According to the latest report by IMARC Group, titled "Radiation Curable Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global radiation curable coatings market reached a value of US$ 7.3 Billion in 2021. Radiation curable coatings include a polymer layer that comprises various low-viscosity, reactive-curable formulations, including inks, conventional adhesives, and pigments. These components are cross-linked or cured utilizing high-intensity radiation energy generated from electron beams (EB) and ultraviolet (UV) rays to improve mechanical strength. Radiation curable coatings offer various benefits, including fast curing, lower energy costs, improved surface properties, and enhanced corrosion protection for metals. Along with this, they ensure a high production rate, low levels of volatile organic compounds (VOCs), mitigate equipment footprints, protect against scratch, impact, and abrasion, and offer chemical or mechanical resistance. Consequently, radiation curable coatings are extensively used for improving the strength, utility, and aesthetic appeal of multiple components and manufactured goods composed using glass, metal, and wood.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Radiation Curable Coatings Market Trends:
The growth of the market can be attributed to widespread product adoption across various industrial verticals. Radiation curable coatings are extensively used to improve the strength, appeal, and chemical and mechanical performance of different end use products. Additionally, the growing environmental concerns and the ongoing investments in several infrastructural development projects have supplemented the demand for sustainable construction materials, such as wood coatings, to reduce energy consumption, which is supporting the market growth. Moreover, significant expansion in the automotive industry has significantly increased the utilization of radiation curable coatings to engineer scratch-resistant key panels, gears, infotainment systems, and other vehicle components, which is acting as another growth-inducing factor. In line with this, the large-scale product employment in the household and electronics sectors for coating semiconductors used in cellular phones, fiber optical cables for internet connectivity, and several kitchen appliances to ensure metal protection from high temperature and offer dimensional stability and glossy finishing is contributing to the market growth. Apart from this, radiation curable coatings are utilized in the printing and packaging of plastic bottles, eyeglass lenses, polyester cups, and advertising materials, which is favoring the market growth. Apart from this, the rapid replacement of conventional bulbs with UV light emitting diode (LED) bulbs for a longer lifecycle, cooler operating conditions, and lower gradual drop off in energy are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 10.2 Billion by 2027, growing at a CAGR of 5.7% during 2022-2027.
- On the basis of the ingredient, the market has been segregated into oligomers, monomers, photoinitiators, and additives.
- Based on the type, the market has been bifurcated into ultraviolet and electron beam curing.
- On the basis of the application, the market has been categorized into paper and film, printing inks, plastics, wood, glass, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being 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. and The Sherwin-Williams Company.
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