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Market Overview:
The global Radiation Curable Coating Market is estimated to be valued at US$20.30 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period (2023-2030). Radiation curable coatings are widely used in various industries due to their excellent properties such as high durability, fast curing time, and low emission of volatile organic compounds (VOCs). These coatings are extensively used in applications such as automotive, electronics, packaging, and printing, among others. The increasing demand for eco-friendly coatings along with the growing awareness regarding the harmful effects of traditional coatings is driving the market growth. Additionally, the stringent government regulations regarding VOC emissions further propel the adoption of radiation curable coatings.
Market Key Trends:
One key trend in the radiation curable coating market is the increasing use of UV-cured coatings in the automotive industry. UV-cured coatings offer several advantages such as high gloss, scratch resistance, improved chemical resistance, and fast curing time, making them ideal for automotive applications. With the growing demand for high-quality and visually appealing automobiles, the adoption of UV-cured coatings is on the rise. These coatings provide enhanced finish and durability, contributing to the overall aesthetic appeal and longevity of vehicles. Furthermore, UV-cured coatings emit significantly lower VOCs compared to conventional coatings, aligning with the industry’s focus on eco-friendly solutions. The increasing production of automobiles globally, coupled with the rising preference for sustainable coatings, is expected to drive the demand for radiation curable coatings in the automotive sector.
Segment Analysis:
The Radiation Curable Coating Market Size can be segmented based on product type, application, and geography. On the basis of product type, the market can be divided into UV curable coatings and EB curable coatings. UV curable coatings dominate the market due to their high efficiency and ability to cure within seconds. UV curable coatings have a wide range of applications, such as in the automotive, wood, metal, and packaging industries. The fast curing time and cost-effectiveness of UV curable coatings make them a preferred choice among manufacturers. On the other hand, EB curable coatings have a slower curing time and are mainly used in applications that require high crosslinking density and chemical resistance.
In terms of applications, the radiation curable coating market can be categorized into automotive coatings, wood coatings, electronic coatings, graphic arts, and others. Among these, automotive coatings dominate the market segment. The demand for radiation curable coatings in the automotive sector is driven by their ability to provide excellent scratch resistance, chemical resistance, and high gloss finish. Additionally, increasing investments in the automotive industry, especially in emerging economies, are expected to boost the demand for radiation curable coatings in this segment.
Key Takeaways:
The global radiation curable coating market is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period. This growth is primarily driven by the increasing demand for environmentally friendly coatings. Radiation curable coatings are free from volatile organic compounds (VOCs) and provide fast curing times, making them an attractive alternative to traditional solvent-based coatings. Additionally, the growth of end-use industries such as automotive, packaging, and electronics is also contributing to the market growth.
From a regional analysis perspective, Asia Pacific is expected to be the fastest-growing and dominating region in the radiation curable coating market. The rapid industrialization, increasing investments in infrastructure development, and growth of the automotive and electronics sectors in countries like China and India are driving the demand for radiation curable coatings in this region. Moreover, the stringent environmental regulations in developed countries such as the US and European countries are also favoring the market growth in the Asia Pacific region.
Key players operating in the radiation curable coating market include Royal DSM, DIC Cytec Industries Inc., RAHN AG, Allnex, BASF SE, and Sartomar. These players are focusing on research and development activities to introduce innovative products with improved performance characteristics. They are also adopting strategies such as mergers and acquisitions, collaborations, and partnerships to expand their market share and strengthen their presence in the global radiation curable coating market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
