APAC Radiation Curable Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Radiation Curable Coatings Market Analysis
The Asia-Pacific radiation curable coatings market is expected to register a CAGR of over 5% during the forecast period.
COVID-19 negatively impacted the radiation-curable coating in 2020. Major industries were shut down due to the lockdown, reducing the consumption of radiation-curable coatings in the industrial sector. The government eased restrictions on curbing the spread of the virus; this resulted in the steady growth of the radiation curable coatings market in Asia-Pacific.
- Demand for radiation-curable coatings from the industrial segment due to their properties, such as rapid curing, drying, superior hardness, and abrasion resistance over other layers, is forecasting the market's demand.
- Rising demand for highly durable coatings will likely act as an opportunity.
- Government regulations on the usage of VOC and high raw material costs are likely to hinder market expansion.
- China dominated the market and may continue its dominance during the forecast period.
APAC Radiation Curable Coatings Market Trends
This section covers the major market trends shaping the Asia Pacific Radiation Curable Coatings Market according to our research experts:
Industrial Application to Dominate the Market
- The radiation-curable coating is used in a variety of industrial applications, including metal coating (automotive, protective, coil, and cans), wood coating (wood and furniture), floors (concrete floor, wooden floor, and vinyl floor), plastic coatings, and paper coatings, due to its superior shine and durability over other layers. They are highly durable, abrasion resistant, require less drying time, and cost-effective.
- Radiation-cured coatings protect metal substrates from corrosion and abrasion, give functional (anti-fingerprint) and desirable aesthetic (gloss), and improve impact, chemical, and scratch resistance.
- Wooden products are extensively used for construction and decoration applications, including parquetry, furniture, joinery, timberwork, decking, and cladding. Radiation-cured coatings are coated on wooden products to help them minimize the effects of UV rays, photo-oxidation, dirt, abrasion, and moisture upon them. These advantages drive the growth of radiation-cured coatings on wood. Thus, the growing demand for wooden products in industrial buildings will enhance the development of radiation-cured layers over the forecast period.
- According to the World Integrated Trade Solution (WITS), China is the largest exporter of furniture worldwide, with furniture exports from China totaling 1,554,270,000 kg in 2021. Due to this fact sheet, the region's consumption of radiation-curable coatings increases.
- According to Invest India, the chemicals and petrochemicals business in India is valued at USD 178 billion in 2021 and poised to be valued at over USD 300 billion over the next two years.
- In 2021, production and sales of vehicles increased significantly in India. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), India produced 43,99,112 cars in 2021, witnessing a growth rate of 30% compared to the previous year. And most of the automotive parts are cured by radiation coating, which increases the demand for the studied market.
- The electronics industry in South Korea is among the most advanced in the world. It is a major producer of consumer electronics, semiconductors, and other electronic components on a global scale. Some of the world's largest electronics companies, such as Samsung and LG, are headquartered in South Korea. South Korea produced USD 200.77 billion in 2021, up 25% from the previous year, according to the Korea International Trade Association (KITA).
- Hence, increasing demand for radiation-curable coatings in the industrial segment will likely dominate the market.
China to Dominate the Market in Asia-Pacific
- China dominated the Asia-Pacific radiation curable coating market in 2021, with a considerable market and revenue share, and is expected to maintain its dominance during the forecast period.
- According to the Ministry of Industry and Information Technology of the People's Republic of China, China's electronic manufacturing industry has grown over the years, expanding by 15.7% in 2021 over the previous year. The electronic industry is one of the major end-users of radiation curable coating which supports the studied market. In addition, radiation-curing coatings are also used as an abrasion and heat-resistant coatings for magnetic wires used in transformers, engines, and other electrical components.
- Automotive industries are extensively making use of radiation-curable coating. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China is the largest automotive manufacturer in the world producing 26.1 million vehicles in 2021, thus the demand for radiation-curable coating in the automotive sector is expected to be high.
