Categories: Market Research

Radiation Curable Coatings Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Radiation Curable Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 in the historic period can be attributed to environmental regulations and voc compliance, demand for fast curing solutions, growing end-use industries, increased awareness of sustainability, performance benefits and 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 growth in the forecast period can be attributed to continued regulatory emphasis on voc reduction, expansion of high-performance coatings market, growth in emerging applications, increased adoption in the packaging industry, demand for sustainable coating solutions. Major trends in the forecast period include focus on digital printing technologies, technological innovations in uv/eb systems, advancements in uv/eb technology, growing adoption in end-user industries, advancements in formulations and technology.

The growing automotive industry is anticipated to fuel the radiation-curable coatings market going forward. The automotive industry refers to the design, manufacturing, and sale of vehicles, including cars, trucks, motorcycles, and other related vehicles and components. Radiation-curable coatings are used in automotive applications to provide fast-curing, durable finishes, enhancing efficiency and environmental sustainability in the coating process. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based association, globally, 85.4 million motor vehicles were produced in 2022, an increase of 5.7% compared to 2021. Therefore, the growing automotive industry is driving the growth of the radiation-curable coatings market.

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The radiation curable coatings market covered in this report is segmented –

1) By Type: Uv Curable Coatings, EB Curable Coatings

2) By Function: Scratch-Resistant, Uv Protection, Chemical Resistant, High-Gloss, Matte and Satin

3) By Application: Paper and Film coatings, Printing Inks, Wood , Plastics, Electronic Products, Other Applications

4) By End Use: Wood Coatings, Metal Coatings, Plastic Coatings, Printed Materials, Electronic Components, Optical Coatings, Automotive Coatings, Aerospace Coatings, Other End User

Major companies in the radiation-curable coatings market are focused on developing innovative coatings, such as TEGO Rad 2330 for radiation-curing coatings and inks, to address the high customer demand in the printing inks industry. TEGO Rad 2330 is a new, highly crosslinkable additive for radiation-curing coatings and inks. It is designed for use in a wide range of ink and varnish applications, as well as clear and pigmented wood coatings. For instance, in October 2023, Evonik Industries, a Germany-based specialty chemicals company, launched its TEGO Rad 2330, a highly cross-linkable additive for radiation-curing coatings and inks, offering benefits such as wetting, anti-crater properties, low foaming, and compatibility with traditional and UV-LED curing methods. It is specifically designed for inks, varnishes, and wood coatings. This product is characterized by several key features, including excellent substrate wetting, good slip properties, non-foaming, strong surface tension reduction, anti-crater effect, slip and release, and excellent low foaming.

The radiation curable coatings market report table of contents includes: