The global UV curable coatings market is projected to grow at a significant rate over the forecast period. This growth can be attributed to the increasing demand for eco-friendly products and the rise in demand from the end-use industries such as automotive, electronics, and packaging. UV curable coatings offer numerous benefits over conventional coatings such as faster curing time, low VOC emissions, high durability, and scratch resistance. These factors have been driving the growth of the global UV curable coatings market.
According to the latest report by Market Research Future, the global UV curable coatings market is expected to reach a valuation of USD 8.75 billion by 2023, growing at a CAGR of 8.32% during the forecast period (2018-2023).
One of the major drivers for the UV curable coatings market is the increasing demand for eco-friendly products. UV curable coatings are free of solvents and emit low VOCs (volatile organic compounds) which make them environmentally friendly. This has led to an increase in demand for these coatings in various industries such as automotive, electronics, and packaging.
The automotive industry is one of the major end-users of UV curable coatings. These coatings are used in the manufacturing of automotive components such as bumpers, headlights, and wheels. UV curable coatings provide excellent scratch resistance, high durability, and better adhesion, making them an ideal choice for the automotive industry. The increasing demand for lightweight vehicles and the need for reducing CO2 emissions have further propelled the growth of the UV curable coatings market in the automotive industry.
The electronics industry is another major end-user of UV curable coatings. These coatings are used in the manufacturing of electronic components such as printed circuit boards, touch screens, and displays. UV curable coatings offer excellent adhesion, chemical resistance, and protection against moisture, making them an ideal choice for the electronics industry.
The packaging industry is also witnessing an increasing demand for UV curable coatings. These coatings are used in the packaging of various products such as food, cosmetics, and pharmaceuticals. UV curable coatings offer excellent gloss, scratch resistance, and printability, making them an ideal choice for the packaging industry.
North America is the largest market for UV curable coatings, followed by Europe and Asia Pacific. The presence of major automotive and electronics manufacturers in North America has led to an increase in demand for UV curable coatings in the region. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand from the automotive and electronics industries in countries such as China, Japan, and South Korea.
Some of the major players operating in the global UV curable coatings market include DSM, Allnex Belgium SA/NV, BASF SE, Royal DSM, The Valspar Corporation, Axalta Coating Systems, LLC, Dymax Corporation, Akzo Nobel N.V., PPG Industries, and Sherwin-Williams.
In conclusion, the global UV curable coatings market is expected to witness significant growth over the forecast period, driven by the increasing demand for eco-friendly products and the rise in demand from the automotive, electronics, and packaging industries. North America is currently the largest market for UV curable coatings, while the Asia Pacific market is expected to witness the highest CAGR during the forecast period.
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