- According to the China Association of Automobile Manufacturers (CAAM), China has seen a significant expansion of new energy cars in recent years (NEVs). China has produced 4.71 million NEVs, with domestic sales topping 1.5 million units in 2021, representing a year-on-year increase of more than 80%. This growth was fueled by government regulations and incentives, as well as customer demand for NEVs.
- According to the National Bureau of Statistics of China, China produced 80 million metric tons of plastics in 2021, an 5.27 percent increase over the previous year. Radiation-cured coatings are used to coat plastics because of their qualities such as heat-sensitive substrates, improved performance, high durability, and quick curing time.
- All aforementioned factors are likely to fuel the growth of the Radiation-cured coatings market in China over the forecast period.
APAC Radiation Curable Coatings Industry Overview
The radiation curable coatings market in Asia-Pacific is consolidated in nature. Some of the major players in the market include (not in any particular order) The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems Ltd LLC, PPG Industries Inc., and BASF SE, among others.
APAC Radiation Curable Coatings Market Leaders
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The Sherwin-Williams Company
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Akzo Nobel N.V.
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Axalta Coating Systems Ltd LLC
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PPG Industries Inc.
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BASF SE
*Disclaimer: Major Players sorted in no particular order
APAC Radiation Curable Coatings Market News
- November 2022: Evonik launched a next-generation deaerator for UV wood coatings. This enhanced TEGO Airex 923 is a highly compatible 100% active organic polymer with better efficiency than the previous one.
- November 2022: The Sherwin-Williams Company acquired German-based Specialized Industrial Coatings Holding (SIC Holding). This acquisition will create opportunities to accelerate Sherwin-Williams Company's global industrial wood market growth.
APAC Radiation Curable Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for Radiation Curable Coatings from the Industrial Segment
4.1.2 Rising Demand for Highly Durable Coatings
4.2 Restraints
4.2.1 Government Regulations on the Usage of VOC
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Application
5.1.1 Industrial
5.1.2 OP Lacquers
5.1.3 Electronics
5.1.4 Printing Inks
5.1.5 Other Applications
5.2 Geography
5.2.1 China
5.2.2 India
5.2.3 Japan
5.2.4 South Korea
5.2.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) ** / Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.2 Axalta Coating Systems Ltd LLC
6.4.3 BASF SE
6.4.4 Chugoku Marine Paints Ltd
6.4.5 Dainichiseika Color and Chemicals Mfg Co. Ltd
6.4.6 PPG Industries Inc.
6.4.7 Royal DSM
6.4.8 The Sherwin-Williams Company
6.4.9 Watson Coatings Inc.
6.4.10 Yips Chemical Holdings Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand For High Durable Products
APAC Radiation Curable Coatings Industry Segmentation
Radiation Curable coatings are cured or cross-linked by high-intensity radiation energy using electron beams or UV lamps. Radiation Curable coatings are manufactured with additives, pigments, and reactive liquids cured by radiation energy. Asia-Pacific Radiation Curable Coatings Market is segmented by Application and Geography. By Application, the market is segmented into Industrial, OP Lacquers, Electronics, Printing Inks, and Other Applications. The report covers the market size and forecast for the Asia-Pacific Radiation Curable Coatings market in four countries across the Asia-Pacific region. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Application | |
| Industrial | |
| OP Lacquers | |
| Electronics | |
| Printing Inks | |
| Other Applications |
| Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
APAC Radiation Curable Coatings Market Research FAQs
What is the current Asia-Pacific Radiation Curable Coatings Market size?
The Asia-Pacific Radiation Curable Coatings Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Radiation Curable Coatings Market?
The Sherwin-Williams Company , Akzo Nobel N.V. , Axalta Coating Systems Ltd LLC , PPG Industries Inc. and BASF SE are the major companies operating in the Asia-Pacific Radiation Curable Coatings Market.
What years does this Asia-Pacific Radiation Curable Coatings Market cover?
The report covers the Asia-Pacific Radiation Curable Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Radiation Curable Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Radiation Curable Coatings Industry Report
Statistics for the 2024 Asia-Pacific Radiation Curable Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Radiation Curable Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
