Radiation curable coatings are polymer coatings, either cured by ultraviolet or electron beam radiation, used for a variety of materials such as wood, metal, glass, plastic, and paper. These formulations are widely used in adhesives, inks, and electronics that are cross-linked by high-intensity ultraviolet or electron beam energy sources.
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The market is driven by increasing adoption of solvent-free technologies to meet the environmental restrictions.
Factors triggering the growth of this market include low energy consumption, low volatile organic compound (VOC), consistent coating quality, rapid curing & drying, coupled with superior hardness and abrasion resistance properties of these coatings.
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However, expensive raw materials associated with the manufacturing of these coatings are expected to hamper the growth. Moreover, implementation of bio-based materials in radiation cure products is also expected to provide new growth opportunities.
Asia-Pacific is the largest as well as fastest growing market for radiation curable coatings owing to increasing consumer spending and rising population. Factors expected to boost the demand of these coatings include stringent environmental regulations, increasing adoption for low VOC, eco-friendly, and non-hazardous coatings from the end-user industry.
On the basis of raw material, the radiation curable coatings market is segmented into oligomers, monomers, photoinitiators, and additives. Monomers are low-molecular-weight substances that reduce the viscosity of the radiation curable coatings.
Based on type, the market is divided into ultraviolet and electron beam coating.
The application market is segmented into wood, metal, plastic, glass, and paper. Wood application segment was the largest in 2015, in terms of volume, and is expected to grow at a moderate rate during the forecast period.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest market in 2015, in terms of both volume and value, due to stringent government regulations, rise in the consumers disposable income, and increase in population.
The key strategies adopted by companies are expansions, acquisitions, product launches, and agreements & mergers. The leading players in this market include RAHN AG, Allnex, BASF SE, Royal DSM, and Sartomar.
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