Radiation Curable Coatings Size, Share, Growth, and Industry Analysis, By Type (Monomers, Oligomers, Photoinitiators & (Pigments/non-Reactive and Additives)), By Downstream Industry (Industrial, OP Lacquers, Electronics & Printing Inks), and Regional Forecast to 2032

Updated On: 21 November 2024

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RADIATION CURABLE COATINGS OVERVIEW

The Radiation Curable Coatings Market Size was US$ 5838.91 Mn in 2023 and is projected to touch US$ 8660.32 Mn By 2032, Exhibiting a CAGR of 4.02% During the Forecast Period.

The Radiation Curable Coatings Market includes the high-performing coatings that harden upon the action of radiation like UV light or electron beams. They have embraced these coatings, such as UV-curable coatings, because of their short curing time; they are environmentally friendly and very durable. This market is fueled by increasing end user interest and application-specific requirements, increasing technological development, and growing approval for green chemistry solutions. It is anticipated that the Radiation Curable Coatings Market will exhibit a steady growth trend in the near future, attributed to growing usage in multiple industries. Being an environmentally friendly product, it gains increasing popularity among companies that are looking for alternatives with a lesser impact on the environment. Advancements in radiation curing equipment and penetrable materials are other factors that are driving market growth further. In addition, increased concern regarding environmental regulations for utilizing low VOC and energy-efficient coatings also contributes to the growth of the market.

COVID-19 IMPACT : GLOBAL CRISES IMPACTING RADIATION CURABLE COATINGS

"Radiation Curable Coatings Industry Had a Negative Effect Due to Production halts during COVID-19 Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The Radiation Curable Coatings Market has indeed suffered declines during the COVID-19 pandemic - supply chain interruptions, along with decreased product demand from automotive, construction, and electronics industries, contributed to this. Restriction in manufacturing operations and buyers’ shift towards essentials shrunk market size temporarily. Furthermore, delivery issues and scarcity of employees’ resources also contributed towards restraining product production and delivering radiation-curable products. It led to the reduction of market revenue and postponement of new technology generations amid the pandemic.

LATEST TREND

"The Radiation Curable Coatings Market grows with biopolymer, eco-friendly innovations."

Another emerging trend in the Radiation Curable Coatings Market is the trend towards biopolymer and eco-friendly coatings. Following an increased concern by industries demanding green solutions, manufacturers are now producing coatings that come from renewable sourcs, hence cutting on their effects on the environment. This is due to increased consciousness on the part of companies on the global effect of their activities on the environment, coupled with increased regulation on the emission of hazardous materials to the environment. The UV-LED curing technology also improves energy efficiency and savings; thus, it is an area of significant improvement in the future.

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RADIATION CURABLE COATINGS SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Monomers, Oligomers, Photoinitiators & (Pigments/non-Reactive and Additives)

• Monomers: Monomers are another essential element of radiation-curable coatings, as they act as the reactive agents to help make up the overall composition of the cured film. They assist in attaining intended characteristics, including flexibility, hardness, and adhesion. Thus, the demand for the specificity of the coating is seen as a main factor driving the discovery of new monomer formulations.

• Oligomers: Oligomers used in radiation-curable coating systems must also contribute to the viscosity and mechanical characteristics of the system. They afford support and improve the performance of the coating upon the hardening of the epoxy coating. As more guidelines, rules, and regulations are being put in place due to the new technologies that are being developed, there is concern to produce oligomers of high performance that are suited for their corresponding industries.

• Photoinitiators: Photoinitiators are particularly crucial as they help to trigger the curing process when exposed to radiation, facilitating the conversion of the liquid coatings to films. Their efficiency influences curing speed and quality of end-result products. The need for better photo initiators that are less smelly and possess better performance has been seen as a major factor for market expansion.

• Pigments and Non-Reactive: Pigments used in the production of the iron castings are categorized into pigments/non-reactive and additives. Cosmetic and inert materials are incorporated in radiation-curable coatings to provide special characteristics and qualities. They add color, texture, haze, and protection from the ultraviolet rays; they also enhance the durability and the stand against the mother nature. Increased durability and more colorful coatings are also encouraging new developments of pigments and additives in the market.

BY DOWNSTREAM INDUSTRY

Based on Downstream Industry, the global market can be categorized into Industrial, OP Lacquers, Electronics & Printing Inks

• Industrial: In the industrial field, RCC has been widely applied within the industrial sectors because of its short curing time and high performance for other curing methods, which make products take longer time and thus decrease production time. These coatings are used in the automotive sector, aerospace engineering, and manufacturing industries where durability of the surface and sustainability of the product are important. Increased environmental consciousness and the need for energy-saving coatings have made their use common in industries.

• OP Lacquers: Radiation-curable coatings are used in overprint (OP) lacquers, which are versatile and dependable tools for finishing in packaging and printing. These lacquers are used for protection, gloss, as well as abrasion to printed materials. The growth of radiation-curable OP lacquers is another key trend supported by an upturn in the need for high-quality and aesthetically pleasing packaging.

