LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global UV-cured powder coatings market to grow at a CAGR of close to 8% during 2018-2022. The fast-paced growth of UV-cured powder coatings for decks is a key trend, which is expected to impact the growth of the market.
UV-cured powder coatings are preferred over liquid coatings owing to their simpler formulation techniques and their effective application on flat and 3D surfaces. Moreover, they are increasingly being used for decks as they are VOC free and offer superior water resistance.
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In this report, Technavio researchers identify the increased use of UV-cured powder coatings on MDF as one of the key factors contributing to the global UV-cured powder coatings market:
Increased use of UV-cured powder coatings on MDF
MDF is an engineered wood product. Vendors and end-users of MDF prefer UV-cured powder coatings over traditional coating products owing to their higher durability and reliability. UV-cured powder coatings also result in good product performance and quality finish of MDF products such as molding, doors, and windowpanes.
“UV-cured powder coatings are gaining popularity, and they have the potential to replace liquid paints and laminates that were earlier used in wood finishing, MDF applications, and other heat-sensitive products and substrates. The increasing demand for office and home furniture coupled with the growing demand from construction industry will fuel the demand for MDF, thereby promoting the growth of the global UV-cured powder coatings,” says a senior analyst at Technavio for paints, coatings, and pigments research.”
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Global UV-cured powder coatings market - segmentation and analysis
This market research report segments the global UV-cured powder coatings market by application (furniture, transportation, and healthcare) and key regions (Americas, APAC, and EMEA).
Based on application, the furniture segment accounted for close to 53% of the market share in 2017, followed by the transportation and healthcare segments. This segment is expected to witness an increase in its market share over the forecast period.
In 2017, APAC dominated the global UV-cured powder coatings market with a market share of more than 45%, followed by EMEA and the Americas. APAC. The market share of APAC is expected to witness the maximum growth over the forecast period while the other two regions will see a decline in their market shares.
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