Albany, NY -- (SBWIRE) -- 04/30/2014 -- Transparency Market Research has released a new market report titled "Radiation Cured Products (Coatings, Inks, and Adhesives) Market -Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," which observes that the RCP demand in 2012 was worth USD 4.93 billion and is expected to reach USD 7.93 billionby 2019, growing at a CAGR of 7.0% from 2013to 2019. In terms of volume, the demand for RCPwas 393.6 kilo tons in 2012.
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Radiation cured products (RCP) are obtained after the process of radiation curing.The radiation curing process is instantaneous and requires very less time as compared to the conventional thermal curing process, hence it is used for a wide range of applications. Global demand of RCP is mainly driven by the environmental compliance of this technology and the increase in the infrastructure activities that have led to a rise in demand for wood coatings. These factors are expected to remain the major driving force for the RCP market. Volatile raw material prices are expected to be a key challenge for market participants.
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Radiation cured coatings were the predominant RCP product segment in terms of volume, accounting for over 77% of total demand in 2012.The various advantages comprised by this technology are instant curing, low energy consumption, higher productivity, low to none volatile organic compound (VOC) content, and reduction in waste among others. The instant curing time of radcure coatings provide excellent benefits to the manufacturing industries such as higher throughput, reduced floor space and lower energy requirements as compared to the heat cured products. The prime focus of the usage of coatings is on wood, plastic, metal, glass, and paper. These properties are anticipated to be the key driving factors of RCP coatings for the next few years.
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Asia Pacific accounted for about 40% of the total Radiation Cured Products Market in 2012, followed by Europe and North America. Asia Pacific is also expected to be the fastest growing regional market in terms of both RCP consumption and production. This can be attributed to the growing economies in this region. Skilled labor, cheap availability of raw materials, equipment, and land has resulted in AsiaPacific emerging as a key destination for RCP producers. In the past few years,various manufacturers have concentrated on capacity expansion in Asia Pacific to increase their production capacities. Europe is the other major region where RCP consumption was very strong and the demand for RCP products in this region is expected to grow with a CAGR of about 4.9% in terms of revenue from 2013 and 2019.