A comprehensive study on the global UV-curable coatings market has unveiled compelling insights pointing towards an optimistic trajectory for the market over the forecast period. The rising environmental consciousness coupled with increased demand from newer application areas places the UV-curable coatings sector in a favourable position.
Read More: https://www.fairfieldmarketresearch.com/report/uv-curable-coatings-market
Key Highlights:
- The market valuation for UV-curable coatings was pinned between US$6-7 Bn in 2021.
- A strong Compound Annual Growth Rate (CAGR) of over 11% is projected.
- Asia Pacific emerges as the dominant player, with a majority of the market share expected in the coming years.
- End-use industries are predicted to significantly fuel the growth of the market.
- The green coatings trend, an environmentally-conscious response, is catalysing the demand for UV-curable coatings.
The market faced setbacks due to the COVID-19 pandemic, primarily because of the imposed lockdowns which hindered the progression of several industries, including the UV-curable coatings domain. However, 2021 has been pivotal for recovery, with signs of resurgence prominent due to heightened demand from end-use industries.
Challenges & Opportunities:
While the UV-curable coatings market basks in its potential, challenges such as high costs and slower adoption in regions like Asia Pacific and Middle Eastern countries persist. High capital expenditure associated with equipment updates remains a barrier for local manufacturers.
However, Asia Pacific, notably China and Japan, remains a beacon of hope for the UV-curable coatings industry. The rising industrialisation, growth in manufacturing sectors and increasing emphasis on eco-friendly products are pushing the envelope for this market in the region.
The aviation sector in both China and India, with their ambitious plans to build numerous airports in the upcoming years, is another factor that is set to escalate the demand for UV-cured coatings.
Industry Landscape:
Notable market players steering the UV-curable coatings landscape include PPG Industries Inc., Royal DSM N.V., Eternal Chemical Co. Ltd., BASF SE, DIC Corporation, and many more. These trailblazers are strategizing their moves through product launches, collaborations, acquisitions, and forging robust alliances to maintain their edge.
Our Blog:
https://www.xamly.com/uv-curable-coatings-market-trends-growth-and-forecast-2023-2030/
https://hackmd.io/@E4v1isUnROG4-prBVaQQGw/ryiFapeR2
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Comments