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.
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.
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Drivers – Radiation Cured Coatings Market
Increasing demand from various industries
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.
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