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The ultraviolet (UV) -cured powder coatings market size is forecast to increase by USD 2.61 billion, at a CAGR of 7.67% between 2023 and 2028. The market growth analysis depends on several factors, including the increased use of UV-cured powder coatings on MDF, the cost and time advantages of UV-cured powder coatings, and the stringent government regulations to reduce harmful emissions.
The report includes a comprehensive outlook on the Ultraviolet -cured Powder Coatings Market, offering forecasts for the industry segmented by Application, which comprises furniture, transportation, healthcare, and others. Additionally, it categorizes Type into epoxy, epoxy polyester hybrid, and others, and covers Regions, including APAC, Europe, North America, Middle East and Africa, and South America. The market research report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
An effective and innovative finishing technique that is frequently used to cover surfaces, including metal, plastic, and wood, is UV-cured powder coating. It can also be applied to heat-sensitive substrates.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Stringent government regulations to reduce harmful emissions is the key factor driving market growth. Traditional adhesives and coatings, when treated with heat for the curing process, release high levels of hydrocarbons into the atmosphere. Thus, the use of such traditional coating substances is regulated by strict government rules and norms to reduce the emission of VOCs and HAPs. In addition, laws such as the Solvent Emission Directive (SED) also focus on minimizing the emission of VOCs into the atmosphere. Such norms directly drive the growth of the global ultraviolet -cured powder coatings market.
Additionally, Ultraviolet (UV)-growth analysis also includes the growing consumer awareness about the negative effects of wood coatings due to the large amount of VOC released by solvent-borne coating systems has increased the adoption of UV-cured powder coatings across the world. Therefore, government initiatives and increased awareness regarding the effects of traditional coatings will lead to the growth of the global UV-cured powder coatings market during the forecast period.
Growing focus on sustainability is the primary trend shaping market growth. The increasing emphasis on sustainability by manufacturers and end-users is anticipated to drive the demand for UV-cured powder coating in the upcoming years, as per market trends and analysis. Various regulations and policies implemented by manufacturers and agencies to mitigate harmful effects throughout the production, consumption, and recycling stages of UV-cured powder coating further ultraviolet -cured powder coatings market growth. Recognized as environmentally friendly due to their non-emission of harmful particles during production and consumption, UV-cured coatings are gaining favor among consumers inclined towards green products.
Furthermore, manufacturers who focus more on producing green products will have a more competitive advantage. The growing focus on sustainability is also likely to attract more funding and FDIs to manufacture and promote UV-cured coatings and create more growth opportunities in the global UV-cured powder coatings market during the forecast period.
The easy availability of substitutes is a challenge that affects market growth. A large number of substitutes are available for UV-cured powder coatings in the market. Some of the key substitutes for UV-cured powder coatings include polyurethane coatings, silicone coatings, alkyd coatings, polyester coatings, vinyl ester coatings, and fluoropolymer-based coatings. The strong demand for these substitute products, especially epoxy coatings and polyurethane coatings, is expected to hinder UV -cured powder coatings market growth.
Further, the increasing preference for polyurethane-based waterborne coatings among end-users, such as the automotive and consumer goods industries, is another key challenge to market growth. These coatings also offer good wet-color matching and pigment wetting, as well as superior color retention properties. They also provide better stone-chip resistance as they enhance coating elasticity. Hence, such factors may impede market growth during the forecast period.
The market share growth by the furniture segment will be significant during the forecast period. UV-cured powder coatings are cost-effective and provide a clean and high-quality finish on wooden substrates. The wooden substrate that needs to be coated is placed on a conveyor belt, and the powder is electrostatically sprayed on it. Once the first layer of coating is done, it is baked at a temperature ranging from 90 degrees Celsius to 140 degrees Celsius. The benefits offered by UV-cured powder coatings, such as environment-friendly nature, low VOC emissions, higher durability, and attractive finish will propel the growth of the global UV -cured powder coatings market.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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