UV curable coatings are gaining popularity in recent years due to their eco-friendliness, low VOC emissions, and high efficiency. These coatings are widely used in various applications such as automotive, electronics, packaging, and others. As the awareness about the harmful effects of traditional coatings on the environment increases, the demand for eco-friendly UV curable coatings is also rising. This article will discuss the rising demand for eco-friendly UV curable coatings and its impact on the market.
Market Overview: According to a recent market research report, the global UV curable coatings market is expected to grow at a CAGR of 9.8% from 2021 to 2028. The market is driven by the increasing demand for eco-friendly coatings, growing demand from end-use industries such as automotive and electronics, and technological advancements in UV curable coatings.
Eco-Friendly UV Curable Coatings: Eco-friendly UV curable coatings are gaining popularity due to their low VOC emissions and reduced environmental impact. These coatings do not contain harmful solvents or chemicals that can harm the environment or human health. They also provide better scratch resistance, chemical resistance, and durability compared to traditional coatings.
Impact of COVID-19: The COVID-19 pandemic has impacted the global economy, including the UV curable coatings market. The pandemic has led to a decline in demand from various end-use industries such as automotive and electronics. However, the demand for eco-friendly UV curable coatings has remained steady due to the increasing awareness about the environment and health.
Regional Analysis: The Asia-Pacific region is the largest market for UV curable coatings, accounting for more than 50% of the global market share. The region is driven by the growing demand from end-use industries such as automotive, electronics, and packaging. North America and Europe are also significant markets for UV curable coatings due to the increasing demand for eco-friendly coatings.
Key Players: The key players in the UV curable coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF SE, DSM, PPG Industries, Inc., Sherwin-Williams Company, and The Valspar Corporation, among others. These companies are focusing on product innovation, strategic collaborations, and acquisitions to strengthen their market position.
Conclusion: The rising demand for eco-friendly UV curable coatings is driving the growth of the UV curable coatings market. The increasing awareness about the environment and health, along with the technological advancements in UV curable coatings, is expected to drive the market further. The key players in the market are focusing on product innovation and strategic collaborations to gain a competitive advantage.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Market Insight Lab journalist was involved in the writing and production of this article.