Radiation Cured Coatings Market size is forecast to reach $11.1 billion by 2025, after growing at a CAGR of 6.9%% during 2020-2025. Major factor driving the global radiation curable coatings market is its properties, such as rapid curing, drying, superior hardness, and abrasion resistance, due to which, radiation-cured technology has found applications in plastics, wood, and metal coatings. In addition to these properties, low VOC emissions and excellent mechanical and chemical resistance add value to the radiation-cured coatings. Favorable government regulation along with customer awareness about the alternative of low-pollution coating boosts the market growth. Moreover, the increase in building construction and wood application in house furniture also propels the growth of the market for radiation-cured coating.
Formulation – Segment Analysis
Ultraviolet curing held the largest share in the radiation cured coatings market in 2019. 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. Such advantages are driving the growth of radiation-cured coatings on plastics. Visible light, UV energy, low-energy electrons (EB) are used in radiation curable coatings to form a film, printing inks, or coating as conflicting to thermal, evaporative, or oxidative (air-dry) cure. The electron beam curing technique is also growing at a faster rate during the forecast period.
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Application – Segment Analysis
Industrial application held the largest share in the radiation cured coatings market in 2019 and is growing at a CAGR of 7.2% during the forecast period. In most industrial applications metal forms, a chief component. Untreated and phosphate-treated steel, aluminum, galvanized steel, brass, nickel, magnesium, and copper are the various types of metals that are commonly used in industrial applications. Radiation-cured coatings provide protection against corrosion, resistance to abrasion, impart functional and desirable appearance properties, and enhance effects, chemical and scratch resistance to various metal substrates. Such as coil coating, which is used on metal substrates to produce housings for electronic devices, appliances, propane tanks, and metal packaging that includes general line, aerosol, food and beverage, and specialty cans. Radiation curable coatings are often used as temporary and permanent protective coatings for metal tubes and pipes, fence posts, electrical conduits, sprinkler systems, hydraulic tubing and also as protective films for steel and aluminum construction. In addition, radiation cured coatings for magnetic wires used in transformers, engines and other electrical components are often used as abrasion and heat-resistant coatings.
Geography – Segment Analysis
Asia Pacific region held the largest share in the radiation cured coatings market in 2019 up to 30%. In Asia-Pacific, China, India, and Japan are the leading consumers of radiation cured coatings. China has set a range of standards for interior and exterior wall coverings, such as the National Standard GB 18582-2008 and the GB 24408-2009. China has recently introduced new regulations, formally known as “Finance Tax (2015) Notification on Imposing Consumption Tax on Battery and Coating Products” The regulations implemented on coating manufacturers include a 4% tax on the invoice price of any coating above 420 g / L of ready-to-spray VOC. India currently does not have mandatory VOC legislation but some companies are focused on meeting the GS-11 Green Seal specifications. The norm sets out standards for the environment, health and performance, and includes products for wallboards, tiles, metal, wood, composite wood, concrete, stone, masonry, and terrazzo substrates, as well as other architectural elements. These growing regulations in Asia-Pacific are expected to support the growth of the radiation curable coatings in the region
Drivers – Radiation Cured Coatings Market
Increasing demand from various industries
Low energy consumption, 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. Expansion in the automotive, chemical, oil, construction and heavy engineering sectors has fueled demand for steel. The world’s steel industry uses around 2 billion tons of iron ore per annum for steel production. Rising steel demand from these industries fuels demand for radiation-cured coating. In addition, radiation-curable coatings are also used in the food & beverage industry, due to their characteristics including metal protection from high temperatures, which in turn improves dimensional stability, provides glossy finishing and a smooth metal surface. Radiation cured coatings provide chemical resistance to heating tubes, tanks, vessels and pipes in chemical plants, and prevent corrosion formation on protective cover. 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. Radiation curable coatings have a wide prospect of use in the manufacture of semi-conductors and optical electronics due to high abrasion resistance, speedy healing capability and increased optical cable durability. Therefore, its wide usage in these industries is driving its market growth.
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Challenges – Radiation Cured Coatings Market
Fluctuation in raw materials prices
Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global radiation cured coatings market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices. Crude oil derivatives such as photoinitiators, oligomers, and monomers are major raw materials utilized in radiation-cure products. According to BP statistics, in 2018, average oil price increased to $71/ bbl from $54/bbl in 2017. Therefore, the fluctuation in energy prices is affecting radiation cured coatings prices which acts as a challenge.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Radiation Cured Coatings Market. Major players in the Radiation Cured Coatings market are The Sherwin-Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd LLC, BASF SE, and Akzo Nobel NV, among others.
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 specializes in 3D printing, digital inks and high-performance coatings.
In October 2017, Electrolube, launched a new range of 2K850, UV cure coating.
Factors expected to fuel demand for radiation-cured coatings include strict environmental legislation, increased adoption of low VOC, environmentally friendly, and non-hazardous coatings from the end-user industry.
Radiation cured coating is gaining widespread acceptance in many niche applications due to advantages including ease of use, fast cure and low temperature healing.
Moreover, the implementation of bio-based materials in radiation cure products is also expected to provide new growth opportunities.
Currently, COVID-19 is having a massive impact on various industries such as automotive, electronics and others, as most countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is limiting radiation cured coatings market growth.
A. Ultraviolet (UV) Coatings Market
B. Nanocoatings Market
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