Green coatings are the new riding wave in the coating industry. The coatings that are environment friendly and help reduce pollution during any of its stages are known as green coatings. These coatings are usually expensive in comparison to the other paints and coatings available in the market; however, at the same time, they are advantageous and show higher/comparable performance properties than the conventional toxic paints. Increasing environment regulations and norms especially in Europe and North America, have resulted in the growing popularity of green coatings in the coating industry. The global UV curable coatings market size is expected to grow from USD 6.5 billion in 2020 to USD 11.4 billion by 2025, projecting a CAGR of 12.0% during the forecast period between 2020 and 2025.
Companies operating in the UV curable coatings market have strengthened their position in the global UV curable coatings market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global electronics, industrial coatings, graphic arts industries affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for UV curable coatings.
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Royal DSM N.V. (Netherlands), PPG Industries Inc. (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), and The Sherwin-Williams Company (US), Axalta Coatings System (US), Dymax Corporation (US), Eternal Chemical Co. Ltd. (Taiwan), DIC Corporation (Japan), and Croda International Plc (UK), are some of the key players in the UV curable coatings market. The companies such as Akzo Nobel N.V., and Axalta Coatings System are focusing on new product development.
UV Curable Coatings Market By Composition (Monomers, Oligomers), Type (Wood Coatings, Plastic Coatings, Overprint Varnish, Display Coatings), End-Use Industry (Industrial Coatings, Electronics, Graphic Arts), Region - Global Forecast To 2025
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