A recently released report by Fairfield highlights the transformative growth of the UV-curable coatings market, underpinned by global environmental consciousness and technological advancements.
Read More: fairfieldmarketresearch.com/report/uv-curab..
Key Findings:
The UV-curable coatings market was estimated between US$6-7 Bn in 2021.
The market is set to grow at a significant CAGR of over 11%.
The Asia Pacific region is anticipated to hold the majority of the market share, with China and Japan leading the demand.
Stricter environmental regulations are driving market expansion opportunities.
Driving Forces:
Environmental Consciousness: The rise of green coatings is reshaping the industry. UV-curable coatings, renowned for their eco-friendly nature and high performance, are set to dominate the market, especially in Europe and North America, due to stringent environmental standards.
Application Expansion: From factories to field applications, UV-curable coatings are expanding their reach, touching areas such as concrete floor coatings, wood coatings, and more.
Post-COVID-19 Recovery: Despite the initial slowdown due to the pandemic, the UV-curable coatings market has shown robust signs of recovery since 2021.
Challenges:
High costs remain a challenge. Although Europe and North America have embraced the benefits of UV-curable coatings, regions like Asia Pacific and Middle East are slower to adopt due to cost factors and less strict emission norms.
Growth Avenues:
The Asia Pacific, spearheaded by China and Japan, is poised to dominate the UV-curable coatings scene. Factors such as China's burgeoning aviation sector and India's ambitious plan to build around 100 airports by 2032 are expected to skyrocket the demand for UV-curable coatings.
On the global front, companies like PPG Industries Inc., Royal DSM N.V., BASF SE, Akzo Nobel N.V., and Dymax Corporation are leading the charge, with a strong focus on innovation and strategic partnerships.
Our Blog:
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