Electron Beam Curable Coating Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Electron Beam Curable Coating Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The electron beam curable coating market was estimated at USD 408.69 million, and the market is projected to register a CAGR of around 3.2% during the forecast period. Major factor driving the market studied is growing demand of electron beam curable coating market from various end-user industries. On the flip side, slowdown in the automobile industry and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

Key Highlights

• Growing demand of electron beam curable coating from electric vehicles is forecasted to offer various opportunities for the growth of the market over the forecast period.
• Electron beam curable coating from aerospace industry is expected to dominate the market studied over the forecast period.
• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India and Japan.

Key Market TrendsGrowing Demand From Packaging Industry

• In the packaging industry, electron beam curable coatings are widely used for food packaging materials such as folding cartons for frozen foods, gable-top cartons for fruit juice packaging, and dry food packaging owing to their low odor and low migration packaging solutions.
• Moreover, these coatings are also widely adopted in flexible packaging applications owing to their clean, fast, and energy-efficient way to process coatings in flexible packaging operations. Electron beam curable coatings exhibit properties such as low VOC emissions, instant drying at high production speeds, high chemical and high abrasion resistance, which makes them ideal for application in various packaging applications.
• Companies such as PepsiCo are actively engaged in exploring the use of electron beam curable coating and ink in surface print applications for flexible food packaging as an alternative to eliminate the potential use of photoinitiators to migrate into food.
• In recent years, electron beam curable coatings are increasingly gaining the interest of packaging manufactures to shift traditional multi-film packaging structures to mono-web packaging structures. As electron beam, curable coatings help reduce the packaging layers by eliminating the use of lamination adhesive between film layers and minimizing the use of photoinitiators in flexible packaging, which makes it suitable for food packaging application.
• According to a report published by PMMI, ‘The Association for Packaging and Processing Technologies,’ growth in the global packaging industry is anticipated to reach USD 42.2 billion by 2021, an increase from USD 36.8 billion from 2016, owing to the increasing population, growing sustainability concerns, more spending power in developing regions, and rising demand for smart packaging, among others.
• Amid the significant growth in the e-commerce industry backed by a surge in digitalization, the packaging industry is witnessing sharp growth across the world. According to the Indian Institute of Packaging, packaging consumption in India increased 200% in the past decade, and it is expected to reach USD 204.81 billion by 2025.
• Hence, owing to the above-mentioned factors, the application of electron beam curable coating from packaging industry is likely to dominate during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific Region is expected to dominate the market for electron beam curable coating during the forecast period. The rising demand of electron beam curable coating from aerospace industry and growing application in automotive and electronic sector in developing countries like China, India and Japan is expected to drive the demand for electron beam curable coating in this region.
• The largest producers of electron beam curable coating located in Asia-Pacific region. Some of the leading companies in the production of electron beam curable coating are PPG Industries, Inc, ALLNEX NETHERLANDS B.V., Hexion, BASF and RAHN AG among others.
• The packaging industry in China is expected to register a tremendous growth, with a CAGR of nearly 6.8%, to reach CNY 2 trillion by 2025. This positive momentum in the packaging industry is expected to ignite the market demand for electron beam curable coatings market in the country.
• The Chinese automotive manufacturing industry is the largest in the world, with a production share of just over 28% in 2019. The industry witnessed a slowdown in 2018, wherein the production and sales declined. A similar trend continued in 2019, where the production declined to 25.7 million vehicles, recording a drop of about 7.5% year-on-year.
• However, in Q1 2021, the production reached 6,352,028 units, which increased by 81.7% from Q1 2020. The manufacturing activities are picking up pace, driving the demand for the electron beam curable coatings market.
• Additionally, The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. India is expected to have a digital economy of USD 1 trillion by 2025. India’s Electronics System Design and Manufacturing (ESDM) sector is expected to generate over USD 100 billion in economic value by 2025.
• Owing to the above-mentioned factors, the market for electron beam curable coating in the Asia-Pacific region is projected to grow significantly during the study period.

Competitive Landscape

The global electron beam curable coating market is consolidated in nature with only few major players dominating the market. Some of the major companies are PPG Industries, Inc, ALLNEX GMBH, Arkema, BASF SE, and IGM Resins among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
ALLNEX GMBH
Abrisa Technologies
Arkema
BASF SE
Dainichiseika Color & Chemicals Mfg Co. Ltd
Covestro AG
Hexion
INX International Ink Co
PPG Industries Inc
R&D Coatings, LLC
Dai Nippon Printing Co. Ltd
IGM Resins

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