Global Radiation Curable Coatings Market - Segmented by Raw Material, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global radiation curable market is expected to witness a moderate CAGR during the forecast period, 2018 to 2023. Industrial segment accounted for highest share, followed by electronics, in 2017. The growing infrastructure and rapid industrialization, in the developing economies, is expected to boost the growth during the forecast period.
Radiation curable coatings are applied to the surface of varied materials, ranging from cans to papers, to protect them from exposure to the environment, and to have desired properties for functional, as well as aesthetic appeal. These coatings possess desirable properties, such as chemically resistant finishes, speed of cure, ambient curing, extremely hard, non-flammability, and high productivity. They have a wide variety of applications, depending upon the type of resin and additives used. Radiation curable coatings can be observed in everyday life, like packaging graphics.
Growing Demand for UV-cured Coatings
UV-cured coatings also offer advantages in coatings, such as low energy consumption, lesser environmental impact, lesser waste generation, faster curing time, and small application equipment footprint. This enables them to be used in a wide range of applications, including wood, paper, optics, electronics, plastic, and ink markets. Stringent government regulations, in the developing nations, would continue to be a driving force behind the adoption of new, low-pollution coating technologies, such as UV-cured coatings, during the forecast period.
Industrial Application to Witness the Fastest Growth
The oil & gas industry has been trying to find ways to cut capital charges. This, along with the need to adhere to strict environmental regulations, has led to the demand for a coating system with a long life, which will be effective in the protection of the assets. Moreover, in the offshore locations, there is a prolonged exposure to penetrating UV rays and constant contact with rough seawater, which increases the need for protective coatings. Radiation curing coatings also find wide application on printed circuit boards & assemblies, sensors, LEDs, MEMS, capacitors, wafer, ferrite cores, digital displays, and metal components.
Key Developments in the Market
June 2017: Hempel established a new R&D facility solely focused on passive fire protection (PFP) coatings near Barcelona, Spain. The center is likely to be fully functional by the end of 2018.
January 2017: PPG completed the acquisition of DEUTEK SA, a leading Romanian paint and architectural coatings manufacturer, from the Emerging Europe Accession Fund.
Major Players: Akzonobel N.V., Sherwin Williams, PPG Industries, Nippon Paint Holdings, Axalta, Chugoku Marine Paints[FS1] , among others.
Reasons to Purchase this Report
Current and future global radiation curable coatings market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel).
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