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Radiation curable coatings market Set To See Strong Growth by 2024

Author : Rahul Varpe | Published Date : 2019-03-25 

Radiation curable coatings market size should witness a steady growth owing to positive application scope in inks, adhesives and packaging industries. They are surface treatments which are cured by electron beam or UV radiations, which are widely used for materials including glass, wood, paper, and plastics. They are solvent free, which prevents Volatile Organic Compounds (VOCs) releases in atmosphere and protect environment from its negative impact.

Increasing spending on house maintenance along with growing awareness related to long-term monetary saving drives wood coating market size. Global wood coating market is poised to surpass USD 2.5 billion by 2024. Radiation curable coatings protects wood from heat, abrasion and moisture evaporation to prevent dimensional change and preserve structure. It requires low maintenance and improves wood aesthetics, which is applied to flooring, sliding window frame and deck. Increasing consumer awareness for environment friendly and low toxicity may propel radiation curable coatings market size.

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Rise in disposable income and increase in spending on interior decoration is stimulating furniture market demand. House furniture includes kitchen cabin, wardrobe, bed, table & chair requires revamp and customisation as per requirement. Rapid industrialization and increase in commercial offices including banks, stores, hospitals and school, which has boosted wood furniture demand. Radiation curable coatings improves wood surface characteristics, provides anti- slip effect and displays excellent stability in hot and cold environment conditions.
 
Expansion in automotive, chemical, energy, construction and heavy engineering has fuelled steel demand. Global steel industry use about 2 billion tons per year iron ore to manufacture steel. UV radiation curable coatings is widely used in food & beverage industry and speciality can manufacturing owing to its characteristics including protecting metal from high temperature, which in turn improves dimensional stability, provides glossy finishing and smooth metal surface. Radiation curable coatings provides chemical resistance and inhibits corrosion formation on protective coat to heating coils, tanks, vessels and pipes in chemical plants. 

North America, driven by Canada and the U.S. radiation curable coatings market size may show high growth owing to rise in chemical manufacturing and optical electronic industries. Shift in consumer spending on home furniture may drive regional industry growth.

Europe driven by UK, France and Germany radiation curable coatings market size may show significant gains over the forecast timeframe. Favourable government regulation along with consumer awareness for low pollution coating option may stimulate industry growth. Rise in building construction and wood application in house furnishing may propel regional growth demand.
 
Asia Pacific led by Japan, India, and China radiation curable coatings market size may witness significant gains owing toincrease in printing ink and packaging market demand. Rapid urbanisation along with rise in disposable income has boosted construction and wood furniture industry in the region.

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Key renewable raw materials, epoxy acrylates, vinyl ethers, and unsaturated polyesters are used for manufacturing process. These raw materials are expensive which may hinder industry profitability and affect radiation curable coatings market price trend. However, implementation of bio-based materials may create new opportunities in the industry growth.

Global radiation curable coatings market share is fragmented. Key market players are BASF, DSM, Sartomer, Allnex, Dainichiseika and Chongqing Changfeng.a

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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