Green coatings are the new riding wave in the coating industry. The coatings that are environment friendly and help reduce pollution during any of its stages are known as green coatings. These coatings are usually expensive in comparison to the other paints and coatings available in the market; however, at the same time, they are advantageous and show higher/comparable performance properties than the conventional toxic paints. Increasing environment regulations and norms especially in Europe and North America, have resulted in the growing popularity of green coatings in the coating industry. The global UV curable coatings market size is expected to grow from USD 6.5 billion in 2020 to USD 11.4 billion by 2025, projecting a CAGR of 12.0% during the forecast period between 2020 and 2025.
Companies operating in the UV curable coatings market have strengthened their position in the global UV curable coatings market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global electronics, industrial coatings, graphic arts industries affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for UV curable coatings.
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The APAC is the biggest and the fastest-growing market for UV curable coatings, consuming almost half of the total global volume in 2019. Electronics and industrial coatings end-use segments drive the demand for high-performance coatings, which in turn is pushing the demand for UV curable coatings within the region. APAC is the most promising market for coatings and is anticipated to be the same in the near future. The significance of APAC in the chemical industry cannot be undervalued. Its large developing middle-class population derives the demand for the industry and has led to continued industrialization and a rise in the manufacturing sector of the region.
1. In September 2020, AkzoNobel acquired Stahl Performance Powder Coatings and its range of products for heat-sensitive substrates. The acquisition accelerated AkzoNobel’s low curing technology that the company expects would open up new market opportunities.
2. In February 2020, Hexagon Purus received the first contract from a major US hydrogen fuel supplier to provide hydrogen transport modules in the US. The purchased transport modules are composed of Hexagon’s proprietary, lightweight, Type 4, 500 bar pressure vessels.
Royal DSM N.V. (Netherlands), PPG Industries Inc. (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), and The Sherwin-Williams Company (US), Axalta Coatings System (US), Dymax Corporation (US), Eternal Chemical Co. Ltd. (Taiwan), DIC Corporation (Japan), and Croda International Plc (UK), are some of the key players in the UV curable coatings market. The companies such as Akzo Nobel N.V., and Axalta Coatings System are focusing on new product development.
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