IMARC Group, a leading market research company, has released a report titled “Radiation Curable Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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.
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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Radiation Curable Coatings Market Trends and Drivers:
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.
Report 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
Competitive Landscape with Key Player:
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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