North America UV Coatings Market: Emerging Opportunities and Market Forecast (2023-2029)

North America UV Coatings Market Overview:

A UV coating (or, more broadly, radiation cured coating) is a surface treatment that either cures or protects the underlying material from the detrimental effects of ultraviolet radiation. The rising construction industry, as well as consumer awareness of eco-friendly products, are the primary drivers of this industry's growth.

Another major factor is that it outperforms other coatings in terms of performance. A formulation of many ingredients is toughened by ultraviolet radiation, which creates free radicals, which then initiates the light-induced polymerization process of the reactive double bonds in the coating formulation, resulting in UV cured coating.

North America UV Coatings Market Dynamics:

Raising construction activities:

The rise in construction activities and rising demand for UV coatings from consumer goods, automobiles, and industrial maintenance applications in the country are driving the market's growth. Rising construction investment, as well as many governmental regulations aimed at enhancing the housing sector's recovery, are expected to have a beneficial impact on future construction developments.

Over the forecast period, reconstruction works, in combination with infrastructure expansion in the country as a result of growing industrialization, are expected to drive and create huge market potential in the United States respectively. For example, In February 2018, the US government issued US $200 billion to reconstruct the country's aging infrastructure and raise an expected US $1500 billion in state, local, and private sector investments.

Also, as part of the COVID-19 pandemic response, in March 2020, the US government announced a US $2000 billion investment in infrastructure development, including hospital facilities and highways.

High cost of UV Coating:

When compared to other coating processes, UV Coatings are more expensive. As a result, traditional coating procedures are used instead, which are less expensive. UV coating, on the other hand, is more efficient and uses less energy. Because the substrate is not exposed to high temperatures, it enables a high degree of crosslinking on temperature-sensitive items.

The procedure is almost instantaneous, and the equipment takes up less room. UV Coatings are the most expensive green coatings on the market, costing more than US $18000 a tonne. This factor may limit the market's growth.

North America UV Coatings Market Segmentation:

Based on Composition:

In 2020, the monomers segment had the highest market share of the North America UV Coatings market, accounting for more than 50%. Monomers are molecules with a low molecular weight that reduce the viscosity of a solution. They're also non-flammable and have a mild odour. Acrylic acid esters and simple monofunctional/multifunctional polyols are examples of monomers.

The functionality of the monomer has a big impact on the cured coating's qualities. Monomers are often chosen based on the acrylic functional groups they contain. Monomer mixtures are commonly used to improve the performance of a product. During the forecast period, all of these factors may drive the monomer segment of the North America UV Coatings market.

Detailed analysis of each segment mentioned in the scope table is covered in the SMR’s report.

The objective of the report is to present a comprehensive analysis of the North America UV Coatings Market to the stakeholders in the industry. The report provides trends that are most dominant in the North America UV Coatings Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America UV Coatings Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the North America UV Coatings Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America UV Coatings Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America UV Coatings Market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the North America UV Coatings Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America UV Coatings Market is aided by legal factors.

North America UV Coating Market Scope

North America UV Coatings Market Players:

• The Dow Chemical Company (United States)
• PPG Industries Inc. (United States)
• 3M (United States)
• Benjamin Moore & Co. (United States)
• The Valspar Corporation (United States)
• The Sherwin-Williams Company (United States)
• RPM International Inc. (United States)
• Axalta Coating Systems LLC (United States)
• Glidden (United States)
• Others