International. A new report available through research firm MarketsandMarkets predicts that global demand for UV coatings will be worth about $7.6 billion in 2019, up from about $4.6 billion in 2014 and is growing at a CAGR of 10.6%.
The report further indicates that the market value in 2013 was approximately US$4.2 billion.
According to the study, Asia-Pacific is the most promising market for coatings and is anticipated to continue to do so in the near future. Asia-Pacific is the largest market as it consumed almost half of the total demand in 2013. Demand for this product in the region is estimated to grow at a CAGR of around 9.9% from 2014 to 2019.
The study indicates that China and Japan were the largest consumers of UV coatings in the region, followed by South Korea in 2013. The Chinese market for this product is also the fastest growing, and it is mainly due to the manufacturing industry that is pushing the demand for coatings domestically.
The electronics and end-use industrial coatings segments are driving demand for high-performance coatings, which in turn is driving demand for UV coatings within the region. Intensifying the efforts of various regulatory authorities to promote environmentally friendly products have led to innovation and evolution of the industry, making it a strong core and offers the greatest growth potential of this class of coatings.
