Global Radiation Curable Coatings Market Size study & Forecast, by Ingredient (Oligomers, Monomers, Photoinitiators, Additives), by Type (Ultraviolet Curing, Electron Beam Curing), by Application (Paper and Film, Printing Inks, Plastics, Wood, Glass, Othe

Global Radiation Curable Coatings Market Size study & Forecast, by Ingredient (Oligomers, Monomers, Photoinitiators, Additives), by Type (Ultraviolet Curing, Electron Beam Curing), by Application (Paper and Film, Printing Inks, Plastics, Wood, Glass, Others) and Regional Analysis, 2023-2030

Global Radiation Curable Coatings Market is valued at approximately USD 7.70 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.6% over the forecast period 2023-2030. Radiation curable coatings, that may be applied to a number of materials including wood, metal, glass, plastic, and paper, are polymer coatings that are cured by UV or electron beam radiation. Popular uses for these compositions include the cross-linking of adhesives, inks, and electronics using intense UV or electron beam energy sources. These coatings boost surface properties, use less energy, have a long service life, are corrosion resistant, and perform well. The radiation-cured coatings industry is growing because of low-pollution coatings, highly durable and chemically resistant finishes, and an increase in demand for wood coatings. The growing popularity of automated household items is propelling the usage of radiation curable coatings in the manufacture of domestic electrical appliances such as microwaves, ovens, dishwashers, and refrigerators. Furthermore, the improving environmental compliance of the technology serves as essential for market expansion.

Moreover, the growing wood market can support the growth of the Radiation Curable Coatings Market. As the wood market expands, there is a higher demand for wood-based products such as furniture, flooring, and cabinetry. Radiation curable coatings are commonly used in the wood industry to provide protective finishes that enhance the aesthetics, durability, and resistance of wood surfaces. The growth in the wood market directly translates to a higher demand for radiation curable coatings. According to Statista, in 2022, the wood market was valued USD 152.30 billion and it is anticipated to reach USD 173.4 billion by 2024. Additionally, increasing spending on housing and growing usage of printed electronics provides lucrative opportunities to the market. However, the high material cost and large initial investment cost of Radiation Curable Coatings stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Radiation Curable Coatings Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing due to substantial manufacturing centres in the area, supported by increased investment in the industrial sector and infrastructural projects in emerging nations such as China, India & Indonesia. Also, increasing demand from end-use industries, advantages of radiation curing technology and growing awareness is anticipated to support the market growth. North America is expected to grow significantly during the forecast period, owing to high technical developments and increasing industrialisation in a range of industries such as electronics, automobiles, construction, favorable government policies, and increasing demand for eco-friendly coatings.

Major market player included in this report are:
3M Company
Red Spot Paint & Varnish Company, Inc.
BASF SE
Royal DSM N.V.
Bayer Material Science AG
Evonik Industries AG
Ashland, Inc.
Toyo Ink Group
Sun Chemical Corp
PPG Industries, Inc.

Recent Developments in the Market:
In November 2022, Evonik's Coating Additives business division expanded its offering of UV wood coating deaerators. TEGO Airex 923 is a highly compatible and efficient 100% active organic polymer. UV-curable coatings offer several advantages, including being ecologically benign, practically globally applicable, and having a highly quick, efficient, and productive application procedure. Evonik provides a wide range of defoamers and deaerators with various application characteristics. Evonik introduces TEGO Airex 923, a powerful deaerator for radiation-curing wood and furniture treatments.

Global Radiation Curable Coatings Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Ingredient, Type, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Ingredient:
Oligomers
Monomers
Photoinitiators
Additives
By Type:
Ultraviolet Curing
Electron Beam Curing
By Application:
Paper and Film
Printing Inks
Plastics
Wood
Glass
Others
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
3M Company
Red Spot Paint & Varnish Company, Inc.
BASF SE
Royal DSM N.V.
Bayer Material Science AG
Evonik Industries AG
Ashland, Inc.
Toyo Ink Group
Sun Chemical Corp
PPG Industries, Inc.

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