What Is The Current and Historic Market Size Analysis Of The Radiation Curable Coatings Market?
The radiation curable coatings market has seen considerable growth due to a variety of factors.
• In recent times, the radiation curable coatings market has seen significant growth. The market size, which stood at $8.21 billion in 2024, is anticipated to expand to $8.76 billion in 2025, marking a compound annual growth rate (CAGR) of 6.7%.
Factors contributing to this growth in the past period include environmental regulations and compliance with VOC, the rising demand for quick curing solutions, growth in end-user industries, heightened awareness about sustainability, benefits in performance, and increased durability.
What Is The Forecast For The Radiation Curable Coatings Market Size?
The radiation curable coatings market is expected to maintain its strong growth trajectory in upcoming years.
• The market for radiation curable coatings is projected to experience substantial growth in the next few years, reaching an estimated value of $10.79 billion in 2029 with a compound annual growth rate (CAGR) of 5.3%.
This strong growth during the forecast period can be linked to sustained regulatory pressure on voc reduction, the broadening of the high-performance coatings market, increase in innovative applications, a rise in utilization within the packaging industry, and an increased demand for environmentally friendly coating solutions. Notable trends projected for this period encompass emphasis on digital printing technologies, technological advances in uv/eb systems, improvement in uv/eb technology, increasing acceptance in end-user industries, and ongoing enhancements to formulations and technology.
What Are The Essential Drivers Behind The Growth Of The Radiation Curable Coatings Market?
The expansion of the automotive industry is expected to stimulate growth in the radiation-curable coatings market. Being inclusive of vehicle design, creation, and sales, which incorporates cars, trucks, motorcycles, and other related parts, the automotive industry is a key user of radiation-curable coatings. These coatings, which offer quick-curing and durable finishes, promote efficiency and ecological sustainability, and are integral to the automotive coating process. As per data shared by the Belgium-based European Automobile Manufacturers Association (ACEA) in May 2023, there was a 5.7% increase in the global production of motor vehicles to 85.4 million in 2022 compared to the previous year. Hence, the radiation-curable coatings market is experiencing growth due to the expanding automotive industry.
Radiation Curable Coatings Market Driver: Innovative Coating In Response To High Customer Demand
How Is The Global Radiation Curable Coatings Market Divided Into Key Segments?
The radiation curable coatings market covered in this report is segmented –
1) By Type: Uv Curable Coatings, EB Curable Coatings
2) By Function: Scratch-Resistant, Uv Protection, Chemical Resistant, High-Gloss, Matte and Satin
3) By Application: Paper and Film coatings, Printing Inks, Wood, Plastics, Electronic Products, Other Applications
4) By End Use: Wood Coatings, Metal Coatings, Plastic Coatings, Printed Materials, Electronic Components, Optical Coatings, Automotive Coatings, Aerospace Coatings, Other End User
Subsegments:
1) By UV Curable Coatings: UV Curable Acrylates, UV Curable Epoxies, UV Curable Polyurethanes, UV Curable Polymers, UV Curable Varnishes And Inks
2) By EB Curable Coatings: Electron Beam Cured Coatings, EB Cured Acrylic Coatings, EB Cured Epoxy Coatings, EB Cured Polyester Coatings, EB Cured Inks And Adhesives
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What Emerging Trends Are Influencing The Growth Of The Radiation Curable Coatings Market?
Leaders in the radiation-curable coatings market, like Evonik Industries, a specialty chemicals firm based in Germany, are formulating innovative coatings such as TEGO Rad 2330 to accommodate the significant client demand in the world of printing inks. TEGO Rad 2330, a novel, highly crosslinkable additive, is intended for use in a wide range of ink and varnish applications, as well as clear and pigmented wood coatings. For example, Evonik Industries launched TEGO Rad 2330 in October 2023, which enhances radiation-curing coatings and inks with qualities like significant substrate wetting, minimal foaming, good slip properties, and compatibility with both traditional and UV-LED curing techniques. Its key features include impressive surface tension reduction, non-foaming, and desirable slip and release properties. The product is predominantly designed to be used in inks, varnishes, and wood coatings.
Who Are the Key Players In The Radiation Curable Coatings Market?
Major companies operating in the radiation curable coatings market report are:
• BASF SE
• Bayer Material Science AG
• The Sherwin-Williams Company
• Evonik Industries AG
• Covestro AG
• PPG Industries Inc.
• Arkema Group
• Akzo Nobel NV
• Royal DSM NV
• DIC Corporation
• Axalta Coating Systems
• Asian Paints
• Ashland Global Holdings Inc.
• Yips Chemical Holding Ltd.
• Toyo Ink SC Holdings Co Ltd.
• Allnex Group
• Lamberti SpA
• IGM Resins BV
• Miwon Specialty Chemical Co Ltd.
• Red Spot Paint & Varnish Co Inc.
• Dymax Corporation
• Sartomer USA LLC
• Bomix Chemie GmbH
• Soltech Ltd.
• Sericol Ltd.
• Chugoku Marine Paints Ltd.
• Watson Coating Inc.
• Alpha Coating Technologies
• Hempel A/S
What Are The Regional Insights Into The Radiation Curable Coatings Market?
North America was the largest region in the radiation curable coatings market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radiation curable coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
