According to the new research report, "UV Coatings Market by Composition (Monomers, Oligomers, Photoinitiators & Others), Type (Wood, Plastic, Paper, Conformal, Display, OPV), End-User (Industrial Coatings, Electronics, Graphic Arts) & Geography - Trends and Forecasts to 2019", published by MarketsandMarkets, defines and segments the UV coatings market with analysis and forecasting of the consumption volume and value. This market is expected to reach $7,590.4 Million by 2019 from $4,594.6 million in 2014, at a CAGR of 10.6%. 2013 market value - $4,225.4 Million.
The Asia-Pacific - Biggest market of UV coatings
The Asia-Pacific is the most promising market for coatings and is anticipated to be the same in the near future. The Asia-Pacific is the largest UV coatings market, which consumed almost half of the total demand in 2013. The demand for UV coatings in the region is estimated to grow at a CAGR of about 9.9% from 2014 to 2019. It is projected that China and Japan were the biggest consumers of UV coatings in the region, followed by South Korea in 2013. The Chinese market for UV coatings is also the fastest growing market, which is primarily due to the growing manufacturing industry that is further pushing the demand for coatings, domestically. Also, the electronics and industrial coating end-use segments are driving the demand for high-performance coatings, which in turn is pushing the demand for UV coatings within the region. Intensified efforts of various regulatory authorities to promote environment-friendly products have led to innovation and developments in the industry, making it a strong hub and the most potential growth market for UV coatings.
Wood coatings-the biggest type segment and Industrial Coatings the biggest & the fastest growing end-use industry
UV coatings are majorly consumed by wood coatings, which were at the forefront in terms of volumetric consumption in 2013, mainly driven by the superior quality, low VOC, and rapidly increasing applications of these coatings in the wood & furniture industry. The demand of UV wood coatings is subjugated by China, followed by Germany, and the U.S. Due to the green nature of UV coatings and an extremely less curing time, it is seen as an incredibly attractive alternative by various end-user industries. Industrial coating is the biggest and the fastest growing end-user industry (being closely followed by electronics industry) of UV coatings, which is projected to grow at a CAGR of about 9.3% between 2014and 2019. In 2019, almost three-fourth of the demand addition in industrial coatings is projected to be by wood coatings segment. China is the biggest market for industrial coatings as an end user in the UV coatings market. Also the demand of plastic coatings for electronic parts & flooring is accelerating at a significant pace which is in turn pushing the demand for UV coatings by this end-user segment. The industrial coatings segment is dominant across the globe unlike electronics segment which is majorly in Asia-Pacific.