• Electronics: Radiation-curable coatings have their application in the electronics industry, where they act as a protective as well as an insulating layer, especially in printed circuit boards and electronic components. This is due to the fact that this technology cures quickly and offers high precision in its application, qualities that are advantageous in electronics manufacturing. They point out that as consumer electronics become smaller and, at the same time, more multifunctional, the requirement for high-end radiation-curable coatings remains high.

• Printing Inks: Another type of coating that is widely used in printing inks is the radiation-curable coatings because of their high drying speed as well as improved graphic quality. It provides performance properties such as scratch resistance and a high gloss finish that are suitable for premium packaging and labels. The growing trend towards sustainable printing solutions is driving the increased radiation-curable inks in the market.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions

DRIVING FACTOR

"Sustainable legislation and consumer demand drive Market growth"

Sustainable legislation on the emission of VOC has compelled industries to use radiation-curable coatings because of their low VOC content. Essentials of sustainability complement these coatings since they are eco-friendly, further propelling the market. Also, the continually rising consumer pressure for sustainable goods enhances the uptake of sustainable procurement.

"UV-LED innovations boost efficiency, driving Market growth"

Recent innovations in UV-LED curing technology are helping to improve radiation curing in terms of their effectiveness and duration. These innovations lower energy use, increase product life, and solidify radiation-curable coatings to be more appealing to industries. One of the key reasons for this type of the increase in the demand for improved performance in terms of industrial uses resulting Radiation Curable Coatings Market growth.

RESTRAINING FACTOR

"High equipment costs and complex formulations hinder Market growth"

One restraining factor of the Radiation Curable Coatings Market is the high initial investment cost for specialized curing equipment like UV-LED systems. Small and medium-sized enterprises may find these costs prohibitive, limiting widespread adoption. Additionally, the complex formulation requirements can increase production costs, slowing market growth.

OPPORTUNITY

"3D printing applications boost Market growth potential"

The area that can be tapped for development in the Radiation Curable Coatings Market is the increasing application of 3D printing technology. Considering the popularity of 3D printing in such sectors as healthcare, automotive, and aerospace industries, there is a demand for the development of new coatings that cure fast and at the same time increase their shelf life. Radiation-curable coatings provide shorter curing times and superior topcoat finishes that are perfect for 3D-printed goods, which gives the industry potential for future growth. In the Radiation Curable Coatings Market’s, one of the major restraints is the high capital so acquired in the exotic curing apparatus such as UV-LED systems.

CHALLENGE

"Poor adhesion to certain substrates limits Market growth"

One major weakness experienced by the Radiation Curable Coatings Market is the poor adhesion to some substrates, especially the heat types. The curing process, particularly the ones involving ultraviolet light, may do harm to some delicate surfaces or may warp them. This restrains the usage of radiation-curable coatings in a particular domain of use, thus hindering the company from penetrating the following sectors, which include textiles and plastics.

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RADIATION CURABLE COATINGS REGIONAL INSIGHTS

NORTH AMERICA

North America is the largest market for Radiation Curable Coatings Market owing to enhanced industry facilities, better policy support towards green coatings, and heavy utilization in various sectors, including automotive and electronics. This dominance is supplemented by the United States Radiation Curable Coatings Market, which has experienced technological progression in UV-curable systems as well as a burgeoning demand for environmentally friendly service. These factors, combined with an increased emphasis on R&D and innovations in the US, also play a role in defining leadership in the region.

EUROPE

Europe contributes significantly and hold remarkable global Radiation Curable Coatings Market share, driven by stringent environmental regulations and a strong focus on sustainability. Over the past decade, the Asian and Pacific region has particularly focused on eliminating VOC, which promotes green coating solutions. Germany and France are considered pioneers of the industrial applications of coatings; moreover, continuous research activities in bio-based coatings fuel the growth of the European market

ASIA

As the gateway to the growing world, Asia gets involved in the Radiation Curable Coatings Market through the enhanced industrialization process and mounting need in automotive, electronics, as well as packaging industries. For instance, China and India are experiencing rapid growth in their economies through factors such as urbanization and increased purchasing power, which demand better coatings. Also, upgrades to manufacturing capabilities and continued development of improvements to curing processes are helping increase penetration in the region. The concern for sustainability is also driving the increased use of radiation-curable coatings across many sectors.

KEY INDUSTRY PLAYERS

"Strategic advancements and mergers drive Market growth"

Business strategists in the Radiation Curable Coatings Market are displaying massive control over the development of the industry through dynamic advancements and mergers. Through formulating new formulations and extending product lines, these companies counter different applications in industries. Also, capital outlay in sustainable technologies and improved curing methodologies expand market size and development while addressing the need to be eco-friendly.

LIST OF TOP RADIATION CURABLE COATINGS COMPANIES

• Dymax (U.S)
• Jotun (Norway)
• Kansai Paints (Japan)
• BASF (Germany)
• Arkema (North Carolina)

KEY INDUSTRY DEVELOPMENT

April 2023: AkzoNobel Company unveiled a new UV-curable coatings range for furniture and flooring sectors. One new product line emphasizes increased resistance to wear and tear as well as compliance with the requirements for environmental friendliness, which proves the company’s mindful approach to the Radiation Curable Coatings Market and technological progress.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential Downstream Industrys that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.