According to the latest report by IMARC Group “Radiation Curable Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global radiation curable coatings market reached a value of US$ 7.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.2 Billion by 2027, exhibiting at a CAGR of 5.7% during 2022-2027.
Radiation curable coatings are cured using high-intensity radiation from visible light, ultraviolet (UV) radiation, or low-energy electron beams (EB). They have a long shelf life, enhance surface properties, offer optimum efficiency with low energy consumption, and provide resistance against scratch, corrosion, and chemicals. They also help improve the durability, functionality, and aesthetic appeal of products made from paper, wood, plastic, glass, and metal.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The growing construction industry is catalyzing the demand for radiation-curable coating products with consistent quality, superior abrasion resistance, and rapid drying advantages. Besides this, radiation-curable coatings are gaining traction in making automated household electrical appliances, such as refrigerators, washing machines, ovens, microwaves, and dishwashers. Furthermore, the burgeoning automotive industry is driving the demand for these coatings to manufacture scratch-resistant keyboards, key panels, gear levers, and infotainment systems. Moreover, increasing investments in the introduction of bio-based materials are anticipated to offer lucrative growth opportunities to industry players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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