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The global Radiation Curable Coating Market is estimated to be valued at US$ 20.30 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiation curable coatings are used for various applications such as wood furniture, automotive, electronics, and packaging. These coatings offer advantages such as fast curing, high performance, and eco-friendly properties. The increased demand for eco-friendly coatings, driven by implementation of stringent regulations regarding VOC emissions, is a significant driving factor for the market growth. Additionally, the growth of end-use industries such as automotive and electronics is further fueling the demand for radiation curable coatings.
Market Key Trends:
One key trend in the radiation curable coating market is the increasing adoption of UV-curable coatings in the packaging industry. These coatings offer benefits such as high gloss, superior resistance to scratching and abrasion, and fast curing time, making them ideal for various packaging applications. The growing demand for safe and sustainable packaging materials, along with the need for faster production processes, is driving the adoption of UV-curable coatings in the packaging industry. This trend is expected to continue over the forecast period, contributing to the overall market growth.
Overall, the Radiation Curable Coating Market Size is expected to witness high growth due to the increasing demand for eco-friendly coatings and the adoption of UV-curable coatings in the packaging industry.
PEST Analysis:
Political: The political factors affecting the radiation curable coating market include government regulations and policies related to environmental protection and health and safety. Governments around the world are increasingly imposing stricter regulations on volatile organic compounds (VOCs) emissions, which encourages the use of radiation curable coatings that have low VOC content.
Economic: The economic factors impacting the market include the growth of end-use industries such as automotive, electronics, and packaging. The radiation curable coating market is expected to witness high growth due to increasing investment in infrastructure projects, rapid urbanization, and the rising demand for durable and high-performance coatings.
Social: The social factors influencing the market include the growing awareness among consumers about the environmental impact of conventional solvent-based coatings. There is a shift towards more sustainable and environmentally-friendly coatings, which is driving the demand for radiation curable coatings.
Technological: The technological factors affecting the market include advancements in radiation curing techniques and the development of new formulations and raw materials. These advancements have led to improved performance, faster curing times, and expanded application areas for radiation curable coatings.
Key Takeaways:
The global radiation curable coating market is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period (2023-2030), due to increasing demand from end-use industries and government regulations promoting the use of low VOC coatings.
In terms of regional analysis, Asia-Pacific is expected to be the fastest-growing and dominating region in the radiation curable coating market. This is mainly driven by rapid industrialization, growing infrastructure development, and the presence of major manufacturers in countries such as China, India, and Japan.
Key players operating in the radiation curable coating market include Royal DSM, DIC Cytec Industries Inc., RAHN AG, Allnex, BASF SE, and Sartomar. These companies have a strong presence in the market and are focused on product innovation, mergers and acquisitions, and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
