Radiation Curable Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global radiation curable coatings market has an estimated CAGR of over 6% over the forecast period. One of the most important drivers for global radiation curable coatings market is its properties, like rapid curing, drying, superior hardness, and abrasion resistance, due to which, radiation-cured technology has found applications in plastics, wood, and metal coatings.

• Apart from these properties, low VOC emissions, along with excellent mechanical and chemical resistance, add value to the radiation-cured coatings.
• On the flipside, high raw material cost is expected to hinder the market growth.

Key Market Trends

Industrial Application to Dominate the Market

• Metal forms a chief component in most of the industrial applications. The different types of metals, which are extensively used in industrial applications, are untreated and phosphate-treated steel, aluminum, galvanized steel, brass, nickel, magnesium, and copper.
• Radiation-cured coatings provide corrosion protection, abrasion resistance, impart functional (anti-fingerprint) and desired appearance (gloss) properties, and enhance impact, chemical and scratch resistance to different metal substrates.
• The most common example is coil coating, which is used on metal substrates for the manufacture of housings for electronic devices, appliances, propane tanks, and metal packaging involving general line, aerosol, food and beverage, and specialty cans.
• Radiation curable coatings are also used as temporary and permanent protective coatings for metal tubes and pipes, fence posts, electrical conduit, sprinkler systems, mechanical tubing, and are also used as protective films for construction steel and aluminum. 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.
• Radiation-cured coatings, using UV technology, not only help to overcome the aforementioned problems but also offer advantages, such as the ability to coat on heat-sensitive substrates, improving performance i.e., scratch and stain resistance of the plastics. Such advantages are driving the growth of radiation-cured coatings on plastics.

Asia-Pacific Region Expected to dominate the Market

• The leading consumers of radiation curable coatings in Asia-Pacific include China, India, Japan, ASEAN countries, etc.
• China has set standards for both interior architectural coatings (National Standard GB 18582-2008) and exterior wall coatings (GB 24408-2009). Recently, China has introduced new regulation, known formally as “Finance Tax (2015) Notification on Imposing Consumption Tax on Battery and Coating Products”. The regulations imposed on coatings' manufacturers include a 4% tax on the invoice price of any coating whose ready-to-spray VOC level exceeds 420 g/L.
• India currently does not have mandatory VOC regulations, but many companies are focusing on meeting Green Seal GS-11 standards. This standard establishes environmental, health, and performance requirements and includes products intended to be applied to wallboard, tile, metal, wood, composite wood, concrete, stone, masonry, and terrazzo substrates, as well as other architectural substrates.
• These growing regulations in Asia-Pacific are expected to support the growth of the radiation curable coatings in the region.

Competitive Landscape

The global radiation curable coatings market is partially consolidated. The major companies include The Sherwin-Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd LLC, BASF SE, and Akzo Nobel NV.

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