IMARC Group, a leading market research company, has recently released a report titled “Radiation Curable Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global radiation curable coatings market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Radiation Curable Coatings Industry?
According to the report, The global radiation curable coatings market size reached US$ 7.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
What is Radiation Curable Coatings?
Radiation-curable coatings consist of pigments, reactive liquids, and additives cured using high-intensity radiation energy from ultraviolet (UV) rays and electron beams (EB) to enhance mechanical strength. As a result, they provide exceptional performance, functionality, and durability, extended service life, and require low energy costs. In addition, they offer enhanced surface properties, corrosion protection for metals, low levels of volatile organic compounds (VOCs), and improved resistance to abrasions, chemicals, scratches, impacts, and mechanical forces. Owing to these benefits, radiation-curable coatings are widely applied in paper and film, plastics, glass, wood, and printing inks across the globe.
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What are the growth prospects and trends in the Radiation Curable Coatings industry?
The market is primarily driven by the expanding automotive industry. In addition, the escalating demand for radiation-curable coatings in the automotive sector to produce scratch-resistant components such as gear levers, keyboards, and key panels due to the increasing popularity of advanced infotainment systems in vehicles is contributing to the market growth. Moreover, the widespread product adoption to manufacture household electronic appliances such as dishwashers, microwaves, ovens, and refrigerators represents another major growth-inducing factor. Besides this, the growing environmental awareness and the ongoing investments in numerous infrastructural development projects have escalated the demand for sustainable construction materials, including wood coatings, to minimize energy consumption, thereby propelling market growth. Furthermore, the rising demand for radiation-curable coatings to produce fiber optic cables widely used in internet cables to transmit high-speed large data transmission is also creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Ingredient:
- Oligomers
- Monomers
- Photoinitiators
- Additives
Breakup by Type:
- Ultraviolet Curing
- Electron Beam Curing
Breakup by Application:
- Paper and Film
- Printing Inks
- Plastics
- Wood
- Glass
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
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