Asia-Pacific Radiation Curable Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Asia-Pacific radiation curable coatings market is expected to register a CAGR of over 5% during the forecast period.

COVID-19 negatively impacted the radiation-curable coating in 2020. Major industries were shut down due to the lockdown, reducing the consumption of radiation-curable coatings in the industrial sector. The government eased restrictions on curbing the spread of the virus; this resulted in the steady growth of the radiation curable coatings market in Asia-Pacific.

Key Highlights

• Demand for radiation-curable coatings from the industrial segment due to their properties, such as rapid curing, drying, superior hardness, and abrasion resistance over other layers, is forecasting the market's demand.
• Rising demand for highly durable coatings will likely act as an opportunity.
• Government regulations on the usage of VOC and high raw material costs are likely to hinder market expansion.
• China dominated the market and may continue its dominance during the forecast period.

Key Market Trends

Industrial Application to Dominate the Market

• The radiation-curable coating is used in a variety of industrial applications, including metal coating (automotive, protective, coil, and cans), wood coating (wood and furniture), floors (concrete floor, wooden floor, and vinyl floor), plastic coatings, and paper coatings, due to its superior shine and durability over other layers. They are highly durable, abrasion resistant, require less drying time, and cost-effective.
• Radiation-cured coatings protect metal substrates from corrosion and abrasion, give functional (anti-fingerprint) and desirable aesthetic (gloss), and improve impact, chemical, and scratch resistance.
• Wooden products are extensively used for construction and decoration applications, including parquetry, furniture, joinery, timberwork, decking, and cladding. Radiation-cured coatings are coated on wooden products to help them minimize the effects of UV rays, photo-oxidation, dirt, abrasion, and moisture upon them. These advantages drive the growth of radiation-cured coatings on wood. Thus, the growing demand for wooden products in industrial buildings will enhance the development of radiation-cured layers over the forecast period.
• According to the World Integrated Trade Solution (WITS), China is the largest exporter of furniture worldwide, with furniture exports from China totaling 1,554,270,000 kg in 2021. Due to this fact sheet, the region's consumption of radiation-curable coatings increases.
• According to Invest India, the chemicals and petrochemicals business in India is valued at USD 178 billion in 2021 and poised to be valued at over USD 300 billion over the next two years.
• In 2021, production and sales of vehicles increased significantly in India. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), India produced 43,99,112 cars in 2021, witnessing a growth rate of 30% compared to the previous year. And most of the automotive parts are cured by radiation coating, which increases the demand for the studied market.
• The electronics industry in South Korea is among the most advanced in the world. It is a major producer of consumer electronics, semiconductors, and other electronic components on a global scale. Some of the world's largest electronics companies, such as Samsung and LG, are headquartered in South Korea. South Korea produced USD 200.77 billion in 2021, up 25% from the previous year, according to the Korea International Trade Association (KITA).
• Hence, increasing demand for radiation-curable coatings in the industrial segment will likely dominate the market.

China to Dominate the Market in Asia-Pacific

• China dominated the Asia-Pacific radiation curable coating market in 2021, with a considerable market and revenue share, and is expected to maintain its dominance during the forecast period.
• According to the Ministry of Industry and Information Technology of the People's Republic of China, China's electronic manufacturing industry has grown over the years, expanding by 15.7% in 2021 over the previous year. The electronic industry is one of the major end-users of radiation curable coating which supports the studied market. In addition, radiation-curing coatings are also used as an abrasion and heat-resistant coatings for magnetic wires used in transformers, engines, and other electrical components.
• Automotive industries are extensively making use of radiation-curable coating. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China is the largest automotive manufacturer in the world producing 26.1 million vehicles in 2021, thus the demand for radiation-curable coating in the automotive sector is expected to be high.
• According to the China Association of Automobile Manufacturers (CAAM), China has seen a significant expansion of new energy cars in recent years (NEVs). China has produced 4.71 million NEVs, with domestic sales topping 1.5 million units in 2021, representing a year-on-year increase of more than 80%. This growth was fueled by government regulations and incentives, as well as customer demand for NEVs.
• According to the National Bureau of Statistics of China, China produced 80 million metric tons of plastics in 2021, an 5.27 percent increase over the previous year. Radiation-cured coatings are used to coat plastics because of their qualities such as heat-sensitive substrates, improved performance, high durability, and quick curing time.
• All aforementioned factors are likely to fuel the growth of the Radiation-cured coatings market in China over the forecast period.

Competitive Landscape

The radiation curable coatings market in Asia-Pacific is consolidated in nature. Some of the major players in the market include (not in any particular order) The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems Ltd LLC, PPG Industries Inc., and BASF SE, among others.

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• The market estimate (ME) sheet in Excel format
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