Albany, NY -- (SBWIRE) -- 12/07/2016 -- A new report by Transparency Market Research (TMR), titled "UV Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024," provides a comprehensive overview of the market. It offers qualitative and quantitative insights into the competitive landscape and geographical segmentation of the global UV coatings market.

The rapid growth of the electronics industry across the globe is driving the global UV coatings market. UV coatings offer minimum volatile organic compounds emission and desirable characteristics such as improved resistance and higher gloss finish at low operational cost. This coupled with the rising concerns regarding environment conservation is likely to assist the growth of the market. Moreover, increasing demand for these coatings across different industrial applications and graphic arts is expected to augment the market. Other factors such as rising per capita income and changing lifestyles are boosting the demand for these coatings.

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On the flip side, the low price competitiveness is anticipated to hamper growth prospects. Furthermore, the presence of a wide range of substitutes in the curing process is negatively impacting the growth of the global market. Nevertheless, the development of innovative and environment-friendly products are likely to bolster the growth of the UV coatings market in the near future. Additionally, the growing demand for bio-based UV coatings is estimated to open new avenues for manufacturers in the market.

On the basis of composition, the global UV coatings market can be segmented into monomers, oligomers, photo initiators, and PU dispersions. In terms of coating type, the market can be classified into conformal coatings, display coatings, over print varnish, paper coatings, and plastic coatings. By end-use industries, the market can be divided into electronics, graphics, and packaging.

Based on geography, Asia Pacific commands the leading share in the overall market in terms of production and consumption, with China being a major contributor. The increasing proliferation of consumer electronics is contributing to the growth of the region. Europe and North America are likely to flourish during the forecast period owing to the increasing demand for UV coatings in printing varnishes, wood coatings, paper coatings, and plastic coatings.

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The global UV coatings market is moderately fragmented nature. Companies are adopting partnerships and backward integration as key strategies to stay relevant in the market. Some of the key players operating in the market are Actega Coatings & Sealants, Ashland Inc., AkzoNobel N.V., Axalta Coatings Systems, BASF SE, Brilliant Coatings Solutions, Centexbel, Croda, DIC Corporation, Eternal Chemical Co. Ltd., PPG Industries Inc., Royal DSM N.V., The Dow Chemical Company, The Valspar Corporation, and Soltech Ltd.

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