PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454127
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454127
Radiation Cured Coatings Market size was valued at USD 21,213 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
Radiation-cured coatings are composed of formulated materials that undergo cross-linking or curing through the use of high-intensity radiation energy, such as electron beams or ultraviolet light radiation. These coatings consist of a reactive liquid vehicle, pigments, and conventional additives. Specifically designed to be cured with radiation energy, these formulations offer numerous advantages, including rapid curing, low energy costs, and enhanced surface properties that provide improved corrosion protection for metals. The process of radiation-cured coating involves the application of a low-viscosity mixture of reactive materials and additives onto a substrate, followed by exposure to either electron beams or ultraviolet radiation energy for short durations. Upon exposure to radiation, the mixture undergoes instantaneous conversion into a high-quality, cross-linked coating.
Radiation Cured Coatings Market- Market Dynamics
increasing adoption of more sustainable and efficient coating solutions in various applications is anticipated to propel the growth of market
Radiation-cured coatings have found extensive applications across industries such as automotive, electronics, packaging, healthcare, and construction. The rising need for top-notch coatings in these sectors, coupled with an increasing focus on sustainability and adherence to regulations, propels the adoption of radiation-cured coatings as the favored coating solution. As per the Paint and Coatings Industry Overview from the Chemical Economics Handbook, around 52% of the global coatings production is aimed at improving and protecting structures like residential buildings, public edifices, and industrial plants, while 35% is dedicated to enhancing and safeguarding various industrial goods. Furthermore, continuous innovations in radiation-cured coating technologies offer avenues for market expansion. Nevertheless, challenges related to regulatory compliance and safety could hinder the market's growth.
Radiation Cured Coatings Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on Formulation segmentation, Electro Beam Curing was predicted to show maximum market share in the year 2023
Based on Raw Material segmentation, Oligomers was the leading type in 2023
Based on Application segmentation, Industrial was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Radiation Cured Coatings Market is segmented on the basis of Formulation, Raw Material, Application, and Region.
The market is categorized into three segments according to Formulation: Ultraviolet Curing and Electro Beam Curing. The dominant segment in the market is Electro Beam Curing. Electron beam curing provides remarkably rapid curing times, typically measured in milliseconds or seconds, depending on the coating thickness and formulation.
The market is segmented into two groups according to Raw Material: Oligomers, Monomers, Photo initiators, and Additives. Oligomers hold the majority share in the market. Oligomers play a crucial role in radiation-cured coatings, enhancing their curing process, performance, and flexibility.
The market is categorized into two segments according to its application: Wood, Industrial, Printing Inks, Paper & Film, Electronic Products, Adhesives, Glass, and Other. The industrial sector holds the majority share in the market. Industrial settings widely utilize radiation-cured coatings, such as UV (Ultraviolet) and electron beam (EB) cured coatings, due to their fast curing properties, long-lasting durability, and environmental benefits.
Radiation Cured Coatings Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The market in Asia Pacific is projected to have the highest growth rate, primarily due to the implementation of strict environmental regulations that promote the use of coatings with lower volatile organic compound (VOC) emissions. Governments in the Asia Pacific region, such as China, Japan, South Korea, and India, have taken significant steps to address air pollution and reduce VOC emissions. According to advanced research and the world's leading database, China's industrial VOC emissions decreased to 15.72 Tg in 2019. Among various industries, the chemical industry, industrial painting, petroleum industry, coal-coking industry, and other sectors accounted for 31.0%, 23.9%, 15.6%, 13.0%, and 16.3% respectively, after reaching a peak of 16.40 Tg in 2016. Europe holds the second-largest region for market growth, driven by the increasing demand for sustainable coatings.
To gain a competitive edge, companies allocate significant resources to research and development, aiming to create innovative coating formulations, curing technologies, and application methods. By focusing on advancements that enhance curing speed, adhesion, durability, and environmental sustainability, companies can establish themselves as leaders in the industry. Moreover, companies strive to set themselves apart by offering unique formulations, performance attributes, and specialized coatings tailored to specific substrates or applications. Expanding market reach is another key objective, which companies achieve through strategic partnerships, acquisitions, and alliances with distributors, OEMs (Original Equipment Manufacturers), and end-users. In order to stay ahead, companies must continuously evolve, adapt to market dynamics, and meet the ever-changing demands of customers across various industries and applications.
In November 2022, Evonik's coating additives division introduces a new deaerator to its product range. Tailored for radiation-cured wood coatings, the latest deaerator, TEGO Airex 923, is a fully compatible 100% active organic polymer that demonstrates enhanced effectiveness.
GLOBAL RADIATION CURED COATINGS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BASF
DSM
Cytec
DIC
Akzo Nobel
Alpha Coating technologies
Arkema
Asian Paints
Axalta Coating Systems
Berger Paints
Dow
Sherwin-Williams Company
PPG Industries Inc
ICA SpA
Covestro AG
Others