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.
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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.
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.
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.
It consists of oligomers, monomers, photo-initiators and additives. Polyester, polyether, urethane, acrylic and silicone acrylates are common oligomers. There function is similar to water borne and solvent borne paints which imparts flexibility, strength, and corrosion resistance. Monomer act as solvent in radiation curable coatings and forms cross –linking polymer network, thereby reducing the viscosity. Photo- initiator triggers network formation process and plays a vital role to achieve desired film property. Additives are used in radiation curable coatings to improve and modify functions including pigments, defoamers, viscosity control, and wetting agents.
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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.
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 Market provides chemical resistance and inhibits corrosion formation on protective coat to heating coils, tanks, vessels and pipes in chemical plants. They resist scratch and delivers high surface hardness without compromising metal ductility thereby used in steering wheels, roof racks and truck axel manufacturing in automotive industry. It also forms protective cover on aluminium or steel built fences, electrical conduits and water sprinkler system.
Radiation Curable Coatings Market has strong application outlook in manufacturing semi-conductors and optical electronics owing to high abrasion resistance, speedy curing ability and better optical cable durability. Global optical electronic market may witness growth at over 15% due to increase in mobiles and high-speed internet demand. It enhances surface rigidity, scratch resistance and increases flexibility for bending optical cables.
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Growing advertising, labelling and packaging has boosted printing ink market growth demand. Global printing ink market may exceed USD 20.5 billion by 2024. Packaging products plays a significant role in generating brand identity and attract consumers. Radiation curable coatings are eco-friendly and support government initiative to protect environment by minimising VOC emission. Expanding packaging industry mainly in China and India should favour radiation curable coatings market size. They are eco-friendly accompanied by supportive government initiative to protect environment by minimizing VOC emissions.
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