Home > Polymers & Advanced Materials > Radiation Curable Coatings Market
Global radiation curable coatings market is set to embark on a developmental venture through 2027. The growth is likely to be driven by the thriving paints and coating industry’s massive demand for products with low energy consumption, consistent coating quality, superior hardness, rapid drying and curing, and increased abrasion resistance low volatile organic compound attributes.
Radiation curable coatings are polymer coatings that are used for a variety of materials like metal, wood, plastic, paper, and glass. These formulations are extensively used in inks, electronics, and adhesives, that are cross-linked by high-intensity UV or electron beam energy sources.
The demand for radiation curable coatings is primarily fueled by an upsurge in infrastructure activities resulting in the surging demand for wood coatings. Additionally, growing environmental compliance of the technology is also responsible for the market expansion. Radiation curable technology contributes minimal waste to the environment as they are manufactured with eco-friendly processes, which are later disposed of as ordinary waste.
Nevertheless, expensive raw materials associated with the production of these coatings is likely to challenge the growth of radiation curable coatings market throughout the analysis period of 2021-2027.
Increased consumer spending on housing and interior designing across various developed nations is projected to have profitable growth opportunities for the overall radiation curable coatings market.
On the basis of raw materials, the market is categorized into oligomers, monomers, additives, and photoinitiators. Oligomers are reactive substance of low molecular weight and are deemed capable of further polymerization. Monomers, on the other hand, are substances that are used to reduce the viscosity of the formulation. Moreover, multifunctional monomers are involved in the formation of polymer network participating in cross-linking of oligomers throughout radiation curing.
In terms of the application spectrum, the radiation curable coatings market is expected to gain massive returns from industrial application. Metal forms an indispensable component of any industrial application. Radiation curable coatings are known to offer optimum protection against corrosion, resistance to abrasion, impart desirable and functional appearance properties, and others, to some of the pivotal metals used in the industrial sector. Additionally, these coatings are also used as permanent and temporary protective coatings for fence posts, metal tubes and pipes, hydraulic tubing, sprinkler systems, and electrical conduits. Such applications are expected to drive the growth of radiation curable coatings market share by 2027 end.
Geographically, Asia Pacific, led by China, India, Japan, South Korea, and other countries, is anticipated to take over a sizeable share in the overall industry space over the stipulated timespan. This can be ascribed to the strategic initiatives and regulations imposed by various central governments pertaining to VOC emissions.
Some of the prominent companies functional in overall radiation curable coatings market space are BASF SE, Sherwin-Williams Company, Akzo Nobel NV, DSM, PPG Industries Inc., Axalta Coating Systems Ltd LLC., Chongqing Changfeng, and others.
These industry participants have been laying no stone unturned to gain a significant position in the overall radiation curable coatings market. They have also been engaged in various industrial practices like acquisitions, mergers, and collaborations, to escalate their business operations.
Impact of coronavirus on radiation curable coatings market growth
The novel coronavirus outbreak has brought various industries and businesses to a standstill, declining their sales and business prospects considerably. radiation curable coatings market is also known to have suffered substantially through the COVID-19 phase due to disruption in raw material supply chains, construction industry, and shutdown across various industries.