Radiation Curable Coatings Market - By Type (UV Curable Coatings, EB Curable Coatings), By Function (Scratch-Resistant, UV Protection, Chemical-Resistant, High-Gloss, Matte and Satin), By Application, By End-use & Forecast, 2023 – 2032
Report ID: GMI1682
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Published Date: August 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 15
Tables & Figures: 246
Countries covered: 21
Pages: 200
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Radiation Curable Coatings Market
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Radiation Curable Coatings Market Size
Radiation Curable Coatings Market size was valued at around USD 7.5 billion in 2022 and is anticipated to grow at a CAGR of 5.9% between 2023 and 2032. Radiation-curable coatings cure almost instantly when exposed to UV or EB radiation. This rapid curing process leads to increased productivity as it eliminates the need for long drying times and allows for faster processing in manufacturing.
Radiation-curable coatings are generally solvent-free or have low VOC (volatile organic compound) content. This eco-friendly aspect aligns with the growing emphasis on sustainable and environmentally conscious products.
Not all substrates are suitable for radiation curing. Some materials may not adequately transmit UV or electron beam radiation, leading to incomplete or uneven curing. Developing radiation-curable formulations that meet specific performance requirements while maintaining stability, consistency, and low VOC content can be complex. Radiation-curable coatings require specialized equipment for curing, such as UV lamps or electron beam systems. Thus, the risks associated with radiation curable coatings may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Industries such as automotive, construction, and consumer goods experienced shifts in demand due to changing consumer behaviors and economic uncertainties. This caused fluctuations in the demand for radiation-curable coatings. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Radiation Curable Coatings Market Trends
Increasing environmental consciousness is driving the demand for coatings with lower VOC content and reduced environmental impact. Radiation-curable coatings, with their low to zero solvent emissions, align well with sustainability goals. The emphasis on energy-efficient manufacturing processes is driving the adoption of radiation-curable coatings, which offer quick curing times and reduced energy consumption compared to conventional heat curing methods.
Radiation Curable Coatings Market Analysis
Based on product, the radiation curable coatings market is segmented as UV curable coatings, EB curable coatings. UV Curable Coatings held a majority market value of USD 4.1 billion in 2022. UV-curable coatings cure rapidly upon exposure to UV light, leading to increased production efficiency and reduced processing times. The quick curing process of UV coatings requires less energy compared to traditional heat curing methods. Moreover, an increasing usage will further accelerate the segmental growth.
Based on function, the radiation curable coatings market is segmented as scratch-resistant, uv protection, chemical-resistant, high-gloss, matte and satin. Scratch-Resistant held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace through 2032. Protective coatings offer resistance to abrasion, chemicals, and environmental factors, extending the lifespan of coated products.
Based on application, the radiation curable coatings market is segmented as paper & film coatings, printing inks, wood, plastics, electronic products, others. Paper & Film Coatings held a dominant market share in 2022 and is anticipated to grow at 5.6% CAGR between 2023 and 2032. Radiation-curable coatings offer low VOC emissions and energy-efficient curing, aligning with sustainable packaging initiatives.
Based on end-use, the radiation curable coatings market is segmented as wood coatings, metal coatings, plastic coatings, printed materials, electronic components, optical coatings, automotive coatings, aerospace coatings, other. Printed Materials held a dominant market share in 2022 and is anticipated to grow significantly up to 2032. Fast curing of radiation-curable coatings enables efficient printing processes, reducing production lead times.
U.S. dominated the North American region with majority radiation curable coatings market share and a revenue of USD 1.5 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. Industries in North America seek eco-friendly coating solutions to reduce their carbon footprint and comply with environmental standards.
Radiation Curable Coatings Market Share
Some of the major business players operating in the Radiation curable coatings market are
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Radiation Curable Coatings Industry News:
Radiation curable coatings market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:
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By Type
By Function
By Application
By End-use
The above information is provided for the following regions and countries: