The global UV curable coatings market has been growing rapidly in recent years due to the increasing demand for environmentally friendly coatings and the advantages of UV curing technology. UV curable coatings are a type of coating that is cured by exposure to UV light, resulting in a high-quality, durable finish. This report will provide an overview of the competitive landscape and future outlook of the UV curable coatings market.
Competitive Landscape:
The UV curable coatings market is highly competitive, with a large number of players operating in the market. Some of the major players in the market include BASF SE, DSM NV, Allnex Belgium SA/NV, and The Dow Chemical Company. These companies are focusing on expanding their product portfolios and increasing their market presence through strategic acquisitions and partnerships.
BASF SE is one of the leading players in the UV curable coatings market. The company offers a wide range of UV curable coatings for various applications, including wood coatings, graphic arts, and automotive coatings. In 2020, BASF SE acquired the Pigments business of Solvay SA, which strengthened its position in the coatings market.
DSM NV is another major player in the UV curable coatings market. The company offers a range of UV curable coatings for various applications, including automotive coatings, packaging, and printing inks. In 2020, DSM NV acquired the 3D printing company, Clariant, which expanded its presence in the 3D printing market.
Allnex Belgium SA/NV is a leading supplier of resins and additives for the coatings industry. The company offers a range of UV curable coatings for various applications, including wood coatings, graphic arts, and metal coatings. In 2020, Allnex acquired the coating resins business of Cytec Industries Inc., which expanded its presence in the coatings market.
The Dow Chemical Company is a leading manufacturer of chemicals and materials. The company offers a range of UV curable coatings for various applications, including wood coatings, graphic arts, and metal coatings. In 2020, Dow Chemicals completed its merger with DuPont, which expanded its presence in the coatings market.
Future Outlook:
The global UV curable coatings market is expected to grow at a CAGR of 7.3% during the forecast period (2021-2026). The increasing demand for environmentally friendly coatings and the advantages of UV curing technology are expected to drive the growth of the market.
The automotive industry is one of the major end-users of UV curable coatings. The increasing demand for lightweight and fuel-efficient vehicles is expected to drive the growth of the market. The construction industry is also expected to drive the growth of the market, as UV curable coatings are used for various applications, including flooring, wall coatings, and roofing.
The Asia-Pacific region is expected to dominate the UV curable coatings market during the forecast period. The increasing demand for UV curable coatings in the region can be attributed to the growing construction and automotive industries in countries such as China, India, and Japan.
In conclusion, the global UV curable coatings market is highly competitive, with a large number of players operating in the market. The market is expected to grow at a significant rate during the forecast period, driven by the increasing demand for environmentally friendly coatings and the advantages of UV curing technology. The Asia-Pacific region is expected to dominate the market, driven by the growing construction and automotive industries in the region.
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