Global Radiation Curable Coatings Market Size By Raw Materials, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Radiation Curable Coatings Market Size And Forecast
Radiation Curable Coatings Market size was valued at USD 7.08 Billion in 2023 and is projected to reach USD 20.5 Billion by 2030, growing at a CAGR of 6% from 2024 to 2030.
Global Radiation Curable Coatings Market Drivers
The market drivers for the Radiation Curable Coatings Market can be influenced by various factors. These may include
Sustainability and Environmental Rules Demand for radiation-curable coatings is being driven by stricter rules against solvent-based coatings and an increasing focus on ecologically friendly products. These coatings are a recommended option for sustainable practices because they release little to no volatile organic compounds (VOCs).
Technological Advancements By improving the effectiveness, performance, and range of applications of radiation curable coatings, advances in electron beam and UV curing technologies are propelling the market upward.
Strong Performance and Durability Radiation curable coatings are perfect for a wide range of applications across industries because they have excellent qualities like strong scratch resistance, quick curing periods, and increased durability.
Growing End-Use Industry Demand Because of their superior performance qualities and advantages for the environment, radiation curable coatings are highly sought after by the wood, electronics, automotive, and packaging industries.
Cost-effectiveness and Energy Efficiency Radiation curing technologies are an appealing alternative for manufacturers due to their lower operating costs, which are a result of their reduced energy usage and shorter production cycles.
Growing Urbanisation and Industrialization The need for high-performance coatings in the consumer goods, infrastructure, and building industries is increased by the fast urbanisation and industrialization of the world, especially in emerging economies.
Global Radiation Curable Coatings Market Restraints
Several factors can act as restraints or challenges for the Radiation Curable Coatings Market. These may include
High Initial Investment Small and medium-sized businesses may be discouraged from implementing radiation curing technologies because to the setup costs associated with UV and electron beam curing systems, which can be very expensive.
Technical Complexity Because not all businesses have the necessary technical skill, the necessity for specialised knowledge and expertise to operate and maintain radiation curing devices might be a barrier.
Cost and Limited Availability of Raw Materials The development of the radiation curable coatings market can be hindered by the high cost and limited availability of raw materials.
Limited Penetration in emerging Regions Due to financial limitations and a lack of knowledge, sophisticated coating technologies are adopted more slowly in emerging regions, which has an effect on market expansion.
Health and Safety Concerns Strict safety procedures must be followed while handling and being exposed to radiation sources in order to prevent health risks. This can make implementation more difficult and discourage some businesses from utilising these coatings.
Compatibility Issues The application range of radiation curable coatings is limited, potentially impeding market expansion, as not all substrates are compatible with them.
Global Radiation Curable Coatings Market Segmentation Analysis
The Global Radiation Curable Coatings Market is segmented on the basis of Raw Materials, Application, and Geography.
Radiation Curable Coatings Market, By Raw Materials
Oligomers
Monomers
Additives
Photoinitiators
Radiation Curable Coatings Market, By Application
Paper & Film Coatings
Printing Inks
Wood
Plastics
Electronic Products
Radiation Curable Coatings Market, By Geography
North America
Europe
Asia Pacific
Rest of The World
Key Players
BASF
DSM
Cytec
DIC
Akzo Nobel
Alpha Coating technologies
Arkema
Asian Paints
Axalta Coating Systems
Berger Paints
AkzoNobel N.V.
PPG Industries, Inc.
The Sherwin-Williams Company
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
BASF, DSM, Cytec, DIC, Akzo Nobel, Alpha Coating technologies, Arkema, Asian Paints, Axalta Coating Systems, and Berger Paints.
SEGMENTS COVERED
By Raw Materials, By Application, And By Geography
CUSTOMIZATION SCOPE
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