The radiation curable coatings market size will grow at 5.9% CAGR from 2023 to 2032. The growing environmental concerns are pushing several industries to adopt eco-friendly coating solutions to produce minimal volatile organic compounds (VOCs) with lower energy consumption.
The expansion of end-user industries, such as automotive, electronics, printing inks and packaging is also anticipated to proliferate the sales of radiation curable coatings to offer fast-curing properties to enhance production efficiency and reduce downtime. For instance, in October 2023, Evonik Coating Additives introduced a unique and radically cross linkable additive for the radiation-curing coatings and inks by expanded its TEGO® Rad portfolio of customized silicone acrylates. The rising technological advancements in UV and electron beam curing systems for making the coatings more accessible and effective will further augment the industry growth.
The market is categorized based on type, function, application, end-use, and region.
The EB curable coatings market will reflect substantial CAGR during 2023-2032. The rising demand for low-VOC coatings have led to the advancements in EB curing technology. The increasing application scope in industries requiring rapid, eco-friendly curing solutions will also drive the segment growth.
The chemical-resistant segment is anticipated to account for a sizeable revenue share of the radiation curable coatings market during the analysis period. The need for protective coatings in corrosive environments and increasing chemical processing industries will drive the segment growth. Moreover, the growing emphasis on durability and maintenance will also add to the preference for radiation-curable coatings to offer exceptional chemical resistance properties.
The industry share from the electronic products application segment will exhibit commendable CAGR through 2032. The swiftly expanding electronics sector and the growing demand for coatings with UV resistance & high performance will fuel the segment growth. Furthermore, the emerging trend of miniaturization along with the surging requirement for precise, rapid-curing coatings for electronic components and devices will contribute to the product application outlook.
The Asia Pacific radiation curable coatings industry will grow at robust CAGR through 2032. The growth can be attributed to the expanding manufacturing sector and stringent environmental regulations favoring low-VOC coatings in the region. The rapid growth of electronics, automotive, and packaging industries will also drive the regional market development.
