Innovation & Development to Provide Lucrative Opportunities for Radiation Cured Product Suppliers, Projects Fact.MR
Published : 22 Sep 2021 Industry: Chemical & Materials
As per industry analysis on radiation cured products by Fact.MR, a market research and competitive intelligence provider, the market is valued at US$ 2.1 Bn at present, and is slated to expand at a healthy CAGR of 6.5% over the forecast period of 2021-2031.
Fact.MR analyses that demand for radiation cured products (RCP) is set to witness decent growth on the shoulders of the wood coatings and graphic arts markets.
Although radiation-curable products represent a comparatively small percent of the overall coatings market, there are a number of areas for potential growth. With industrial adoption of 3D printing/rapid prototyping and other non-conventional digital manufacturing processes, demand for radiation cured products is set to experience steady growth over the next couple of years.
Manufacturers have also paved their paths by planning strategies such as capacity expansion to increase the annual turnover of their facilities. Looking towards the growth of end-use industries, RCP manufacturers have knotted their vision on increasing their production capacity alongside strengthening their channelling tracks.
Most manufacturers are situated in China, and are expected to experience fortunate opportunities over the coming years with rapid inclusion of radiation cured coatings in the automotive and infrastructure sectors.
Key Takeaways from Market Study
- Market for radiation cured products anticipated to grow 2.5X in value by 2031.
- Ultraviolet cured products have been gaining traction owing to various advantages they offer, resulting in the segment set to expand at a CAGR of 7.1%.
- Key players such as Allnex, Ashland Inc., BASF SE., Bayer Material Science, DIC Corporation, and Cytech Industries have been consistently increasing their production capacities.
- Radiation cured coatings to occupy huge piece of market share owing to growing demand from the automotive industry.
- Among the applications, wood has been gaining traction over the past half-decade, and the scenario to about take a major turn allowing plastic to acquire a higher share.
“Reinforcing production facilities and fine-tuning distribution capabilities to provide tailwinds for leading manufacturers,” says a Fact.MR analyst.
Product Innovation & Development: Game Changer for Radiation Cured Products
Over the past half-decade, key manufacturers such as BASF SE, Sartomer, and 3M Company have worked with automakers to develop advanced curing solutions for various end-use industries. Companies have been keeping up the pace by seamlessly acknowledging and developing various curing technologies.
Many actors present in the market are still in pre-strategic talk of developing smooth and advanced solutions for various applications serving different end-use industries.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global radiation cured products market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of type (coatings, inks, adhesives), formulation (electron beam curing, ultraviolet curing), and application (paper & film, plastic, wood, glass, metal), across key regions of the world - North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials