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Radiation Curable Coatings Market

Published Date : Jun 2024 | Forecast Year : 2019

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Radiation Curable Coatings Market Size, Analysis, By Ingredient (Oligomers, Monomers, Photo initiators, Additives), Type (Ultraviolet Curing, Electron Beam Curing), Application (Paper and Film, Printing Inks, Plastics, Wood, Glass, and Others) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG955

Published : Jun 2024

Pages : 126

Category : Chemical & Material

Format : Radiation Curable Coatings Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 28.39 Billion
MARKET SIZE (2024)USD 21.05 Billion
CAGR (2023-2029)4.5%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEUltraviolet Curing
Electron Beam Curing
BY APPLICATIONPaper and Film
Printing Inks
Plastics
Wood
Glass
and Others
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERS3M Company, Akzo Nobel N.V., Allnex (PTT Global Chemical Public Company Limited), Ashland Global Specialty Chemicals Inc., Axalta Coating Systems Ltd., BASF SE, DIC Corporation, Dymax Corporation, Evonik Industries AG, Momentive Performance Materials Inc., PPG Industries Inc., The Sherwin-Williams Company .

The Global Radiation Curable Coatings Market size was estimated to be valued at USD 21.05 Billion in 2023 and is expected to reach at USD 28.39 Billion by 2032, exhibiting at a CAGR of 4.5 % during the forecast period. This report provides a deep insight into the Radiation Curable Coatings Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Radiation Curable Coatings Market

Size, by Product, - (USD Billion)

Ultraviolet Curing

Electron Beam Curing

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

4.5%

The Forecast Market

Size for in USD:

$28.39 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Radiation Curable Coatings Market Segments

By Ingredient: Oligomers, Monomers, Photo initiators, Additives 

By Type: Ultraviolet Curing, Electron Beam Curing 

By Application: Paper and Film, Printing Inks, Plastics, Wood, Glass, and Others

Key Profiles:

3M Company, Akzo Nobel N.V., Allnex (PTT Global Chemical Public Company Limited), Ashland Global Specialty Chemicals Inc., Axalta Coating Systems Ltd., BASF SE, DIC Corporation, Dymax Corporation, Evonik Industries AG, Momentive Performance Materials Inc., PPG Industries Inc., The Sherwin-Williams Company 

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Market Overview:

  • The radiation curable coatings market has experienced substantial growth driven by its unique advantages in various applications. These coatings are cured instantly upon exposure to ultraviolet (UV) or electron beam (EB) radiation, offering significant advantages such as high productivity, reduce energy consumption, and enhanced environmental sustainability compared to traditional solvent-based coatings. 
  • This technology finds extensive use in industries such as automotive, electronics, packaging, and wood coatings due to its rapid curing ability, which improves manufacturing efficiency and reduces production downtime. 
  • Additionally, radiation curable coatings provide superior properties such as high gloss, scratch resistance, chemical resistance, and durability, making them suitable for demanding applications where performance and aesthetics are critical. 
  • The market continues to expand globally, driven by technological advancements, increasing environmental regulations flavoring low-VOC (volatile organic compound) coatings, and growing demand for high-performance coatings across various end-user industries. 
  • North America and Europe are prominent regions due to stringent environmental regulations, while Asia-Pacific is emerging as a significant market with rapid industrialization and increasing adoption of advanced coating technologies. 
  • Looking ahead, innovation in formulation techniques and applications is expected to further propel the radiation curable coatings market, catering to evolving industry needs and sustainability goals.

    Radiation Curable Coatings Market

    Share, by end user, (USD Billion)

    Analytica Global 21.05 Billion %

    Paper and Film,

    Printing Inks

    Wood

    Glass

    Other End-Users

    b0d51e3055fd6f23ff6a384a6e091406.svg

    28.39 Billion

    Total Market Size

    USD (Billion),

    4.5%

    CAGR

    -

Market Key Drivers:

  • Tighter regulations on VOC emissions worldwide are increasing the demand for radiation curable coatings. These coatings have a low VOC content and are considered environmentally friendly compared to solvent-based coatings, which is in line with sustainability initiatives.
  • Radiation-curable coatings have several advantages, such as fast recovery time, high productivity and better performance properties (e.g. scratch resistance, chemical resistance). These features appeal to industries looking for efficient manufacturing processes and quality finishes.
  • Automotive, electronics, packaging and wood coatings use radiation-curable coatings due to their excellent properties and suitability for various substrates. The expanding range of applications in these areas is fueling market growth.
  • Continued development of UV and EB curing technologies improves the effectiveness and versatility of radiation curing coatings. Innovations in formulations, treatment equipment and application methods are expanding market potential.
  • Consumers increasingly prefer products with enhanced performance features such as durability and aesthetics. Radiation cured coatings meet these expectations and increase demand for various consumer products and industrial applications.

