IndustryARC

Radiation Curable Coatings Market Size Forecast to Reach US$11.8 Billion by 2026

Stringent VOC Regulations Imposed by the Asia Pacific Government Driving the Growth of Radiation Curable Coatings Market

 

NewYork, NY -- (SBWIRE) -- 10/12/2021 -- Radiation Curable Coatings Market size is forecast to reach US$11.8 billion by 2026, after growing at a CAGR of 6.4% during 2021-2026. Radiation curable coatings are often manufactured using electron beam curing or ultraviolet curing technology. Radiation curable coatings improve surface characteristics, provide an anti-slip effect, and displays excellent stability in hot and cold environmental conditions, owing to which it is largely employed in applications such as mechanical tubing, printing inks, packaging, furniture, photovoltaics, appliances, and more. They are solvent-free, avoiding the release of volatile organic compounds (VOCs) into the atmosphere and shielding the environment from their harmful effects. Thus, a significant factor for this industry is the growing government regulations regulating the content of the VOC. Furthermore, the flourishing petrochemical, metallurgy, chemical, and construction sector is projected to substantially drive the radiation curable coatings industry during the forecast period.

COVID-19 Impact

The COVID-19 pandemic outbreak is having a huge impact on the steel sector, on which the radiation curable coatings market is highly reliable. Domestic steel demand has subdued until sectors such as auto, infrastructure, real estate construction, electronics, and consumer durables post a sustained recovery. Compared to flat steel, the use of long steel products, mainly used in the manufacturing, construction, and capital goods industries, is expected to recover faster compared to flat steel, where demand is driven by end-user segments such as automotive and domestic appliances. There has been a temporary suspension of construction activities, and automotive production in various regions, which adversely affected the growth of the radiation curable coatings market.

Radiation Curable Coatings Market Segment Analysis – By Ingredient

The oligomers and photo-initiator segments held a significant share in the radiation cured coatings market in 2020. Radiation curable coating consists of oligomers, monomers, photo-initiators, and additives. Popular oligomers include polyester, polyether, urethane, acrylic, and silicone acrylates. The purpose is similar to water-borne and solvent-borne paints, which provide durability, strength, and resistance to corrosion. In radiation curable coatings, monomer serves as a solvent and forms a cross-linking polymer network, thereby minimizing viscosity. The photo-initiator activates the process of network creation and plays a vital role in attaining the desired film property. In radiation curable coatings, additives are used to enhance and adjust functions, including pigments, defoamers, viscosity control, and wetting agents.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503308
Report Price: $ 4500 (Single User License)

Radiation Curable Coatings Market Segment Analysis – By Technology

The ultraviolet curing segment held the largest share in the radiation cured coatings market in 2020 and is growing at a CAGR of 7.3% during 2021-2026. Using UV technology, radiation-cured coatings provide advantages such as the ability to coat on heat-sensitive substrates, enhanced durability, i.e., scratch and stain resistance of the plastics over the electron beam curing technology. Such advantages are driving the growth of radiation-cured coatings as printing inks on plastics. In contrast to thermal, evaporative, or oxidative (air-dry) cure, radiation curable coatings use visible light, UV energy, and low-energy electrons (EB) to form a film, printing inks, or coating. The ultraviolet curing based radiation curable coatings are widely used in the food & beverage industry and specialty can manufacture owing to its characteristics including protecting metal from high temperature, which in turn improves dimensional stability, provides glossy finishing and smooth metal surface, which is the major factor driving the ultraviolet curing segment growth.

Radiation Curable Coatings Market Segment Analysis – By End-Use Industry

The industrial segment held the largest share in the radiation curable coatings market in 2020 and is growing at a CAGR of 9.6% during 2021-2026, owing to the increasing usage of radiation curable coatings in the industrial sector. Metal (steel, aluminum, copper, and more) forms a chief component in most industrial applications. The 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. Radiation curable coatings are also utilised as protective films for construction steel and aluminium, as well as temporary and permanent protective coatings for metal tubes and pipes, fence posts, electrical conduit, sprinkler systems, and mechanical tubing. Also, radiation curing coatings are used as an abrasion and heat-resistant coatings for magnetic wires used in transformers, engines, and other industrial components, owing to which radiation curable coatings are largely utilized in the industrial sector during the forecast period.

