The Radiation Curable Coating Market is estimated to be valued at US$ 20.30 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiation curable coatings are used in various industries due to their quick curing process and environmental benefits. These coatings are widely used in the automotive, electronics, packaging, and wood industries. With the increasing demand for sustainable and eco-friendly products, radiation curable coatings have gained significant popularity. These coatings provide excellent durability, chemical resistance, adhesion, and gloss properties, making them suitable for various applications. The market is expected to witness high growth owing to the increasing industrial applications and growing environmental concerns.
Market Dynamics:
The Radiation Curable Coating Market Size is driven by two key factors. Firstly, the increasing industrial applications across various sectors such as automotive, electronics, and packaging are driving the demand for radiation curable coatings. These coatings offer quick curing times, superior performance, and reduced environmental impact, making them highly desirable for use in industrial settings. Secondly, the growing environmental concerns and stringent regulations regarding VOC emissions are boosting the adoption of radiation curable coatings as a more sustainable alternative to solvent-based coatings. The shift towards eco-friendly and low VOC emitting coatings is expected to drive the market growth over the forecast period.
SWOT Analysis:
Strengths:
– Radiation curable coatings offer several advantages such as low VOC emissions, fast curing time, and high resistance to chemicals and abrasion.
– Increasing demand from various industries such as automotive, electronics, and packaging is driving the growth of the radiation curable coating market.
– Technological advancements and product innovations are likely to further boost the market growth during the forecast period.
Weaknesses:
– High initial cost of equipment and limited availability of raw materials are the major challenges faced by the radiation curable coating market.
– Limited awareness among end users regarding the benefits of radiation curable coatings is also hindering market growth.
Opportunities:
– Growing environmental concerns and regulations regarding the use of solvent-based coatings are creating opportunities for radiation curable coatings, as they are more eco-friendly.
– Increasing investments in research and development activities by key market players can lead to the development of new and improved radiation curable coating products.
Threats:
– Fluctuating prices of raw materials, such as photoinitiators, can pose a threat to the radiation curable coating market.
– Intense competition among key players in the market may lead to price wars, affecting profit margins.
Key Takeaways:
The global radiation curable coating market is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period, due to increasing demand from industries such as automotive, electronics, and packaging. The market size for 2023 is estimated to be US$ 20.30 billion.
Regionally, Asia Pacific is the fastest growing and dominating region in the radiation curable coating market. Rapid industrialization, increasing infrastructural activities, and rising disposable income are key factors contributing to the growth of this region.
Key players operating in the radiation curable coating market include Royal DSM, DIC Cytec, Industries Inc., RAHN AG, Allnex, BASF SE, and Sartomar. These companies are focusing on product innovations, strategic partnerships, and expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
