UV curable coatings are gaining popularity in various industries due to their excellent properties such as rapid curing, high gloss, chemical resistance, and scratch resistance. The global UV curable coatings market is expected to witness significant growth in the coming years, owing to the increasing demand for eco-friendly and sustainable coating solutions. This article provides an overview of the UV curable coatings market, including its size, share, and forecast.
Market Overview: The global UV curable coatings market was valued at USD 4.21 billion in 2020 and is projected to reach USD 7.22 billion by 2028, growing at a CAGR of 7.1% during the forecast period (2021-2028). The market is driven by the increasing demand for eco-friendly coatings and the growing demand from the end-use industries, such as automotive, electronics, and printing.
By composition, the market is segmented into oligomers, monomers, photo-initiators, and others. The oligomers segment dominated the market in 2020 and is expected to continue its dominance during the forecast period.
By application, the market is segmented into coatings, inks, and adhesives. The coatings segment dominated the market in 2020 and is expected to continue its dominance during the forecast period.
By end-use industry, the market is segmented into automotive, electronics, printing, and others. The automotive industry dominated the market in 2020 and is expected to continue its dominance during the forecast period.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region dominated the market in 2020 and is expected to continue its dominance during the forecast period.
Key Players: The key players operating in the UV curable coatings market include Akzo Nobel N.V., BASF SE, PPG Industries, Inc., Sherwin-Williams Company, The Dow Chemical Company, Allnex Netherlands B.V., Royal DSM N.V., Axalta Coating Systems, LLC, Dymax Corporation, and Covestro AG.
Conclusion: The global UV curable coatings market is expected to witness significant growth in the coming years, driven by the increasing demand for eco-friendly and sustainable coating solutions. The oligomers segment dominated the market in 2020, while the coatings segment dominated the application segment. The automotive industry dominated the end-use industry segment, while the Asia Pacific region dominated the market by region. The key players operating in the market include Akzo Nobel N.V., BASF SE, PPG Industries, Inc., Sherwin-Williams Company, The Dow Chemical Company, Allnex Netherlands B.V., Royal DSM N.V., Axalta Coating Systems, LLC, Dymax Corporation, and Covestro AG.
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