Increasing Demand of Wood Finishing to Boost the UV Coatings Market Growth

 

UV Coatings
UV Coatings Market

UV Coatings Market Resin Type (Epoxy, Polyester, Urethane, and Other Resin Types), Application (Automotive, Printing Ink, Metal, Wood, Aerospace, and Other Applications), and By Regions (Asia Pacific, North America, Eastern Europe, Latin America, Western Europe, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023– 2030

The global UV Coatings Market is estimated to be valued at US$ 5.5 billion in 2022 and is expected to exhibit a CAGR of 7.5 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

UV coating is a clear component that is used on wet paper, and suddenly dried by UV light. Various kinds of components are utilized to coat paper; Ultraviolet coating chemicals consist polyethylene, calcium carbonate and kaolinite. UV coatings can be utilized to provide a variety of features to polymeric surfaces, such as glare oxidation, wear or scratch resistivity, anti-fogging, microbial resistivity, chemical resistivity.

Competitive Landscape:

Key players involved in the growth of global UV Market are Dymax Corp., kzoNobel, Nippon Paints, PPG Industries, and The Sherwin-Williams Company.

Market Key Drivers:

Rising demand for wood finishing is expected to boost the growth of the global UV Market. For instance, as per FAO In 2018, the global sawnwood production was valued at 493 million m³.

The growth in the automotive industry is projected to propel the growth of global UV Coatings Market. For instance, as per facts and figures the growth of automotive industry was valued at US$ 2.86 trillion in 2021.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global UV Coatings Market. The surge in pandemic has led to the strict lockdown and shutdown policies. The disruption in supply chain and halt in the supply of raw materials has affected the growth of coatings. The closure of manufacturing and production units and lack of labor has impeded the market growth.

Key Takeaways:

The global UV Market is expected to exhibit a CAGR of 7.5 % during the forecast period owing to rising printing industry. For instance, the printing industry was valued at US$ 41.75 billion in 2021.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global UV Coatings Market owing to the rise in automotive, aerospace, printing and wood industry, increasing R&D, rising approvals and launches. For instance, as per a published report the Indian government is aiming to construct around 100 airports by 2032.

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