[FURL=https://www.industryarc.com/Research/UV-Cured-Coatings-Market-Research-503202?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]UV-Cured Coatings Market[/FURL] size is expected to reach a value of US$11.6 billion by the end of the year 2026 and is set to grow at a CAGR of 12.4% during the forecast period from 2021-2026. The increase in demand from the automobile industry for coatings such as plastic coatings in various parts of vehicles such as exterior parts, forward lightings and sheet molding compound (SMC) body panels is hugely driving the growth of UV-cured coatings market.Key Takeaways
Asia-Pacific market held the largest share in the UV-cured coatings market due to the increase in demand for industrial coatings from various industries like automobile and aerospace in countries like India, China, Japan and South-Korea.
UV-coatings are eco-friendly since they are not made with volatile organic compounds (VOC), and the increasing awareness to adapt eco-friendly products is driving the UV-cured coatings market.
The various properties offered by UV-cured coatings such as scratch resistance, stain resistance, scuff resistance and gloss enhancement are increasing the demand for UV-cured coatings market.
Amid the Covid-19 pandemic the UV coatings market faced a lot of challenges in terms of production, marketing and supply chain management, which lead to huge losses. It is however set to improve in the coming months of 2021.
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UV-Cured Coatings Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 42% in the UV-cured coatings market in the year 2020. The increase in the growth of the electrical and electronics industry is driving the UV-cured coatings market in countries like India, China, Japan and South Korea. For instance, According to China Household Electrical Appliances Association, the electrical home appliance segment of China posted a revenue of US $ 146.942 billion in September 2020. UV-cured coatings are used for adhesive bonding, assembly, component marking, gasketing, coating, insulating and sealing in electronic products. And the increased production of electronics is increasing the demand for UV-cured coatings in the Asia-Pacific region.
UV-Cured Coatings Market Drivers
Increase in the electric vehicles production
Growing awareness about pollution control and government regulations
UV-Cured Coatings Industry Outlook
Major players in the UV-Cured Coatings Market include Dymax Corporation, Nippon Paints, Alberdingk Boley GmbH, PPG Industries, Tagosei Co. Ltd., Hitachi Chemical Co. Ltd., Covestro AG, Allnex Belgium SA/NV, Eternal Chemical Co. Ltd., Miwon Specialty Chemical Co. Ltd., BASF SE among others.
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