UV curable coatings are polymer coatings that are cured using ultraviolet light. These coatings offer superior performance characteristics such as excellent scratch resistance, high gloss, and fast curing time, making them an ideal choice for a variety of applications. The global UV curable coatings market is expected to grow at a CAGR of 8.2% during the forecast period (2021-2028), driven by the growing demand from end-use industries such as automotive, electronics, and packaging.
Key Players
Some of the major players operating in the UV curable coatings market include DSM, Allnex, BASF SE, AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, Axalta Coating Systems LLC, The Dow Chemical Company, and others. These companies are investing in research and development activities to launch new and innovative products in the market.
Growth Drivers
The growth of the UV curable coatings market can be attributed to several factors. Firstly, the growing demand from the automotive industry for high-performance coatings that offer excellent resistance to abrasion, chemicals, and weathering is expected to drive market growth. UV curable coatings are used in the automotive industry for applications such as exterior body coatings, interior trim, and under-the-hood components.
Secondly, the increasing adoption of UV curable coatings in the electronics industry is also expected to fuel market growth. UV curable coatings are used in the electronics industry for applications such as printed circuit boards, LCD displays, and touchscreens. These coatings offer superior performance characteristics such as excellent adhesion, scratch resistance, and protection against moisture and other environmental factors.
Thirdly, the growing demand for eco-friendly and sustainable coatings is also expected to drive market growth. UV curable coatings are environmentally friendly as they do not contain solvents and emit low levels of volatile organic compounds (VOCs). This makes them a preferred choice for applications such as food packaging, where stringent regulations are in place to limit the use of harmful chemicals.
Challenges
Despite the growth drivers, the UV curable coatings market faces some challenges. One of the major challenges is the high cost of UV curable coatings compared to conventional coatings. This is due to the high cost of raw materials and the specialized equipment required for the curing process. As a result, the adoption of UV curable coatings is limited to high-value applications such as automotive and electronics.
Another challenge is the limited availability of skilled personnel to operate and maintain the specialized equipment used for the curing process. This has led to a shortage of skilled workers in the UV curable coatings industry, which is hindering market growth.
Conclusion
In conclusion, the UV curable coatings market is expected to grow at a steady rate during the forecast period. The growth is driven by the increasing demand from end-use industries such as automotive, electronics, and packaging. However, the high cost of UV curable coatings and the shortage of skilled workers in the industry are some of the challenges that need to be addressed to drive market growth. The key players in the market are investing in research and development activities to launch new and innovative products to meet the growing demand for UV curable coatings.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Knox Market Research journalist was involved in the writing and production of this article.
