Market Overview

The UV-cured coatings market is expected to register a CAGR of above 7% during the forecast period. The major factors driving the market’s growth include the increasing demand for wood finishing. However, the high initial costs of equipment and difficulty in finishing complex 3D objects are some of the factors restraining the market’s growth.

  • The shifting focus towards adoption of UV powder coatings is likely to provide growth opportunities for the market studied during the forecast period.
  • The Asia-Pacific region is expected to dominate the market, mainly due to the high demand for UV-curable coatings in China and Japan.



Key Market Trends

The Automotive Industry is expected to Drive the Market’s Growth

  • The demand for UV-cured coatings is increasing significantly, primarily from the automotive industry. These coatings, owing to their superior physical durability, are highly suitable for applications in the automotive industry.
  • These coatings are used in various parts of vehicles, such as forward lightings, exterior plastic parts, and sheet molding compound (SMC) body panels. Furthermore, UV-cured clearcoats are used in the automotive industry.
  • Thus, the automotive industry’s growth and innovation and development in the field of automotive coatings are expected to drive the demand for UV-cured coatings, primarily for automotive applications.
  • Though the production of automotive decline in 2018, by 1.1%, factors, such as increasing investments in the automotive industry, primarily to increase production, continuous efforts of the automakers to develop and launch new cars, and efforts towards development and promotion of electric vehicles, are likely to drive the automotive industry’s growth.
  • Therefore, the aforementioned factors are likely to augment the demand for UV-cured coatings over the forecast period.



Asia-Pacific to Dominate the Market

  • The Asia-Pacific region accounted for the major market share in 2018, primarily due to the increasing demand from industries, such as automotive and aerospace.
  • China and Japan are the primary consumers of UV-cured coatings. Currently, UV-cured coatings are witnessing low demand from the Indian market. However, their consumption is expected to increase significantly in the near future.
  • Furthermore, countries, such as South Korea and Taiwan, consume low volumes of UV-cured coatings. However, the production rate is significantly high.
  • In this region, stringent regulations formulated by authorities, in order to promote eco-friendly products, are expected to lead to further innovation and developments in the industry.
  • China emerged as the world’s largest automotive producer. However, in 2018, the country witnessed about 4.16% decline in the production of vehicles. The performance of the Chinese automotive industry was affected by the economic shifts and China’s?? trade war with the United States.
  • However, the Chinese government is majorly focusing on increasing the production and sale of electric vehicles in the country. Thus, the country is planning to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. Such trends are expected to drive the Chinese automotive industry’s growth during the forecast period.
  • Furthermore, China has one of the fastest-growing aviation industries in the world, with a consistent increase in passenger traffic, at about 6.6% per year. Thus, the country is planning to construct numerous airports in the next five years. This is expected to drive the demand for commercial jets. This, in turn, is expected to drive the demand for UV-cured coatings, for application in jets.
  • Similarly, the Indian government is planning to construct about 100 airports in the country by 2032. This is further likely to drive the demand for commercial jets.
  • Japan is one of the largest producers of aircraft. Japan is mainly manufacturing the F-35A next-generation fighter jet and other military aircraft. Furthermore, it is focusing on strengthening the foundation of the aerospace industry. The production of commercial aircraft has been increasing from the past couple of years, owing to the increasing demand for cargo.
  • Hence, all the aforementioned factors are expected to drive the demand for UV-cured coatings in the region during the forecast period.



Competitive Landscape

The UV-cured coatings market is fragmented, where numerous players account for insignificant share of the market. This is expected to impact the market’s dynamics. Some of the major market players include AkzoNobel, PPG Industries, Nippon Paints, Dymax Corp., and The Sherwin-Williams Company, among others.

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