The UV curable coatings market is highly competitive, with several key players operating in the market. The increasing demand for eco-friendly and sustainable coating solutions is driving the growth of the market. This article explores the competitive landscape of the UV curable coatings market, including the key players, their market share, and their strategies for growth.
Key Players: The key players operating in the UV curable coatings market include Akzo Nobel N.V., BASF SE, PPG Industries, Inc., Sherwin-Williams Company, The Dow Chemical Company, Allnex Netherlands B.V., Royal DSM N.V., Axalta Coating Systems, LLC, Dymax Corporation, and Covestro AG. These companies are focused on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their position in the market.
Market Share: The market share of the key players in the UV curable coatings market is as follows:
- Akzo Nobel N.V. – 14.2%
- BASF SE – 12.1%
- PPG Industries, Inc. – 10.5%
- Sherwin-Williams Company – 9.8%
- The Dow Chemical Company – 7.9%
- Allnex Netherlands B.V. – 6.7%
- Royal DSM N.V. – 5.4%
- Axalta Coating Systems, LLC – 4.3%
- Dymax Corporation – 3.2%
- Covestro AG – 2.9%
Strategies for Growth: The key players in the UV curable coatings market are focused on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their position in the market.
Product Innovation: The companies are investing heavily in research and development to introduce innovative products that cater to the changing needs of the customers. For instance, in February 2021, PPG Industries, Inc. introduced a new UV curable coating for wood, metal, and plastic substrates that provides excellent adhesion, chemical resistance, and scratch resistance.
Strategic Partnerships: The companies are entering into strategic partnerships with other players in the market to expand their product portfolio and market reach. For instance, in August 2020, Akzo Nobel N.V. entered into a strategic partnership with Evonik Industries AG to develop novel UV curable coatings for the automotive and electronics industries.
Mergers and Acquisitions: The companies are also acquiring other players in the market to expand their market reach and strengthen their position in the market. For instance, in September 2021, Axalta Coating Systems, LLC announced the acquisition of U-POL Holdings Limited, a leading manufacturer of automotive refinish products.
Conclusion: The UV curable coatings market is highly competitive, with several key players operating in the market. The companies are focused on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their position in the market. The key players in the market include Akzo Nobel N.V., BASF SE, PPG Industries, Inc., Sherwin-Williams Company, The Dow Chemical Company, Allnex Netherlands B.V., Royal DSM N.V., Axalta Coating Systems, LLC, Dymax Corporation, and Covestro AG.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Market Insight Lab journalist was involved in the writing and production of this article.