Lamination is a plastic film that is bonded to the sheet of paper, while UV coating applies a liquid coat that is cured using ultraviolet light. Both can give your piece a glossy or matte/satin finish.
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Lamination is much more durable, making it suitable for pieces that will see long-term handling and wear like book covers.
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UV coating is typically more cost-effective, while still providing a moderate amount of protection.