Radiation Cured Coatings Market to Grow at a CAGR of 6.9% During the Forecast Period 2020-2025

October 12, 2020

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.

Key Takeaways

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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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.

Drivers – Radiation Cured Coatings Market

Increasing demand from various industries

Market Landscape

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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