Cracking Defect of UV Paper may Constraint UV Curable Coating Market Development

  • Paper substrates, especially those used in flexible packaging or with high cellulose content, can bend and flex. UV coatings applied to these substrates can crack under mechanical stress or folding, reducing the aesthetics and functionality of the coated paper.
  • Proper curing conditions are critical for optimal performance for UV coatings. Inadequate curing, such as insufficient exposure to UV light or incorrect curing temperatures, can result in incomplete cross-linking of the coating, which reduces flexibility and increases susceptibility to cracking.
  • The thickness of UV-curable coatings applied to paper substrates must be carefully controlled. Excessive coating thickness can cause higher stresses during curing and subsequent processing, increasing the likelihood of cracking during bending or folding.
  • Temperature and humidity during coating application and curing can affect the performance of UV coatings on paper substrates. Variations in environmental conditions can affect coating adhesion and flexibility, contributing to cracking defects.
  • Formulations of UV curable coatings may need to be optimized for certain paper substrates to improve flexibility and minimize cracking. Adjustments in resin types, additives, and curing parameters may be necessary to effectively reduce cracking problems.

    Radiation Curable Coatings Market

    Size, by Product, - (USD Billion)

    APAC $ 24

    The Market will Grow

    At the CAGR of:

    4.5%

    The Forecast Market

    Size for in USD:

    $28.39 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

Impact of the Covid 19 Pandemic:

  • The pandemic has caused significant disruptions to global supply chains, affecting the availability of raw materials, equipment and components needed to produce radiation-curable coatings. Delivery delays and logistical challenges have hindered production and caused uncertainty in supplies.
  • Many industries that are major users of radiation-curable coatings, such as automotive, aerospace, electronics, and construction, have experienced slowdowns or temporary shutdowns during the pandemic. The decline in production and consumption in these industries directly affected the demand for coatings.
  • Changes in consumer behaviours, including a reduction in non-essential goods and services during the shutdown, affected demand for products using radiation-curable coatings. This was particularly evident in industries such as cosmetics, where consumer demand for certain products temporarily declined.
  • The construction and remodelling industry, which uses radiation curing coatings in applications such as flooring, wood shavings, and decorative paints, has experienced project delays and cancellations due to shutdowns, social distancing, and the economy. uncertainty
  • Companies involved in the production and application of radiation-curable coatings were required to implement telecommuting arrangements and adhere to strict health and safety practices. These changes sometimes affected productivity and operational efficiency.

    Radiation Curable Coatings Market TO (USD BN)

    Radiation Curable Coatings Market

    CAGR OF

    4.5%

    Radiation Curable Coatings Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 28.39 Billion %

Key Considerations:

  • Factors driving the demand for radiation curable coatings include stringent environmental legislation, increased adoption of low VOCs, eco-friendly and harmless coatings in end-user industries.
  • Radiation curable coating is widely accepted in many niche applications due to advantages such as ease of application, rapid cure and low temperature.
  • In addition, the introduction of bio-based materials in radiotherapy products is also expected to provide new growth opportunities.
  • Currently, COVID-19 has a huge impact on various industries such as automotive, electronics and other industries as most countries have issued stay-at-home orders or are shutting down. The COVID-19 epidemic is expected to be visible throughout 2020 and for a few months in 2021. Thus, this factor is limiting the growth of the radiation cured coatings market.

Restraints Factors:

  • Adopting radiation-curable coatings can require a significant upfront investment in UV/EB curing equipment and special formulations. These costs can be a barrier especially for small and medium-sized enterprises (SMEs).
  • Radiation-curable coatings may not be compatible with all substrates or materials, limiting their use in certain industries or product categories. Formula adjustments and substrate preparation may be required, affecting use in different markets.
  • UV and EB curing processes require appropriate infrastructure and control measures to ensure uniform curing and achieve the desired performance characteristics. Variations in curing conditions can affect the quality and composition of the coating.
  • Exposure to UV radiation during the curing process poses a health and safety hazard to users if not properly managed. It is important to adhere to safety standards and implement protective measures, which increases the complexity and cost of the work.
  • The radiation-curable coatings market competes with alternative technologies such as water-based and powder coatings that also offer environmentally friendly options. Competition based on cost effectiveness and efficiency can affect market dynamics.

Frequently Asked Questions (FAQs)

1.How big is the Radiation Curable Coatings Market?

Ans: The Radiation Curable Coatings Market size valued at USD 28.39 Billion in and grow at a CAGR of 4.5 % 

2.What is the current Radiation Curable Coatings Market size?

ANS: The Radiation Curable Coatings Market size is expected to be USD 21.05 illion.

3.Who are the key players in Phenoxyethanol Market?

Ans: BASF (Germany), Clariant (Switzerland), Symrise (Germany), Air Liquide (U.S.), DowDuPont (U.S.), Ashland (U.S.), Akzo Nobel (Netherlands), Galaxy Surfactants, Haihang Industry Co (China), Liaoning Kelong Fine Chemicals (China), Lonza (Switzerland)

4.Which is the fastest growing region in Radiation Curable Coatings Market?

Ans: Asia Pacific is estimated to grow at the highest CAGR over the forecast.

Radiation Curable Coatings Market - Global Outlook & Forecast 2024-2029

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