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The UV-cured powder coatings market size has the potential to grow by USD 471.86 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by resin type (epoxy, epoxy-polyester hybrid, and others), application (furniture, transportation, healthcare, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Akzo Nobel NV, Allnex Netherlands BV, Axalta Coating Systems Ltd., BASF SE, Keyland Polymer Material Sciences LLC, Koninklijke DSM NV, Orkla ASA, PPG Industries Inc., The Sherwin-Williams Co., and Toagosei Co. Ltd.
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The UV-cured powder coatings market is fragmented. The leading vendors constantly compete based on innovations, product launch, mergers and acquisitions, and capacity expansions to retain their market share and dominance in the market. Constant R&D activities will also promote market growth as they increase the number of emerging applications of UV-cured powder coatings. Akzo Nobel NV, Allnex Netherlands BV, and Axalta Coating Systems Ltd. are some of the major market participants. Although the increased use of UV-cured powder coatings on MDF will offer immense growth opportunities, the introduction of natural wood coating applications will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this UV-cured powder coatings market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this UV-cured powder coatings market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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APAC was the largest UV cured powder coatings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The booming electronics and transportation sectors will significantly drive UV-cured powder coatings market growth in this region over the forecast period.
48% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for UV-cured powder coatings in APAC. Market growth in this region will be faster than the growth of the market in regions.
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UV-cured epoxy powder coating is widely used in MDF for applications in furniture, store fixtures, and cabinetries. It experiences high demand from such industrial coating applications due to its faster cure time, high durability, chemical resistance property, and easy applicability on a variety of substrates. 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. Also, it does not release any VOC and HAP emissions. Such factors will help the global UV-cured epoxy powder coatings segment grow at a healthy growth rate during the forecast period.
However, market growth in the epoxy segment will be slower than the growth of the market in the epoxy-polyester hybrid segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the UV-cured powder coatings market size.
This increased use of UV-cured powder coatings in MDF will be one of the primary growth drivers for the UV-cured powder coatings market during the forecast period. MDF is an engineered wood product manufactured by combining wood fiber and resin. Various water-borne and solvent-borne MDF coatings are extensively used in powder coatings owing to the high durability, reliability, and faster setting time of UV-cured powder coatings. This has encouraged the vendors and end-users of MDF to prefer UV-cured powder coatings over conventional coating products.
Furthermore, the growing introduction of new products by UV-cured powder manufacturers is one of the key UV-cured powder coatings market trends. Vendors in the market are focusing on integrating improved technologies and investing heavily in the R&D activities to offer differentiated product offerings. Consequently, the increased use of UV-cured powder coatings in MDF coupled with the advances in technology and product launches by leading vendors will drive the market to register a CAGR of almost 8% during the forecast period.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Resin type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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