Market Size of UV-Cured Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.41 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UV-Cured Coatings Market Analysis
The UV-Cured Coatings Market size is expected to grow from USD 5.00 billion in 2023 to USD 5.91 billion by 2028, at a CAGR of 3.41% during the forecast period (2023-2028).
The market was negatively impacted due to COVID-19. Several countries worldwide went into lockdown to curb the virus spread due to the pandemic. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market recovered from the COVID-19 pandemic and is increasing significantly.
- The increasing demand for wood finishing is driving the market's growth.
- However, the high initial equipment costs and difficulty in finishing complex 3D objects are some of the factors restraining the market's growth.
- The shifting focus toward adopting UV powder coatings will likely provide growth opportunities for the market studied during the forecast period.
- The Asia-Pacific region is expected to dominate the market, mainly due to the high demand for UV-curable coatings in China and Japan.