Radiation Curable Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the radiation curable coatings market in 2020 up to 42%, owing to the flourishing petrochemical, metallurgy, and chemical industry in the region. According to Invest India, the chemicals and petrochemicals business in India is predicted to rise to US$300 billion by 2025, from roughly US$165 billion in 2019-20. Over the next five years, demand for chemical products is predicted to expand at a rate of about 9% per year. According to the International Copper Association (ICA), China's copper consumption is expected to increase by 232 kt per year by 2025 due to the installation of higher-efficiency industrial engines and distribution transformers, the electrification of new railways, and the introduction of new energy vehicles (NEVs) for industrial use. Thus, with the increasing chemical, petrochemical industry, and with the increasing consumption of copper in the Asia Pacific, there will be an upsurge in the demand for radiation curable coatings for steel protection, which is expected to significantly propel the market in the region.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503308

Radiation Curable Coatings Market Drivers

Stringent VOC Regulations Imposed by the Asia Pacific Government

Radiation curable coatings are eco-friendly and endorse environmental conservation measures by minimizing VOC emissions from the government. For both interior architectural coatings (National Standard GB 18582-2008) and exterior wall coatings, China has set standards for (GB 24408-2009). China has recently adopted a new law, formally known as the "Finance Tax (2015) Notification on the Imposition of Battery and Coating Products Consumption Tax." The regulations placed on manufacturers of coatings include a 4 percent tax on the invoice price of any coating with a VOC level of ready-to-spray above 420 g/L. India does not currently have mandatory VOC legislation, but several businesses are concentrating on complying with Green Seal GS-111 standards. This specification sets standards for the climate, health, and performance and covers items intended for wallboard, tile, metal, wood, composite wood, concrete, stone, masonry, and terrazzo substrates, as well as other substrates for architecture. These growing regulations in Asia-Pacific are expected to support the growth of the radiation curable coatings.

Expanding Automotive Industry

Expanding the automotive sector has fueled steel demand. Rising steel demand from the industries fuels the demand for radiation-cured coating for corrosion protection of steel components such as metal tubing. It is used in the industry, due to its characteristics including metal protection from high temperatures, which in turn improves dimensional stability, provides glossy finishing, and a smooth metal surface. According to the International Trade Administration (ITA), the Chinese government is expecting that automobile production will reach 35 million by 2025. In January 2018, South Africa's total motor sales were estimated at 54,620, which increased to 55,156 in January 2019, according to Stats Sa. According to the Korea Trade & Investment Promotion Agency (KOTRA), there is a strong demand for commercial vehicles in Saudi Arabia. The commercial vehicle sales were about 82,027 units in 2018 and is expected to reach about 97,188 by 2023. Further, these resist scratch and have high surface strength without losing the ductility of metals used in the manufacture of steering wheels, roof racks, and truck axles in the automotive sector. Thus, the increasing automobile production acts as a driver for the market.

Radiation Curable Coatings Market Challenges

Drawbacks Associated with the Radiation Curable Coatings

The most critical problem is the limited supply of appropriate curable radiation coatings. For this application to achieve its potential, more options are still needed. Because of complex component geometries, many manufacturers are also worried about its ability to achieve maximum curing. Radiation curing requires that all surfaces of the coating be exposed to the UV or EB rays. Many industrial metal parts have small shadow areas or are built in such a way that not all areas can be viewed in such a way that the light gets close enough to the surfaces required, which could be metal-specific phenomena. In certain cases, hybrid systems that heal by a combination of a radiation-promoting mechanism and other forms of chemistry can be used to solve these problems. Also, a lack of knowledge of the technology is another significant obstacle to the adoption of energy-cured coatings for industrial metal applications. All these factors are restraining the radiation curable coatings market growth during the forecast period.

Radiation Curable Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the radiation curable coatings market. Major players in the radiation curable coatings market are BASF SE, Chongqing Changfeng Chemical, Electrolube, Cytec Corporation, Dainichiseika Color & Chemicals, Royal DSM, and Sartomer.

Acquisitions/Technology Launches

In May 2019, Electrolube launched seven next-generation UV cure conformal coating products in Europe at the SMTConnect show In Nuremberg.

In July 2019, Arkema has acquired Lambson, a company that specializes in 3D printing, digital inks, and high-performance coatings.

Key Takeaways

Asia-Pacific dominates the radiation curable coatings market, owing to the increasing steel production in the region. According to the India Brand Equity Foundation (IBEF), India's crude steel and finished steel production increased to 108.5 MT and 101.03 MT in FY20P, respectively.

Increasing use of radiation cured coatings in printing inks and printed electronics which include electric device manufactured by printing hold significant potential for the growth of the market.

Low energy consumption, the low volatile organic compound (VOC), consistent coating quality, rapid curing & drying, coupled with superior hardness and abrasion resistance properties of these coatings are factors that trigger the growth of this market.

Related Reports

A. Pipe Coating Market

https://www.industryarc.com/Report/16090/pipe-coating-market.html

B. Radiation Cured Coatings Market

https://www.industryarc.com/Research/Radiation-Cured-Coatings-Market-Research-501607

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.