Radiation cured products Market Size, Share, Growth, and Industry Analysis, By Type (Coatings, Inks, and Adhesives), By Application (Wood, Paper, Glass, Metal, and Other) and Regional Insights and Forecast To 2031

Updated On: 17 June 2024

RADIATION CURED PRODUCTS MARKET REPORT OVERVIEW

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The global radiation cured products market size was USD 7657.1 million in 2021 and will touch USD 10830 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.

Radiation cured products are materials that undergo a process called radiation curing, normally involving ultraviolet or electron beam radiation. This curing process is generally used in the manufacturing of different products, such as coatings, inks, adhesives, and composites. During radiation curing, the radiation initiates a chemical reaction that instantly transforms liquid coatings or inks into solid form, making a durable and high-performance final product. This method offers various advantages over traditional curing methods, such as faster production speeds, lower energy consumption, reduced volatile organic compound (VOC) emissions, and enhanced product performance.

The market for radiation-cured products has witnessed noticeable growth in recent years due to the accelerating demand for sustainable and high-performance coatings, inks, and adhesives across various sectors. The automotive and electronics sectors have been major drivers of this market, with radiation-cured coatings and adhesives being preferred for their superior properties and environmental benefits. Additionally, the packaging industry has also embraced radiation curing for its ability to improve packaging materials' durability, print quality, and sustainability. As regulations become stricter regarding VOC emissions and environmental impact, the adoption of radiation-cured products is expected to further increase, leading to continued growth in this market globally.

COVID-19 Impact: Market Growth Increased by Pandemic due to Supply Chain Disruption

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had a considerable impact on the radiation-cured products market, primarily due to disruptions in the global supply chain, lessened industrial activities, and economic uncertainties. Sectors such as automotive, construction, and aerospace, which are important consumers of radiation-cured materials, experienced reduced demand as manufacturing operations slowed or halted during lockdowns. Due to restrictions on movement and commerce, construction projects were delayed, automotive production lines were idled, and air travel was significantly reduced, leading to a decreased demand for radiation-cured coatings and adhesives.

LATEST TRENDS

"Growing Technological Advancements Lead to Market Growth"

Advancements in technology have led to the development of innovative UV and electron beam curing systems, improving efficiency and versatility in different applications such as coatings, adhesives, and inks. Also, the growing adoption of radiation-cured products in sectors such as automotive, electronics, and packaging due to their fast curing times, enhanced performance, and durability is further fueling market growth. However, challenges such as high initial investment costs and regulatory concerns with respect to the safety of radiation curing processes remain areas of focus for industry stakeholders.

RADIATION CURED PRODUCTS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Coatings, Inks, and Adhesives.

• Coatings: Applied to surfaces and cured instantly using ultraviolet (UV) or electron beam (EB) radiation, enabling fast curing times, high durability, and enhanced environmental sustainability compared to traditional solvent-based coatings.

• Inks: Radiation-cured inks use UV or EB radiation for instant curing, resulting in vibrant colors, improved adhesion, and reduced environmental impact.

• Adhesives: Radiation-cured adhesives provide fast, efficient bonding in applications ranging from assembly in manufacturing processes to medical device assembly.

By Application

Based on application the market is classified into Wood, Paper, Glass, Metal, and Other.

• Wood: Used in wood finishing applications, providing durable and environmentally friendly coatings for furniture, flooring, and cabinetry.

• Paper: Employed in the printing and packaging industry, offering fast curing times, vibrant colors, and improved print quality on various paper substrates.

• Glass: Utilized in glass bonding and coating applications, providing strong bonds and scratch-resistant coatings for automotive, architectural, and consumer electronics applications.

• Metal: Applied to metal surfaces in industries such as automotive, aerospace, and industrial manufacturing, offering corrosion resistance, durability.

DRIVING FACTORS

"Increasing Research Activities lead to Market Expansion"

Technological advancements and innovations in radiation curing technology are fueling the radiation cured products market growth. Continuous research and development efforts have led to the development of new formulations and application techniques. These advancements have enabled manufacturers to make radiation-cured products for specific applications, further driving adoption across various industries. Additionally, the versatility of radiation curing, which allows for curing on a variety of substrates, including plastics, metals, and composites, is widening the potential applications of these products.

"Implementation of Environmental Regulations Accelerates Market Growth"

The market for radiation-cured products, including coatings, adhesives, and inks, is driven by various key factors. The demand for sustainable and environmentally friendly solutions has increased the adoption of radiation-cured products. These products offer significant benefits such as low emissions of volatile organic compounds, less energy consumption during curing processes, and improved durability, making them attractive for industries striving to meet strict environmental regulations. Also, the growing importance of efficiency and productivity in manufacturing processes is driving the adoption of radiation-cured products due to their rapid curing times, which speed up production cycles.

RESTRAINING FACTORS

"High Initial Investment Costs Slow Down the Market Growth"

The market faces several restraining factors that impede its growth and adoption. The high initial investment needed for radiation curing equipment and technology can act as a discouragement for organizations looking to enter the market. Moreover, limited awareness and understanding of the advantages of radiation-cured products among end-users and manufacturers lessen broader market penetration. Also, the availability of alternative curing technologies, such as thermal and chemical curing methods, provides feasible options for industries, leading to slower adoption rates of radiation-cured products.

RADIATION CURED PRODUCTS MARKET REGIONAL INSIGHTS

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"North America is Dominating the Market due to its Growing Research and Development"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America holds the largest radiation cured products market share compared to other regions. North America has a mature market infrastructure with advanced technology and extensive research and development capabilities. Additionally, stringent environmental regulations in the region have encouraged the adoption of radiation-cured products, which offer advantages such as lower emissions and reduced energy consumption compared to traditional methods. These factors collectively place North America as the leading market for radiation-cured products.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

In this particular market, key players typically include innovative technology developers, suppliers of raw materials and additives crucial for formulation, equipment manufacturers specializing in UV lamps, curing systems, and irradiation machinery, and research institutions driving fundamental understanding and innovation in radiation curing technologies. Regulatory bodies ensuring adherence to safety and environmental standards, and end-users seeking efficient and sustainable solutions for their coating, adhesive, and ink needs.

List of Market Players Profiled

• Novelis (U.S.)
• PortaFab (U.S.)
• Alcoa (U.S.)
• Eco Earth Solutions (India)
• RENOXBELL Aluminum Industrial (China)
• Pacific panels (U.S.)
• Flatiron Panel Products (U.S.)
• Hexcel (U.S.)

INDUSTRIAL DEVELOPMENT

August 2020: Baily announced that it has paid USD 425 million for purchasing KaNDy Therapeutics Ltd., in order to assist in growing its female healthcare division

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.