Global Radiation Cured Products Market to Reach $8.4 Billion by 2024

Radiation cured products, which are cross-linked with high intensity electron beam or UV light energy sources, are used in electronics, adhesives, inks and coatings. Radiation cured products eliminate glycol ether, ethylene glycol, toluene and other such HAP emissions. Industries involved in wood building products, metal cans, plastic components, papers, and other such products, tend to reduce emissions with radiation curing technologies, to comply with MACT standards. Amid the COVID-19 crisis, the global market for Radiation Cured Products is projected to reach US$8.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 6.3% over the analysis period. Europe represents the largest regional market for Radiation Cured Products, accounting for an estimated 28.4% share of the global total. The market is projected to reach US$2.3 Billion by close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 9.0% over the analysis period.

A few important, ongoing trends in the market for radiation cured products include increasing substitution of solvent borne systems with waterborne UV coating systems; growing demand for portable curing systems as they allow easy application of coatings at the job site itself, for example for concrete and wood floor refinishing; increasing use of UV LED curing for curing formulations as these are considered more environment-friendly and energy efficient compared to traditional mercury lamps; growing prominence of stereolithography, which is a process in which three dimensional parts are manufactured using photosensitive resins; and increasing use of the products for flexible food packaging. Asia-Pacific market continues to witness growing demand for radcure products from prominent end-use industries such as food packaging, wood coatings, electronics and automotive among others from the major countries in the region, China and India. Increased manufacturing activities, particularly due to ready low cost feedstock, easy access to cheap work force and close proximity to end customers is particularly providing a major fillip to demand for coatings in the region. In North America, however, moderate rate of growth is anticipated owing to saturation in existing applications/ end-use industries. Demand in the region will be driven by development of new applications like water-based UV coatings, field applied floor coatings and inkjets among others.

The market for Radiation Cured Coatings is forecast to emerge as the dominant segment over the analysis period. Radiation cured coatings contain polymer coatings that are treated with either UV or EB (electron beam) radiation. Radiation cured coatings are used in paper, wood, electronics, plastics, overprint varnish, inks and optics manufacturing, where they offer the benefits of lower energy consumption, waste generation and environmental impact and also rapid cure times and smaller footprint. Growing disposable incomes resulting in increased spending by consumers on interior decoration would stimulate growth for radiation cured coatings from the wood sector, over the coming years.