Radiation Cured Products Market

Radiation Cured Products Market Outlook (2023 to 2033)

Based on the analysis by Fact.MR, the global radiation-cured products market is estimated to be valued at US$ 2.4 billion in 2023 and it is expected to grow at a CAGR of 6.5% to reach US$ 4.5 billion by the end of 2033.

Radiation-cured products offer rapid curing times compared to conventional curing methods. Ultraviolet (UV) or electron beam (EB) radiation initiates the curing process, leading to quick drying and increased production speed. This efficiency is particularly beneficial in industries with high-volume production requirements.

Radiation curing is a solvent-free process, reducing the emission of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). As sustainability becomes increasingly important, the use of radiation-cured products aligns with eco-friendly initiatives and regulatory requirements for reducing harmful emissions, thus, gearing up the demand for radiation-cured products.

Report Attributes	Details
Radiation Cured Products Market Size (2022A)	US$ 2.2 Billion
Estimated Market Value (2023E)	US$ 2.4 Billion
Forecasted Market Value (2033F)	US$ 4.5 Billion
Global Market Growth Rate (2023-2033)	6.5% CAGR
East Asia Market Share (2023)	33.4%
Europe Market Share (2023)	17.6%
Key Companies Profiled	Allnex Ashland Global Holdings Inc. BASF SE Evonik Industries AG PPG Industries Inc. Royal DSM N.V. 3M Company

Historic and Future Pathway Analysis for the Radiation-Cured Products Market

Radiation-cured products refer to a class of materials that undergo a curing or hardening process through exposure to high-energy radiation, such as ultraviolet (UV) light or electron beam (EB) radiation. This curing process involves the use of radiation to initiate a chemical reaction that transforms liquid or semi-solid materials into solid and durable products. The most common types of radiation-cured products include coatings, adhesives, and inks.

• Short Term (2023-2026): UV-curable coatings offer numerous advantages such as fast curing, low VOC emissions, and enhanced durability. The growing demand for environmentally friendly coatings in industries such as automotive, electronics, and packaging is driving the growth of the radiation-cured products market.
• Medium Term (2026-2029): The growing automotive industry across emerging economies like India and China has a significant impact on the growth of the radiation-cured products market.
• Long Term (2029-2033): The adoption of the digital platform coupled with the implementation of various differentiating strategies such as discounted pricing and the launch of new products is likely to drive the market in the long run.

On the back of the aforementioned facts, the radiation-cured products market is anticipated to grow at a CAGR of 6.5% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics Outlook

“Growing Automotive Industry to Drive Radiation Cured Products Demand”

The automotive industry requires high-quality coatings and finishes for vehicles. Radiation-cured coatings offer exceptional properties such as durability, scratch resistance, chemical resistance, and gloss retention. These coatings provide long-lasting protection to the vehicle's exterior, enhancing its aesthetic appeal and protecting it from environmental factors like UV radiation, weathering, and abrasion.

• The growing automotive industry has a prominent role in the growth of the radiation-cured products market. For instance, in 2022, global sales of electric cars exceeded 10 million units, and it is projected that sales will further increase by 35% this year, reaching 14 million. This rapid expansion has resulted in electric cars capturing a larger portion of the overall car market, with their market share rising from approximately 4% in 2020 to 14% in 2022.
• Furthermore, it is anticipated that their market share will continue to rise to 18% this year. Hence, the flourishing automotive sector has a positive impact on the market as radiation-cured adhesives play a vital role in automotive manufacturing processes.

They provide strong and reliable bonds between various components, such as metal, glass, plastics, and composites. The use of radiation-cured adhesives ensures structural integrity, vibration resistance, and improved performance of automotive parts and assemblies. These adhesives offer fast curing times, enabling efficient production processes and reducing assembly time.

“Factors Affecting the Growth of the Radiation Cured Products Market”

Implementing radiation-cured processes involves substantial initial investment costs. Equipment such as UV lamps, electron beam systems, and curing lines are expensive. Further, radiation-cured products are versatile there are some limitations in terms of compatibility with certain substrates. Certain materials, such as heat-sensitive plastics or materials with poor UV transparency are not suitable for radiation curing. This limitation restricts the application of radiation-cured products in specific industries or products.

Country-wise Insights

What are the Factors Driving Radiation Cured Products Demand across China?

China remains the global leader in terms of annual vehicle sales and manufacturing output, maintaining its position as the largest vehicle market.

• The country is projected to achieve a domestic production level of 35 million vehicles by 2025. According to the Ministry of Industry and Information Technology, the sales figures for 2021 indicate that over 26 million vehicles were sold in China.
• Among these, passenger vehicle sales accounted for 21.48 million units, marking a growth of 7.1% compared to the previous year. On the other hand, commercial vehicle sales amounted to 4.79 million units.

Hence, the growing automotive industry across China has a significant impact on the radiation-cured products market. As the automotive industry is increasingly incorporating lightweight materials like plastics and composites to improve fuel efficiency and reduce emissions. Radiation-cured products are well-suited for bonding and sealing lightweight materials due to their excellent adhesion properties. They enable the joining of dissimilar materials, contributing to the design flexibility and weight reduction goals of the automotive industry. The use of coatings for vehicles also contributes to radiation-cured product sales growth.

Why India’s Radiation Cured Products Market is Flourishing?

UV or EB-cured coatings offer excellent adhesion, chemical resistance, and durability. In construction, where materials need to withstand harsh environmental conditions, radiation-cured coatings provide enhanced protection for surfaces such as concrete, wood, metal, and plastic. These coatings improve the lifespan of structures, reduce maintenance requirements, and enhance overall performance.

• Hence, the growing construction industry, for instance, by 2030, the urban population in India is projected to increase to over 40%, which is 7% higher than the current figure of 33% in 2023. This population growth will result in a significant demand for an additional 25 million mid-end and affordable housing units.
• To address the infrastructure needs of the country, India has implemented the National Infrastructure Pipeline (NIP), which has a substantial investment budget of US$ 1.4 trillion.

This, in turn, creates demand for paints & coatings to enable structures to withstand the harsh environment and other factors driving the radiation-cured products market.

Category-wise Insights

Why does Electron beam (EB) Curing has Significant Growth in the Market?

Electron beam (EB) curing is a process used in various industries, including coatings, adhesives, and inks, to cure or harden materials. It involves exposing the material to a high-energy electron beam, which initiates a chemical reaction and leads to rapid curing. Electron beam curing offers excellent control over the curing process, resulting in materials with superior properties.

The rapid and uniform curing achieved through EB curing leads to improved hardness, chemical resistance, adhesion, and overall performance of the cured materials. These enhanced material properties reduce the need for additional processing steps or the use of multiple coatings, thereby curbing demand for alternative solutions.

Why Radiation Cured Coatings are Gaining Traction?

Coatings have high demand across various industries such as automotive, healthcare, infrastructure, and others. Coatings are used to safeguard structures or metals from harsh environments and enhance their durability. Radiation-cured coatings offer exceptionally fast curing times compared to traditional curing methods.

UV-cured coatings, in particular, can cure within seconds or minutes when exposed to UV light. EB-cured coatings also provide rapid curing due to the high-energy electron beam. This speed advantage translates to increased productivity and shorter production cycles. This drives the demand for radiation-cured coatings.

Eminent Player’s Key Stratagems

Prominent players operating in the radiation-cured products market are Allnex, Ashland Global Holdings Inc., BASF SE, Evonik Industries AG, PPG Industries Inc., Royal DSM N.V., and 3M Company.

The market is highly competitive with the presence of various well-established market players. The companies are focusing on enhancing their supplier and distributor network coupled with global business expansion to curb the demand pool by catering to their needs. Also, they are taking pricing as differentiating factor that enables the company to withstand the competitive market.

Fact.MR has provided detailed information about the price points of key manufacturers of radiation-cured products positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Radiation-Cured Products Industry Research

• By Type :

  • Coatings
  • Inks
  • Adhesives

• By Formulation :

  • Electron Beam Curing
  • Ultraviolet Curing

• By Application :

  • Paper & Film
  • Plastic
  • Wood
  • Glass
  • Metal

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa