Market Size of Asia-Pacific Radiation Curable Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Radiation Curable Coatings Market Analysis
The Asia-Pacific radiation curable coatings market is expected to register a CAGR of over 5% during the forecast period.
COVID-19 negatively impacted the radiation-curable coating in 2020. Major industries were shut down due to the lockdown, reducing the consumption of radiation-curable coatings in the industrial sector. The government eased restrictions on curbing the spread of the virus; this resulted in the steady growth of the radiation curable coatings market in Asia-Pacific.
- Demand for radiation-curable coatings from the industrial segment due to their properties, such as rapid curing, drying, superior hardness, and abrasion resistance over other layers, is forecasting the market's demand.
- Rising demand for highly durable coatings will likely act as an opportunity.
- Government regulations on the usage of VOC and high raw material costs are likely to hinder market expansion.
- China dominated the market and may continue its dominance during the forecast period.
APAC Radiation Curable Coatings Industry Segmentation
Radiation Curable coatings are cured or cross-linked by high-intensity radiation energy using electron beams or UV lamps. Radiation Curable coatings are manufactured with additives, pigments, and reactive liquids cured by radiation energy. Asia-Pacific Radiation Curable Coatings Market is segmented by Application and Geography. By Application, the market is segmented into Industrial, OP Lacquers, Electronics, Printing Inks, and Other Applications. The report covers the market size and forecast for the Asia-Pacific Radiation Curable Coatings market in four countries across the Asia-Pacific region. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Application | |
| Industrial | |
| OP Lacquers | |
| Electronics | |
| Printing Inks | |
| Other Applications |
| Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
Asia-Pacific Radiation Curable Coatings Market Size Summary
The Asia-Pacific radiation curable coatings market is poised for significant growth, driven by increasing demand from various industrial sectors. These coatings are favored for their rapid curing, superior hardness, and abrasion resistance, making them ideal for applications in metal, wood, plastic, and paper coatings. The market experienced a downturn due to the COVID-19 pandemic, but has since rebounded as restrictions eased. The demand for highly durable coatings presents a substantial opportunity, although challenges such as government regulations on VOCs and high raw material costs may impede market expansion. China remains a dominant force in the region, leveraging its robust industrial base and export capabilities, particularly in furniture and automotive sectors.
The market's growth is further supported by the expanding electronics industry in South Korea and the burgeoning automotive and chemicals sectors in India. Radiation curable coatings are extensively used in the electronics industry for their abrasion and heat-resistant properties, while in the automotive sector, they are crucial for vehicle production. The market is characterized by its consolidated nature, with major players like The Sherwin-Williams Company, Akzo Nobel N.V., and BASF SE actively participating. Recent developments, such as Evonik's launch of a next-generation deaerator for UV wood coatings and Sherwin-Williams' acquisition of SIC Holding, indicate ongoing innovation and strategic expansion within the market.
Asia-Pacific Radiation Curable Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Radiation Curable Coatings from the Industrial Segment
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1.1.2 Rising Demand for Highly Durable Coatings
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1.2 Restraints
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1.2.1 Government Regulations on the Usage of VOC
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Application
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2.1.1 Industrial
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2.1.2 OP Lacquers
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2.1.3 Electronics
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2.1.4 Printing Inks
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2.1.5 Other Applications
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2.2 Geography
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2.2.1 China
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2.2.2 India
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2.2.3 Japan
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2.2.4 South Korea
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2.2.5 Rest of Asia-Pacific
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Asia-Pacific Radiation Curable Coatings Market Size FAQs
What is the current Asia-Pacific Radiation Curable Coatings Market size?
The Asia-Pacific Radiation Curable Coatings Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Radiation Curable Coatings Market?
The Sherwin-Williams Company , Akzo Nobel N.V. , Axalta Coating Systems Ltd LLC , PPG Industries Inc. and BASF SE are the major companies operating in the Asia-Pacific Radiation Curable Coatings Market.
