Radiation Curable Coatings Global Market Report 2024

The radiation curable coatings market size has grown strongly in recent years. It will grow from $7.67 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historic period can be attributed to factors such as compliance with environmental regulations and volatile organic compound (VOC) standards, a heightened demand for fast-curing solutions, expansion in various end-use industries, increased awareness of sustainability, and the recognized performance benefits coupled with enhanced durability.

The radiation curable coatings market size is expected to see strong growth in the next few years. It will grow to $10.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to ongoing regulatory emphasis on reducing volatile organic compounds (VOCs), the expansion of the high-performance coatings market, growth in emerging applications, increased adoption in the packaging industry, and a rising demand for sustainable coating solutions. Key trends expected in the forecast period include a focus on digital printing technologies, technological innovations in UV/EB systems, advancements in UV/EB technology, a growing adoption in various end-user industries, and progress in formulations and technology.

The expanding automotive industry is poised to drive the growth of the radiation-curable coatings market in the foreseeable future. The term 'automotive industry' encompasses the design, manufacturing, and sale of various vehicles, including cars, trucks, motorcycles, and related components. Within automotive applications, radiation-curable coatings play a vital role by providing fast-curing and durable finishes, contributing to enhanced efficiency and environmental sustainability in the coating process. Notably, data from the European Automobile Manufacturers Association (ACEA) in May 2023 revealed a global production of 85.4 million motor vehicles in 2022, marking a 5.7% increase compared to 2021. Consequently, the upward trajectory of the automotive industry is identified as a significant driver for the radiation-curable coatings market's growth.

Prominent companies operating in the radiation-curable coatings market are strategically focused on the development of innovative coatings to meet the heightened demand in the printing inks industry. One such example is TEGO Rad 2330, a highly crosslinkable additive designed for radiation-curing coatings and inks. This product addresses diverse applications, including a wide range of ink and varnish applications, as well as clear and pigmented wood coatings. Evonik Industries, a Germany-based specialty chemicals company, launched TEGO Rad 2330 in October 2023, emphasizing its advantages such as wetting, anti-crater properties, low foaming, and compatibility with traditional and UV-LED curing methods. Specifically crafted for inks, varnishes, and wood coatings, this product boasts key features such as excellent substrate wetting, good slip properties, non-foaming, strong surface tension reduction, anti-crater effect, slip and release, and excellent low foaming.

In November 2023, Sherwin-Williams Company, a renowned US-based paint and coating manufacturing company, completed the acquisition of Oskar Nolte GmbH and Klumpp Coatings GmbH for an undisclosed amount. This strategic move is aimed at fortifying Sherwin-Williams' position in the industrial wood segment, providing increased stability and innovative solutions within the furniture and flooring market. Oskar Nolte, based in Germany, specializes in the manufacturing of UV-cured coatings. On the other hand, Klumpp Coatings GmbH, also headquartered in Germany, is recognized for its development and production of high-quality and innovative radiation-curable coating systems.

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 Speciality 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.

North America was the largest region in the radiation curable coatings market in 2023. 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. The countries covered in the radiation curable coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The radiation curable coatings market consists of sales of produce with a wide range of coatings which include products such as EB-curable inks, EB-curable adhesives, UV-curable resins and coating, sepoxy acrylate, urethane acrylate, polyester acrylate, polyether acrylate, acrylic acrylate, and silicone acrylate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

Radiation-curable coatings are materials that undergo cross-linking or curing through exposure to high-intensity radiation energy, typically from electron beams or ultraviolet light rays. These coatings offer numerous advantages, including rapid curing, reduced energy costs, and improved surface properties. They find application in a wide range of materials, such as wood, metals, glass, plastic, and paper.

The primary types of radiation-curable coatings include UV-curable coatings and EB-curable coatings. UV-curable coatings are cured quickly through UV irradiation and offer functionalities such as scratch resistance, UV protection, chemical resistance, high gloss, matte, and satin finishes. They are utilized in diverse applications such as paper and film coatings, printing inks, wood coatings, plastics, electronic products, and more. End-users of UV-curable coatings encompass various industries, including wood coatings, metal coatings, plastic coatings, printed materials, electronic components, optical coatings, automotive coatings, aerospace coatings, and others.

The radiation-curable coatings market research report is one of a series of new reports that provides radiation-curable coatings market statistics, including radiation-curable coatings industry global market size, regional shares, competitors with a radiation-curable coatings market share, detailed radiation-curable coatings market segments, market trends and opportunities, and any further data you may need to thrive in the radiation-curable coatings industry. This radiation-curable coatings market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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