The global UV curable coatings market is slated to witness considerable growth through 2032, driven by a strong demand from the global consumer electronics sector. UV curing is extensively used throughout electronic applications for gasketing and sealing, component marking, adhesive bonding, masking, potting, conformal coating, and encapsulating.
The industry outlook is also slated to be shaped by a growing demand from the manufacturing sector. The smudge and wear and tear resistance properties of such coatings provide a professional finish with high quality. Additionally, they also offer high clarity, which makes them ideal for photographic images, and printing, favoring product adoption.
The global UV curable coatings market landscape is divided into segments such as resin, technology, application, and regional landscape.
Based on resin, the industry is categorized into urethanes acrylates, polyesters acrylates, epoxy acrylates, and others. Moreover, the others segment (amino acrylates, vinyl, silicones) is expected to surpass a USD 1.8 billion valuation by 2032.
Silicone coatings can withstand moisture damage, have long lifespan, and do not degrade easily, which is likely to augment the segment expansion. Likewise, the affordability, customizability, corrosion-resistance, and insulating properties, of vinyl coatings is also likely to simulate segment outlook.
On the basis of technology, the industry is bifurcated into solvent-borne and water-borne. Amongst them, the solvent-borne segment is slated to depict considerable growth as solvent-based coatings can tolerate unfavorable weather during the curing process and cure much quicker. In addition, their gloss finishes have a higher sheen, which greatly works towards driving consumer demand.
With regards to the application spectrum, the industry is classified into electronics, automotive & transit, graphic art & printing inks, furniture & woodworking, others, and architectural & building. Among these, the others segment is slated to witness strong growth through 2023 - 2032. The others segment includes color-coding optical fibers and aircraft surface paints. They prevent the decomposition of fibers caused due to metal coating, cable gels, and other reasons.
From the regional perspective, the market is divided into Asia Pacific, North America, MEA, Europe, and LATAM. The Europe UV curable coatings market is expected to register considerable gains by 2032, owing to the tightening emission standards in the region.
UV curable coatings as regarded eco-friendly as they do not use any toxic elements in the final product, which greatly favors their adoption in the region. Initiatives like the European Green Deal which strives to reduce emissions by at least 55% by 2030 to make Europe a climate-neutral continent may also fuel regional growth.