The global Radiation Curable Coating Market is estimated to be valued at US$ 21.17 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Radiation curable coatings are used in various printing and coating applications such as printing on food packaging, publication printing, furniture finishing and other industrial applications. Radiation curable coatings offer advantages such as fast curing rate, low VOC emissions during curing and excellent durability and abrasion resistance. With increasing demand from graphic arts, industrial and wood coatings industries, the radiation curable coatings market is expected to grow significantly over the forecast period.
Market key trends:
One of the key trends in the radiation curable coatings market is rising popularity of UV-curable coatings. UV-curable coatings offer very low VOC content and fast curing rate compared to traditional coatings. They are increasingly used in various applications such as wood, plastic and paper coatings. Secondly, growth in electric vehicle industry is also driving the demand for radiation curable coatings. Radiation curable coatings are widely used in EV batteries for protection against corrosion. They help improve battery performance. With rising EV sales worldwide, the need for advanced battery technology and coatings is also increasing rapidly.
Threat of new entrants: Low, as high capital requirements and economies of scale make entry difficult for new players.
Bargaining power of buyers: Moderate, as coating products are differentiated and switching costs are moderate.
Bargaining power of suppliers: High, as raw materials require specialized production facilities and processes.
Threat of new substitutes: Moderate, as new technologies can replace radiation curable coatings.
Competitive rivalry: High, as the market is fragmented with global players competing on product quality, price and customer service.
The global radiation curable coating market growth is expected to witness high exhibiting CAGR of 4.3% over the forecast period, due to increasing demand from wood coatings and graphic arts applications.
The Asia Pacific region dominates the global market and is projected to grow at the fastest pace during the forecast period due to increasing demand from the construction and wood coatings industries in China and India. North America is also expected to grow substantially owing to high use in graphic arts applications such as commercial printing.
Key players operating in the radiation curable coating market are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd, Akzo Nobel NV, ICA SpA, and Covestro AG. Sherwin-Williams Company is a leading player focusing on R&D to develop eco-friendly and environment-compliant radiation curable coatings. PPG Industries Inc offers a wide range of UV cure coatings and provides technical expertise to various end-use industries.
- Source: Coherent Market Insights, Public sources, Desk research
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