DALLAS, TX – A new report available through research firm MarketsandMarkets predicts global demand for UV coatings will be worth approximately $7.6 billion by 2019, up from approximately $4.6 billion in 2014 and growing at a CAGR of 10.6%. The study reports value for the market in 2013 was approximately $4.2 billion.
According to the study, Asia-Pacific is the most promising market for coatings and is anticipated to continue into the near future. Asia-Pacific is the largest UV coatings market, which consumed almost half of the total demand in 2013. The demand for UV coatings in the region is estimated to grow at a CAGR of about 9.9% from 2014 to 2019. It is estimated that China and Japan were the biggest consumers of UV coatings in the region, followed by South Korea, in 2013. The Chinese market for UV coatings is also the fastest-growing market, which is primarily due to the growing manufacturing industry that is pushing the demand for coatings domestically. The electronics and industrial coating end-use segments are driving demand for high-performance coatings, which in turn is pushing demand for UV coatings within the region. Intensified efforts of various regulatory authorities to promote environment-friendly products have led to innovation and developments in the industry, making it a strong hub and offering the most potential growth for UV coatings.
For additional information about the report, UV Coatings Market by Composition (Monomers, Oligomers, Photoinitiators & Others), Type (Wood, Plastic, Paper, Conformal, Display, OPV), End-User (Industrial Coatings, Electronics, Graphic Arts) & Geography - Trends and Forecasts to 2019, visit www.marketsandmarkets.com.