Radiation Curable Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Radiation Curable Coatings Market Analysis
The global radiation curable coatings market has anestimated CAGR of over 6% over the forecast period.One of the most important drivers for global radiation curable coatings market is its properties, like rapid curing, drying, superior hardness, and abrasion resistance, due to which, radiation-cured technology has found applications in plastics, wood, and metal coatings.
- Apart from these properties, low VOC emissions, along with excellent mechanical and chemical resistance, add value to the radiation-cured coatings.
- On the flipside, high raw material cost is expected to hinder the market growth.
Radiation Curable Coatings Market Trends
This section covers the major market trends shaping the Radiation Curable Coatings Market according to our research experts:
Industrial Application to Dominate the Market
- Metal forms a chief component in most of the industrial applications. The different types of metals, which are extensively used in industrial applications, are untreated and phosphate-treated steel, aluminum, galvanized steel, brass, nickel, magnesium, and copper.
- Radiation-cured coatings provide corrosion protection, abrasion resistance, impart functional (anti-fingerprint) and desired appearance (gloss) properties, and enhance impact, chemical and scratch resistance to different metal substrates.
- The most common example is coil coating, which is used on metal substrates for the manufacture of housings for electronic devices, appliances, propane tanks, and metal packaging involving general line, aerosol, food and beverage, and specialty cans.
- Radiation curable coatings are also used as temporary and permanent protective coatings for metal tubes and pipes, fence posts, electrical conduit, sprinkler systems, mechanical tubing, and are also used as protective films for construction steel and aluminum. 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.
- Radiation-cured coatings, using UV technology, not only help to overcome the aforementioned problems but also offer advantages, such as the ability to coat on heat-sensitive substrates, improving performance i.e., scratch and stain resistance of the plastics. Such advantages are driving the growth of radiation-cured coatings on plastics.
Asia-Pacific Region Expected to dominate the Market
- The leading consumers of radiation curable coatings in Asia-Pacific include China, India, Japan, ASEAN countries, etc.
- China has set standards for both interior architectural coatings (National Standard GB 18582-2008) and exterior wall coatings (GB 24408-2009). Recently, China has introduced new regulation, known formally as “Finance Tax (2015) Notification on Imposing Consumption Tax on Battery and Coating Products”. The regulations imposed on coatings' manufacturers include a 4% tax on the invoice price of any coating whose ready-to-spray VOC level exceeds 420 g/L.
- India currently does not have mandatory VOC regulations, but many companies are focusing on meeting Green Seal GS-11 standards. This standard establishes environmental, health, and performance requirements and includes products intended to be applied to wallboard, tile, metal, wood, composite wood, concrete, stone, masonry, and terrazzo substrates, as well as other architectural substrates.
- These growing regulations in Asia-Pacific are expected to support the growth of the radiation curable coatings in the region.
Radiation Curable Coatings Industry Overview
The global radiation curable coatings market is partially consolidated. The major companies include The Sherwin-Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd LLC, BASF SE, and Akzo Nobel NV.
Radiation Curable Coatings Market Leaders
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The Sherwin-Williams Company
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PPG Industries Inc.
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Axalta Coating Systems Ltd LLC
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BASF SE
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Akzo Nobel N.V.
*Disclaimer: Major Players sorted in no particular order
Radiation Curable Coatings Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Desirable Properties, like Fast Curing, Hard, and Chemical resistant
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4.1.2 Rise in Adoption of Solvent-free Technologies to Comply with the Environmental Regulations
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4.2 Restraints
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4.2.1 High Material Cost
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Industrial
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5.1.2 OP Lacquers
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5.1.3 Electronics
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5.1.4 Printing Inks
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5.1.5 Other Applications
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5.2 Geography
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5.2.1 Asia-Pacific
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5.2.1.1 China
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5.2.1.2 India
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5.2.1.3 Japan
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5.2.1.4 South Korea
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5.2.1.5 Rest of Asia-Pacific
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5.2.2 North America
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5.2.2.1 United States
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5.2.2.2 Canada
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5.2.2.3 Mexico
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5.2.3 Europe
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5.2.3.1 Germany
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5.2.3.2 United Kingdom
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5.2.3.3 Italy
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5.2.3.4 France
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5.2.3.5 Rest of Europe
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Rest of South America
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5.2.5 Middle East & Africa
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5.2.5.1 Saudi Arabia
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5.2.5.2 South Africa
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5.2.5.3 Rest of Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 AkzoNobel NV
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6.4.2 Axalta Coating Systems Ltd LLC
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6.4.3 BASF SE
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6.4.4 Chugoku Marine Paints Ltd
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6.4.5 Dainichiseika Color and Chemicals Mfg Co. Ltd
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6.4.6 PPG Industries Inc.
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6.4.7 Royal DSM
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6.4.8 The Sherwin-Williams Company
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6.4.9 Watson Coatings Inc.
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6.4.10 Yips Chemical Holdings Ltd
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Growing 3D Printing Applications
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7.2 Growing Usage in Printed Electronics
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Radiation Curable Coatings Industry Segmentation
The global radiation curable coatings market report includes:
| Application | |
| Industrial | |
| OP Lacquers | |
| Electronics | |
| Printing Inks | |
| Other Applications |
| Geography | |||||||
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Radiation Curable Coatings Market Research FAQs
What is the current Radiation Curable Coatings Market size?
The Radiation Curable Coatings Market is projected to register a CAGR of less than 6% during the forecast period (2024-2029)
Who are the key players in Radiation Curable Coatings Market?
The Sherwin-Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd LLC, BASF SE and Akzo Nobel N.V. are the major companies operating in the Radiation Curable Coatings Market.
Which is the fastest growing region in Radiation Curable Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Radiation Curable Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Radiation Curable Coatings Market.
What years does this Radiation Curable Coatings Market cover?
The report covers the Radiation Curable Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Radiation Curable Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Radiation Curable Coatings Industry Report
Statistics for the 2024 Radiation Curable Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 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.
