TAGS: UV/EB Technology Wood Coatings Industrial Coatings
The global UV curable coatings market is expected to grow from USD 6.5 billion in 2020 to USD 11.4 billion by 2025, at a CAGR of 12.0% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in the number natural and fuel cell electric vehicles are expected to drive the market.
Monomers - Major Share in Terms of Volume
Monomers accounts for the largest share of the overall market, in terms of volume. The monomers are non-flammable materials with low volatility and low odor. Monomers generally can have one to as many as six UV curable groups, and the number of functional groups will determine the properties the monomer will bring to the UV formulation.
These monomers are low viscous materials, most commonly esters of acrylic acid, and simple multifunctional or monofunctional polyols. Monomers are usually selected based on acrylic functional groups attached to it. However, due to pandemic COVID-19, the sales of UV curable coatings decreased due to disturbance in supply chain. This demand would surge with recovery in the electronics, industrial coatings, and graphic arts industries.
Wood Coatings - Largest Market Share in Terms of Value and Volume
The wood coatings segment is at the forefront with the highest consumption of UV curable coatings globally owing to the rapidly increasing applications of these coatings in the wood & furniture industry.
China is the largest consumer of wood coatings. Subsequently, certain European countries such as Germany and Sweden consumed a considerable share of UV wood coatings in 2019. There is a huge decline in demand in the APAC region due to a complete and partial lockdown in the region.
The industrial coatings is the biggest end use industry in the UV curable coatings market. In industrial coatings, wood coatings, plastic coatings, and paper coatings are the major segments. Other segments of industrial coatings include resilient flooring and metal coatings.
Wood coatings are the most consumed segment among all the other segments. UV curable coatings are known for high gloss whilst offering excellent adhesion and abrasion resistance, so they are widely used for high-quality coatings in the parquet, wood, and furniture industry.
Source: MarketsandMarkets™