Enjoy complimentary customisation on priority with our Enterprise License!
The ultraviolet (UV) -cured powder coatings market size is forecast to increase by USD 2.61 billion, at a CAGR of 7.67% between 2023 and 2028. The market growth analysis depends on several factors, including the increased use of UV-cured powder coatings on MDF, the cost and time advantages of UV-cured powder coatings, and the stringent government regulations to reduce harmful emissions.
The report includes a comprehensive outlook on the Ultraviolet -cured Powder Coatings Market, offering forecasts for the industry segmented by Application, which comprises furniture, transportation, healthcare, and others. Additionally, it categorizes Type into epoxy, epoxy polyester hybrid, and others, and covers Regions, including APAC, Europe, North America, Middle East and Africa, and South America. The market research report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
An effective and innovative finishing technique that is frequently used to cover surfaces, including metal, plastic, and wood, is UV-cured powder coating. It can also be applied to heat-sensitive substrates.
To Know more about the Market Report Request Free Sample
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Stringent government regulations to reduce harmful emissions is the key factor driving market growth. Traditional adhesives and coatings, when treated with heat for the curing process, release high levels of hydrocarbons into the atmosphere. Thus, the use of such traditional coating substances is regulated by strict government rules and norms to reduce the emission of VOCs and HAPs. In addition, laws such as the Solvent Emission Directive (SED) also focus on minimizing the emission of VOCs into the atmosphere. Such norms directly drive the growth of the global ultraviolet -cured powder coatings market.
Additionally, Ultraviolet (UV)-growth analysis also includes the growing consumer awareness about the negative effects of wood coatings due to the large amount of VOC released by solvent-borne coating systems has increased the adoption of UV-cured powder coatings across the world. Therefore, government initiatives and increased awareness regarding the effects of traditional coatings will lead to the growth of the global UV-cured powder coatings market during the forecast period.
Growing focus on sustainability is the primary trend shaping market growth. The increasing emphasis on sustainability by manufacturers and end-users is anticipated to drive the demand for UV-cured powder coating in the upcoming years, as per market trends and analysis. Various regulations and policies implemented by manufacturers and agencies to mitigate harmful effects throughout the production, consumption, and recycling stages of UV-cured powder coating further ultraviolet -cured powder coatings market growth. Recognized as environmentally friendly due to their non-emission of harmful particles during production and consumption, UV-cured coatings are gaining favor among consumers inclined towards green products.
Furthermore, manufacturers who focus more on producing green products will have a more competitive advantage. The growing focus on sustainability is also likely to attract more funding and FDIs to manufacture and promote UV-cured coatings and create more growth opportunities in the global UV-cured powder coatings market during the forecast period.
The easy availability of substitutes is a challenge that affects market growth. A large number of substitutes are available for UV-cured powder coatings in the market. Some of the key substitutes for UV-cured powder coatings include polyurethane coatings, silicone coatings, alkyd coatings, polyester coatings, vinyl ester coatings, and fluoropolymer-based coatings. The strong demand for these substitute products, especially epoxy coatings and polyurethane coatings, is expected to hinder UV -cured powder coatings market growth.
Further, the increasing preference for polyurethane-based waterborne coatings among end-users, such as the automotive and consumer goods industries, is another key challenge to market growth. These coatings also offer good wet-color matching and pigment wetting, as well as superior color retention properties. They also provide better stone-chip resistance as they enhance coating elasticity. Hence, such factors may impede market growth during the forecast period.
The market share growth by the furniture segment will be significant during the forecast period. UV-cured powder coatings are cost-effective and provide a clean and high-quality finish on wooden substrates. The wooden substrate that needs to be coated is placed on a conveyor belt, and the powder is electrostatically sprayed on it. Once the first layer of coating is done, it is baked at a temperature ranging from 90 degrees Celsius to 140 degrees Celsius. The benefits offered by UV-cured powder coatings, such as environment-friendly nature, low VOC emissions, higher durability, and attractive finish will propel the growth of the global UV -cured powder coatings market.
Get a glance at the market contribution of the End User segment Request Free Sample
The furniture segment accounted for USD 2.25 billion in 2018. Furthermore, the wood and furniture industry in developed and developing countries is experiencing growth owing to the increase in the standard of living. Additionally, medium-density fiberboard (MDF), one of the readily available by-products of the wood industry, is a commonly used substrate of UV-cured powder coating. This will simultaneously promote the growth of the global UV-cured powder coatings market. Such cost advantages offered by ultraviolet -cured powder coatings will help the market in focus grow during the forecast period.
Epoxy resin is highly durable and operationally efficient. Therefore, it is mainly used to coat metals and MDF-based products. It is widely used in transportation, building materials, and industrial coating applications. UV-cured epoxy powder coating is highly used in MDF for applications in furniture, store fixtures, and cabinetries. In addition, UV-cured epoxy powder coating also protects metals from rusting and corrosion and offers scratch resistance. It gives an excellent gloss finish to the product. Furthermore, it does not release any VOC and HAP emissions. Thus, such factors will help the epoxy segment grow in the global ultraviolet (UV) -cured powder coatings market at a healthy rate during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
China, Japan, and India are the major revenue generators for the UV-cured powder coatings market, mainly due to the booming electronics and transportation sectors in these countries. The growing demand for UV-cured powder coatings market from the industrial coating, appliances, and building materials application segments will contribute significantly to the market in APAC. Furthermore, the stringent government norms and policies that aim at reducing the emissions from hydrocarbons and other similar pollutants have increased the dependency on UV-cured powder coatings in the recent past.
Additionally, established market players are trying to expand their production capacity in countries such as China, Japan, and India using the economies of scale strategy. They are favored by the cheap labor cost and favorable government policies in the region. It is expected that this region will attract more market players within the next few years and project a high potential for increased government funding and FDIs in manufacturing UV -cured powder coatings.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Alberdingk Boley GmbH, Allnex GMBH, Arkema Group, Axalta Coating Systems Ltd., BASF SE, Covestro AG, Engineering and Chemical India Pvt. Ltd., Eternal Materials Co. Ltd., Hitachi Ltd., Keyland Polymer Material Sciences LLC, Koninklijke DSM NV, Mitsubishi Chemical Group Corp., Miwon Specialty Chemical Co. Ltd., Orkla ASA, PPG Industries Inc., The Sherwin Williams Co., Toagosei Co. Ltd., and Wanhua Chemical Group Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market analysis and report forecasts market research and growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends from 2018-2028.
UV-cured Powder Coatings Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.67% |
Market Growth 2024-2028 |
USD 2.61 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.49 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, Germany, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Alberdingk Boley GmbH, Allnex GMBH, Arkema Group, Axalta Coating Systems Ltd., BASF SE, Covestro AG, Engineering and Chemical India Pvt. Ltd., Eternal Materials Co. Ltd., Hitachi Ltd., Keyland Polymer Material Sciences LLC, Koninklijke DSM NV, Mitsubishi Chemical Group Corp., Miwon Specialty Chemical Co. Ltd., Orkla ASA, PPG Industries Inc., The Sherwin Williams Co., Toagosei Co. Ltd., and Wanhua Chemical Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.