UV Curable Resins Formulated Products Market Analysis

In-depth Analysis of UV Curable Resins Formulated Products Market Industry Landscape

Amid escalating environmental concerns, governments and consumers alike are embracing green and eco-friendly coatings, driven by an increasing focus on health, safety, and environmental regulations within the coating application domains. This shift in consumer preferences has led manufacturers to curtail the use of volatile organic compounds (VOCs) in coatings, opting instead for solvent-free coating products that align with environmental sustainability goals.

Waterborne resin coatings, a notable innovation in this realm, contain less than 5% solvents and are considered eco-friendly. Water serves as a diluent to disperse the resin, replacing traditional organic solvents deemed as VOCs. Similarly, powder coatings, composed of 100% solid materials applied as dry powder and subsequently transformed into a film using heat, emit nearly zero VOCs. The reduction of VOCs is crucial, as these compounds contribute to the formation of ground-level ozone and urban smog, posing adverse effects on human health.

In response to the growing demand for sustainable coatings, manufacturers are making significant investments in developing waterborne coatings, powder coatings, and UV curable coating technologies. For instance, Axalta Coating Systems, a global coatings supplier, expanded its production unit in Shanghai to boost waterborne coating production. PPG Industries is also investing in waterborne and ultra-high-solid formulations to achieve low-VOC emissions. Sherwin Williams, another industry leader, introduced a range of ProClassic Water-Based Acrylic-Alkyd coatings with low-VOC content.

Major players in the coatings industry, including AkzoNobel N.V, PPG Industries, Ica Group, and Croda International plc, have ventured into the global market with bio-based coatings. These products are gaining traction due to their sustainable nature and innovative use of plant-based ingredients. The industry is witnessing a surge in research and development activities aimed at creating bio-based coatings with unique formulations.

In addition to product development, many coatings industry suppliers are offering raw materials with renewable content to formulators. Koninklijke DSM N.V., through its subsidiary DSM Coating Resins, has introduced the Decovery series of resins featuring bio-based contents ranging from 27% to 49%. This underscores the industry's commitment to sustainability and the incorporation of renewable resources into coatings.

On a regulatory front, Chinese authorities established the national standard "Limit of Harmful Substances of Architectural Wall Coatings" in March 2020. This standard imposes a total lead concentration limit of 90 mg/kg for architectural wall coatings and decorative panel coatings in China. This move aligns with global efforts to regulate harmful substances and underscores the importance of adhering to stringent environmental standards in the coatings industry.