RADIATION CURABLE COATING MARKET ANALYSIS

Radiation curable coatings consist of polymer coatings, treated either by ultraviolet or by electron beam radiation and are used for a variety of materials such as wood, glass, plastic, metal and paper. Radiation curable formulations are used in coatings, inks, adhesives, and electronics. The radiation-cured coating process includes smearing a low-viscosity mixture consisting of reactive materials and additives onto a substrate. This mixture is then exposed to ultraviolet radiation energy or an electron beam for small periods of time. Once exposed to the radiation, the mixture gets converted instantly into a cross-linked high-quality coating. The energy required for radiation curing is gained from particular short-wave radiation sources.

Radiation curable coatings have numerous advantages, which include low energy costs, fast curing, and superior surface properties such as improved corrosion protection for metals. Household uses of radiation curable coating include ovens, microwaves, refrigerators, dishwashers, cans, and other packaging. Factors boosting growth of radiation curable coating market include low volatile organic compound (VOC), low energy consumption, rapid curing & drying, consistent coating quality, superior hardness, and abrasion resistance.

Radiation Curable Coating Market Taxonomy

On the basis of type of material, the global market is classified into:

• Monomers
• Oligomers
• Additives
• Photoinitiators

On the basis of curing technique, the global market is classified into:

• Electron Beam Curing
• Ultraviolet Curing

 On the basis of end-use industry, the global market is segmented into:

• Wood Plastics
• Printing inks
• Electronics
• Paper and film coatings

In radiation curable coatings, visible light, UV energy, low energy electrons (EB) are used to form a film, ink or coating as conflicting to thermal, evaporative, or oxidative (air-dry) cure. In electronics industry, radiation curable coatings are widely used in semiconductors, cellular phones and hardware for internet connectivity, owing to properties such as high-performance, protection, anti-corrosive and rapid curing abilities. They are also used in use in insulation of non-magnet wire, magnet wire, and cable applications.

Radiation Curable Coating Market Outlook – Increasing Safety Concerns and Hazard Prevention Expected to Fuel the Demand

Asia Pacific market is projected to witness relatively high growth in terms of value over the forecast period. High growth in the regional market is attributed to increasing population coupled with growth in the consumer goods and coatings market in emerging economies such as India and China. According to IBEF, the revenue generated by consumer goods in India was US$ 11.1 billion in 2015-2016. This trend is expected to be followed in future. India Brand Equity Foundation (IBEF) is a Trust founded by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the aim of promoting and creating international awareness of goods manufactured in India.

High price of raw materials for radiation curable coating is expected to be one of the restraining factors for the growth of radiation curable coating market over the forecast period. Innovation in products and expansions in different geographies are some of the key strategies adopted by the top players in the radiation curable coating industry. Research is in process for the use of radiation curable coating in Stereolithography. In this process three-dimensional parts are created from photosensitive resins. In addition to this, UV-LED curing which will offer distinct advantages such as long life time, cooler operating conditions and less of a gradual drop off in energy is being developed. Some of the major companies operating in the global radiation curable coating market are Royal DSM, DIC Cytec, Industries Inc., RAHN AG, Allnex, BASF SE, and Sartomar.

Key Developments

1. Key players in the market are focused on various business strategies such as merger and acquisition, in order to gain competitive edge in the global market. For instance, Royal DSM, a Netherlands-based company active in nutrition, health, and materials, acquired 49% outstanding shares in its joint venture with AGI Corporation ‘DSI-AGI’. Following this acquisition, Royal DSM gained total ownership of Taiwan-based supplier of high-quality, innovative, and environment-friendly UV-curable resins.
2. Major companies in the market are involved in various business strategies such as market strategy, in order to enhance their market position. For instance, in April 2019, Allnex, a major company in radiation cure technology for industrial products, hosted the 2^nd allnex UV/EB Technology Conference at Ohio, U.S. The conference conducted training, panel discussion, and break-out sessions that provided up-to-date information on future prospects of UV/EB Technology.
3. Key players in the market are adopting various business strategies such as product launches, in order to expand product portfolio. For instance, in February 2019, BASF SE, a German chemicals supplier, launched new vinyl monomer ‘vinyl methyl oxazolidine (VMOX), which is typically used as reactive diluent in UV curing coatings.