APEJ is projected to be a relatively high growth regional market in the global UV coatings market during the forecast period
The APEJ UV coatings market was estimated to be valued at more than US$ 1,000 Mn by the end of 2016 and is projected to expand at a CAGR of 9.2% to reach more than US$ 2,000 Mn by the end of 2026. The APEJ market is projected to represent incremental $ opportunity of more than US$ 1,500 Mn between 2016 and 2026. The incremental $ opportunity in the region can be attributed to the increasing production of electronics and semiconductor goods, as well as growth of the automotive sector in China and India. China is expected to be the key country in the APEJ UV coatings market and is likely to account for maximum value and volume share over the forecast period. APEJ was estimated to account for more than 30% of the total market value share by the end of 2016 and is expected to increase to more than 45% by the end of the forecast period. This regional market is anticipated to gain more than 1000 BPS by the end of 2026.
China is expected to be the most attractive country in the APEJ UV coatings market over the forecast period
China has been the leading country in Asia in terms of usage of radiation-cured technology. This industry has been impacted by the Chinese government’s resolve to reduce VOC emissions and sanitise the environment from fog dispersed by manufacturers using radiation-cured technologies. In September 2013, the State Council released the Air Pollution Prevention and Treatment Action Plan to monitor air pollution treatment in the near future. A specific measure in this policy categorically pertains to VOC regulations, thereby impacting the use of radiation-cured technology in China.
Aggressive implementations are being done, with local governments pursuing the shutdown of factories not meeting these regulatory standards. Due to these developments, research and development departments of radiation-cured technology users and coatings companies have been working to achieve technological success in the form of compliance with the new regulations. In the case of India, specific regulations with regard to the application of UV cured coatings for food packaging could be expected in the near future. However, currently, as compared to China, there is a deficiency of stringent regulations in India, especially environmental regulations, which could have promoted the use of UV cured coatings even further.
Growth of the printing industry in APEJ – particularly in China – likely to create robust development in the global UV coatings market
The printing industry in APEJ has witnessed a robust growth since the last few years with the advent of flexographic and 3D printing for applications such as advertising, labelling, packaging, and literature publications. Due to high-quality finishing and surface protection, UV cured coatings are used on a large scale in the APEJ printing and packaging industry. The use of UV cured printing inks has gained traction as an additive for new substrate types such as ceramic and introduction of metallic effect inks in gravure printing. All these factors are creating a positive impact on the APEJ UV coatings market.
UV coatings have been preferred in the wood and furniture industry in APEJ as a medium of coating over the last four decades. The product has several advantages over conventional coating material such as low VOC emissions and fast radiation curing technology to provide a smooth surface finish and prolonged durability of the product. With the robust growth of the wood and furniture market in recent times, the UV coatings market in APEJ is expected to benefit from the same. The growth of the residential sector in Asia Pacific is also expected to provide traction in the demand for furniture and wood furnishing items thus employing the use of UV-based coatings.
UV curable coatings have witnessed fast development in recent years all over the world, especially in APEJ. One of the important reasons for the growth of UV coatings is improving the environmental situation worldwide. UV radiations completely convert wet coatings into 100% solids. Hence it does not release VOC into the environment. These coatings are listed as environment-friendly coatings by various government and non-government organisations.
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