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Radiation Curable Coatings Market Research, Outlook, Demand, Analysis 2024-2033: An In-Depth Report
Radiation Curable Coatings Market
Insights into Radiation Curable Coatings Market: Global Trends and Analysis
Radiation Curable Coatings Industry - Key Market Dynamics and Trends
The radiation curable coatings market size has grown strongly in recent years. It will grow from $7.67 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to environmental regulations and voc compliance, demand for fast curing solutions, growing end-use industries, increased awareness of sustainability, performance benefits and enhanced durability.
The radiation curable coatings market size is expected to see strong growth in the next few years. It will grow to $10.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to continued regulatory emphasis on voc reduction, expansion of high-performance coatings market, growth in emerging applications, increased adoption in the packaging industry, demand for sustainable coating solutions. Major trends in the forecast period include focus on digital printing technologies, technological innovations in uv/eb systems, advancements in uv/eb technology, growing adoption in end-user industries, advancements in formulations and technology.
Market Overview -
Radiation-curable coatings refer to materials that are cross-linked or cured using high-intensity radiation energy from electron beams or ultraviolet light rays. They provide several advantages, such as expedited curing, reduced energy expenses, and enhanced surface characteristics. These coatings are used for various materials, including wood, metals, glass, plastic, and paper.
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Growing Automotive Industry Is Anticipated To Fuel The Radiation Curable Coatings Market
The growing automotive industry is anticipated to fuel the radiation-curable coatings market going forward. The automotive industry refers to the design, manufacturing, and sale of vehicles, including cars, trucks, motorcycles, and other related vehicles and components. Radiation-curable coatings are used in automotive applications to provide fast-curing, durable finishes, enhancing efficiency and environmental sustainability in the coating process. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based association, globally, 85.4 million motor vehicles were produced in 2022, an increase of 5.7% compared to 2021. Therefore, the growing automotive industry is driving the growth of the radiation-curable coatings market.
Competitive Landscape -
Major companies operating in the radiation curable coatings market report are BASF SE, Bayer Material Science AG , The Sherwin-Williams Company, Evonik Industries AG, Covestro AG, PPG Industries Inc, Arkema Group, Akzo Nobel NV, Royal DSM NV, DIC Corporation, Axalta Coating Systems, Asian Paints, Ashland Global Holdings Inc, Yips Chemical Holding Ltd, Toyo Ink SC Holdings Co Ltd, Allnex Group, Lamberti SpA, IGM Resins BV, Miwon Speciality Chemical Co Ltd, Red Spot Paint & Varnish Co Inc, Dymax Corporation, Sartomer USA LLC, Bomix Chemie GmbH, Soltech Ltd, Sericol Ltd, Chugoku Marine Paints Ltd, Watson Coating Inc, Alpha Coating Technologies, Hempel A/S
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