A new comprehensive study reveals encouraging growth in the UV-curable coatings market, driven by rising global environmental awareness and expanded application areas.

Read More: https://www.fairfieldmarketresearch.com/report/uv-curable-coatings-market

The recent analysis of the global UV-curable coatings market, conducted by Fairfield, underpins the remarkable progress the sector has seen in recent years, thanks to its increasing number of applications across diverse industries. Urbanisation and globalisation are significantly influencing the uptrend in the demand for products and services integrated with UV-curable coatings.

Key Highlights:

Valuation: The market valuation for UV-curable coatings stood at an impressive US$6-7 billion in 2021.
Growth Projection: The sector is poised to grow at an attractive CAGR of over 11%.
Regional Insights: Asia Pacific is expected to command the majority market share during the forecast period, with China and Japan being the top users of UV-cured coatings.
Driving Forces: Enhanced environmental regulations, especially in Europe and North America, and the increasing popularity of green coatings are among the major propellers for the market.
Despite the global challenges presented by the COVID-19 pandemic, which initially curtailed the growth of the UV-curable coatings sector due to lockdown measures, the market showed significant signs of recovery in 2021. The shift has been largely influenced by a rebound in demand from end-use industries.

However, the market does face its set of challenges. The higher costs associated with UV-curable coatings, particularly in regions like Asia Pacific and the Middle East, are a significant hurdle to wider adoption. The reluctance stems from non-compliance with emission standards and a general lack of understanding of the product's advantages.

Regional Opportunities: Asia Pacific, already a dominant player in the UV-curable coatings landscape, is predicted to further consolidate its position, thanks to its expanding industrial and electronic coatings sectors. The commitment to constructing multiple airports in nations like China and India in the upcoming years also augments the demand for UV-cured coatings used in aviation.

"Asia Pacific's growing influence on the global chemical sector, primarily driven by its burgeoning middle-class population and rapid industrialisation, is expected to substantially elevate the demand for UV-cured coatings," notes the report.

Notable Market Players: The global UV-curable coatings landscape is graced by some industry titans such as PPG Industries Inc., Royal DSM N.V., BASF SE, DIC Corporation, Akzo Nobel N.V., and Croda International Plc, among others. The competitive spirit of the market has these players heavily investing in innovations, partnerships, and alliances to establish their supremacy.

For more in-depth insights and detailed market metrics, interested parties are advised to refer to Fairfield's comprehensive market analysis report.

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