coatings that are environment friendly and help reduce pollution during any of its stages are known as green coatings. These coatings are usually expensive in comparison to the other paints and coatings available in the market; however, at the same time, they are advantageous and show higher/comparable performance properties than the conventional toxic paints. Increasing environment regulations and norms especially in Europe and North America, have resulted in the growing popularity of green coatings in the coating industry. 

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Browse 117 market tables and 46 figures spread through 164 slides and in-depth TOC on "UV Curable Coatings Market”

Impact of COVID-19 on global UV curable coatings market

UV curable coatings are used across the industrial, electronics, and graphics art sectors, where the impact of COVID-19 has been high. Lockdowns imposed in various countries have impacted various sectors, which has played a major role in the decline of the UV coatings market. Delayed upcoming projects have also affected the growth of the UV coatings market in 2020. Most advertising has switched to a digital mode; thus, UV coatings would take some time to regain their market. However, it is expected that the market will start recovering from 2021 due to the increasing demand from end-use industries. The lockdown delayed upcoming projects, which also affected the growth of the UV curable coatings market in 2020. 

Industrial coatings industry dominates the market in the global UV curable coatings market during the forecast period in terms of value and volume.

The industrial coatings is the biggest end use industry in the UV curable coatings market. In industrial coatings, wood coatings, plastic coatings, and paper coatings are the major segments. Other segments of industrial coatings include resilient flooring and metal coatings. Wood coatings are the most consumed segment among all the other segments. UV curable coatings are known for high gloss whilst offering excellent adhesion and abrasion resistance, so they are widely used for high-quality coatings in the parquet, wood, and furniture industry.

https://www.prnewswire.com/news-releases/uv-curable-coatings-market-worth-11-4-billion-by-2025--exclusive-report-by-marketsandmarkets-301189228.html

APAC is expected to account for the largest market share in the UV curable coatings market during the forecast period.

The APAC is the biggest and the fastest-growing market for UV curable coatings, consuming almost half of the total global volume in 2019. Electronics and industrial coatings end-use segments drive the demand for high-performance coatings, which in turn is pushing the demand for UV curable coatings within the region. APAC is the most promising market for coatings and is anticipated to be the same in the near future. The significance of APAC in the chemical industry cannot be undervalued. Its large developing middle-class population derives the demand for the industry and has led to continued industrialization and a rise in the manufacturing sector of the region.

Royal DSM N.V. (Netherlands), PPG Industries Inc. (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin-Williams Company (US), Axalta Coatings System (US), Dymax Corporation (US), Eternal Chemical Co. Ltd. (Taiwan), DIC Corporation (Japan), and Croda International Plc (UK), are some of the key players in the UV curable coatings market. These players have taken different organic and inorganic developmental strategies over the past five years.    

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