he research study conducted by Report Ocean on the “ Radiation Curable Coatings Market ” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Radiation Curable Coatings Market is valued at approximately USD 7.70 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.6% over the forecast period 2023-2030. Radiation curable coatings, that may be applied to a number of materials including wood, metal, glass, plastic, and paper, are polymer coatings that are cured by UV or electron beam radiation. Popular uses for these compositions include the cross-linking of adhesives, inks, and electronics using intense UV or electron beam energy sources. These coatings boost surface properties, use less energy, have a long service life, are corrosion resistant, and perform well. The radiation-cured coatings industry is growing because of low-pollution coatings, highly durable and chemically resistant finishes, and an increase in demand for wood coatings. The growing popularity of automated household items is propelling the usage of radiation curable coatings in the manufacture of domestic electrical appliances such as microwaves, ovens, dishwashers, and refrigerators. Furthermore, the improving environmental compliance of the technology serves as essential for market expansion.
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Moreover, the growing wood market can support the growth of the Radiation Curable Coatings Market. As the wood market expands, there is a higher demand for wood-based products such as furniture, flooring, and cabinetry. Radiation curable coatings are commonly used in the wood industry to provide protective finishes that enhance the aesthetics, durability, and resistance of wood surfaces. The growth in the wood market directly translates to a higher demand for radiation curable coatings. According to Statista, in 2022, the wood market was valued USD 152.30 billion and it is anticipated to reach USD 173.4 billion by 2024. Additionally, increasing spending on housing and growing usage of printed electronics provides lucrative opportunities to the market. However, the high material cost and large initial investment cost of Radiation Curable Coatings stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Radiation Curable Coatings Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing due to substantial manufacturing centres in the area, supported by increased investment in the industrial sector and infrastructural projects in emerging nations such as China, India & Indonesia. Also, increasing demand from end-use industries, advantages of radiation curing technology and growing awareness is anticipated to support the market growth. North America is expected to grow significantly during the forecast period, owing to high technical developments and increasing industrialisation in a range of industries such as electronics, automobiles, construction, favorable government policies, and increasing demand for eco-friendly coatings.
Major market player included in this report are:
3M Company
Red Spot Paint & Varnish Company, Inc.
BASF SE
Royal DSM N.V.
Bayer Material Science AG
Evonik Industries AG
Ashland, Inc.
Toyo Ink Group
Sun Chemical Corp
PPG Industries, Inc.
Recent Developments in the Market:
In November 2022, Evonik’s Coating Additives business division expanded its offering of UV wood coating deaerators. TEGO Airex 923 is a highly compatible and efficient 100% active organic polymer. UV-curable coatings offer several advantages, including being ecologically benign, practically globally applicable, and having a highly quick, efficient, and productive application procedure. Evonik provides a wide range of defoamers and deaerators with various application characteristics. Evonik introduces TEGO Airex 923, a powerful deaerator for radiation-curing wood and furniture treatments.
Global Radiation Curable Coatings Market Report Scope:
Historical Data: 2020 – 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Ingredient, Type, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players
The detailed segments and sub-segment of the market are explained below:
By Ingredient:
Oligomers
Monomers
Photoinitiators
Additives
By Type:
Ultraviolet Curing
Electron Beam Curing
By Application:
Paper and Film
Printing Inks
Plastics
Wood
Glass
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
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