The global Radiation Curable Coating Market is estimated to be valued at US$21.17 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiation curable coatings are used in 3D printing applications for better adhesion, durability and protection of the printed parts. They offer high resistivity against weather, abrasion and solvents making them suitable for indoor and outdoor applications.
Market key trends:
One of the major trends witnessed in the radiation curable coatings market is the growing demand from 3D printing applications. 3D printing is emerging as an innovative technology to produce complex shapes and prototypes. Radiation curable coatings provide printed objects better surface finish, adhesion and corrosion protection. They help to protect intricate 3D printed parts which conventional spray or brush coating cannot. Their fast curing property also allows higher production throughput in 3D printing.
Segment Analysis
The global radiation curable coating market is segmented based on the type such as ultraviolet curable coatings and electron beam curable coatings. Among these, the ultraviolet curable coatings segment accounted for the largest market share in 2022 owing to its wide application in wood coatings, paper coatings, overprint varnish, packaging coatings, and others. It is dominating the market as UV cured coatings offer several advantages including low volatile organic compound emissions, quick curing, and excellent adhesion.
Key Takeaways
The global radiation curable coating market demand is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period, due to increasing demand from various end-use industries like wood coatings, graphic arts, packaging, automotive, and others.
Regional Analysis
Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. Abundant raw material availability, cost-effective labor, and significant growth of end-use industries in emerging economies like China and India are contributing to the regional market growth.
Key Players
Key players operating in the radiation curable coating market are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd, Akzo Nobel NV, ICA SpA, and Covestro AG. These players are focusing on new product launches and partnerships to gain a competitive advantage in the market.
Get more insights on this topic: https://www.newswirestats.com/radiation-curable-coating-market-demandscope/
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