The global Radiation Curable Coating Market is estimated to be valued at US$ 21.17 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Radiation curable coatings are used for various applications such as graphic arts, packaging, wood, automotive, paper and others. They offer advantages such as faster curing, durability, hardness and do not emit VOCs during the curing process making them environment friendly.
Market key trends:
One of the key trends in the radiation curable coatings market is focus on product innovation. Manufacturers are developing newer products with advanced properties to meet the dynamic needs of various applications. For instance, producers are coming up with radiation curable coating formulations that provide excellent scratch resistance, hardness and chemical resistance. Such advanced property enhancing innovations are expected to drive the demand for radiation curable coatings during the forecast period.
Strength: Radiation curable coating provides fast curing, high productivity and environmental sustainability. It uses UV light or electron beam for curing which is an eco-friendly process and reduces VOC emissions.
Weakness: The high initial investment cost for radiation equipment and new coating formulations acts as a barrier for small manufacturers. Strict environmental regulations regarding VOC emissions increases the production cost.
Opportunity: Increasing demand from wood coatings, graphic arts, packaging and various industrial coating applications offers significant growth opportunities. Rapid urbanization and infrastructure development in emerging economies boost the market.
Threats: Fluctuations in raw material prices and availability affects the production cost. Strong competition from powder and solvent-borne coatings threatens market share.
The global Radiation Curable Coating Market share is expected to witness high exhibiting CAGR of 4.3% over the forecast period, due to increasing demand from wood coatings, packaging and graphic arts industries. Rapid urbanization and infrastructure growth in Asia Pacific and Middle East & Africa drives the market.
The Asia Pacific region dominated the global market in 2021, with China and India being the key markets. This is attributed to increasing construction activities, packaging usage and growth of wood coatings industry in this region. Europe and North America are also significant markets driven by well-established end use industries.
Key players operating in the Radiation Curable Coating market are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. Sherwin-Williams and PPG Industries have the largest market share due to their wide product portfolio and global presence. Axalta Coating Systems and AkzoNobel are other key players focusing on new product launches and geographic expansion
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it