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| Radiation Curable Coating Market |
The global Radiation Curable Coating Market is estimated to be valued at US$ 20.30 billion in 2023 and is
expected to exhibit a CAGR of 4.3%
over the forecast period 2023-2030,
as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiation curable coatings are a type of coatings that dry or cure upon
exposure to ultraviolet (UV) radiation or electron beam (EB) radiation. These
coatings offer numerous advantages such as quick curing, low VOC emissions,
high durability, scratch resistance, and enhanced appearance. Radiation curable
coatings find applications in various industries, including automotive,
electronics, packaging, and printing. As the demand for environmentally
friendly and sustainable coatings increases, the market for radiation curable
coatings is expected to grow significantly.
Market Key Trends:
One of the key trends observed in the Radiation
Curable Coating Market Size is the increasing demand for waterborne
radiation curable coatings. These coatings offer several advantages over
solvent-based coatings, such as low VOC emissions and improved safety for
operators. Additionally, waterborne radiation curable coatings provide
excellent adhesion, chemical resistance, and scratch resistance. With stringent
regulations on VOC emissions and growing environmental concerns, the demand for
waterborne radiation curable coatings is expected to witness substantial
growth.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the radiation curable
coating market is moderate. While there are relatively low barriers to entry in
terms of technology and capital requirements, the market is already dominated
by well-established players. This makes it difficult for new entrants to
compete effectively and gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the radiation
curable coating market is moderate. While buyers have the option to switch
suppliers, the market is highly concentrated with a few key players. This gives
the suppliers some leverage in negotiations, especially for specialized
products or services.
Bargaining Power of Suppliers: The bargaining power of suppliers in the
radiation curable coating market is relatively high. The market relies on
specialized raw materials and ingredients, which are often supplied by a
limited number of suppliers. This gives the suppliers some power in terms of
pricing and availability of key inputs.
Threat of New Substitutes: The threat of new substitutes in the radiation
curable coating market is low. The unique properties and advantages of
radiation curable coatings, such as fast curing time and low VOC emissions,
make them difficult to replace with other types of coatings. This creates a
strong barrier for new substitutes to enter the market.
Competitive Rivalry: The competitive rivalry in the radiation curable coating
market is high. The market is dominated by a few major players, including Royal
DSM, DIC Cytec, and BASF SE, who are constantly innovating and competing for
market share. This leads to intense competition, price wars, and aggressive
marketing strategies.
Key Takeaways
The global radiation curable coating market is expected to witness high growth,
exhibiting a CAGR of 4.3% over the
forecast period (2023-2030). This
growth is primarily driven by the increasing demand for eco-friendly and
sustainable coating solutions. Radiation curable coatings offer several
advantages, such as faster curing times, reduced energy consumption, and low
VOC emissions, making them a preferred choice in various industries, including
automotive, electronics, and packaging.
In terms of regional analysis, Asia Pacific is expected to be the fastest
growing and dominating region in the radiation curable coating market. The
region is experiencing rapid industrialization, urbanization, and
infrastructural development, which are driving the demand for radiation curable
coatings. Additionally, the increasing disposable income and changing
lifestyles of consumers in emerging economies like China and India are further
contributing to the market growth in this region.
Key players operating in the radiation curable coating market include Royal
DSM, DIC Cytec, Industries Inc., RAHN AG, Allnex, BASF SE, and Sartomar. These
companies have a strong presence in the market and are continuously investing
in research and development activities to innovate and expand their product
portfolio. They are also adopting various strategies, such as mergers and
acquisitions, partnerships, and collaborations, to strengthen their market position
and gain a competitive edge.
In conclusion, the radiation curable coating market is poised for significant
growth in the coming years, driven by the increasing demand for eco-friendly
and sustainable coating solutions. Asia Pacific is expected to be the fastest
growing region, while key players like Royal DSM, DIC Cytec, and BASF SE
continue to dominate the market with their innovative products and strategic
initiatives.