Radiation Cured Market Size, Share, Growth, and Industry Analysis, By Type (Acrylic Epoxy Resin, Acrylic Polyether Resin, Acrylic Amino Resin, Epoxy Resin and Others), By Application (Electronic, Arts And Crafts, Automobile Industry, Building Materials Industry and Printing), Regional Insights and Forecast to 2031

Updated On: 08 April 2024

RADIATION CURED MARKET REPORT OVERVIEW

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The global radiation cured market size was USD 3669.5 million in 2019 and the market is projected to touch USD 4796.5 million by 2026, exhibiting a CAGR of 3.9% during the forecast period.

Radiation curing, also known as radiation curing technology or radiation curing technique, is a method of polymerization or cross-linking materials that employs high-energy radiation such as ultraviolet (UV) light or electron beams. This procedure is extensively employed in the manufacture and finishing of numerous goods, notably in sectors such as coatings, adhesives, and printing.

COVID-19 Impact: Operational Difficulties, Project Delays in the Phase of COVID-19 Tranquilized the Market Growth

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.

During the pandemic, demand for items utilizing radiation-cured technologies may have varied. Lockdowns, travel restrictions, and changes in customer behavior affected demand in industries such as automotive, construction, and packaging, which are key users of radiation-cured coatings and adhesives. During the pandemic, construction and infrastructure projects, which frequently utilize radiation-cured coatings, may have been delayed or halted. This may have had an impact on the market for some radiation-cured items. Many manufacturing plants encountered operating issues as a result of social distancing policies, labor shortages, and health and safety regulations. These difficulties may have had an influence on manufacturing efficiency and output.

LATEST TRENDS

"Sustainable and High Performing Coatings to Electrode the Market Growth"

There is a rising emphasis on ecologically friendly and sustainable technology. When opposed to traditional solvent-based methods, radiation-cured procedures, particularly UV curing, are noted for their low emissions of volatile organic compounds (VOCs). Demand for high-performance coatings has been a driving factor in sectors such as automotive, aerospace, and electronics. Radiation-cured coatings include advantages such as faster curing periods, greater durability, and improved performance. Smart and useful surfaces are being created using radiation-cured coatings. This comprises antimicrobial coatings, self-healing coatings, and coatings that adapt to environmental conditions.

RADIATION CURED MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into acrylic epoxy resin, acrylic polyether resin, acrylic amino resin, epoxy resin and others.

Acrylic resins are polymers that are made from acrylic acid or methacrylic acid. They are well-known for their weatherability, transparency, and UV resistance. UV-cured coatings, inks, and adhesives all make extensive use of acrylic resins. They are well regarded for their quick drying, excellent gloss, and long durability.

Epoxy resins are thermosetting polymers that are generated by the interaction of epoxide monomers with a curing agent or hardener. They are chemically resistant, mechanically strong, and adhere well. In radiation-cured paints, adhesives, and composites, epoxy resins are frequently employed. They're used in sectors including electronics, aircraft, and automobiles.

Polyether resins are polymers with ether groups in their molecular structure. These resins can be altered to improve certain qualities like flexibility or hydrophobicity. UV-cured paints, adhesives, and sealants all include polyether resins. They were chosen because of their elasticity and moisture resistance.

Amino Resins: Amino resins, also known as aminoplasts, are created by reacting amino chemicals (such as urea or melamine) with formaldehyde. They have high toughness and chemical resistance. Amino resins are utilized in UV-cured coatings, particularly when hardness and endurance are important. They are used in a variety of applications, including wood treatments and automobile finishes.

Other Resins: This category may contain a variety of additional resin types utilized in radiation-cured applications. Polyester resins, polyurethane resins, and hybrid resin systems that mix the properties of several resin types are some examples.

• By Application

Based on application the global market can be categorized into electronic, arts and crafts, automobile industry, building materials industry and printing.

Electronic Industry: Electronic equipment are shielded from wear, corrosion, and environmental elements via radiation-cured coatings. They offer a thin, strong covering that prolongs the life and improves the functionality of electrical components.

Arts and Crafts: Graphics, labels, and packaging for items in this category are frequently printed using UV-cured inks. These inks adhere to a variety of media and offer brilliant colors and quick cure. UV-cured coatings are applied to arts and crafts objects to improve their longevity and attractiveness. They can be applied to paper, cardboard, and other materials to provide a protective and glossy finish.

Automobile Industry: To improve durability, scratch resistance, and corrosion protection, automobile components are coated with radiation-cured materials. In the production processes of automobiles, UV-cured coatings are prized for their rapid curing periods. In vehicle assembly, different materials are bonded together using UV-cured adhesives. Because they cure quickly, they provide strong bonding and increase industrial efficiency.

Building Materials Industry: Flooring materials are coated with radiation-cured coatings, particularly UV-cured coatings, to protect them against UV rays, chemicals, and abrasion. In the wood sector, UV-cured coatings are frequently utilized for flooring, cabinets, and furniture. Compared to conventional solvent-based coatings, they offer a long-lasting finish with less of an adverse effect on the environment.

Printing Industry: In the printing business, UV-cured inks are widely used for labels, packaging, and commercial printing. They can print on a range of surfaces and provide quick drying and high-quality prints. In the realm of 3D printing, UV-cured resins are important for procedures such as digital light processing (DLP) and stereolithography (SLA).

DRIVING FACTORS

"Medical and Healthcare Applications to Brace Up the Market Growth"

Products for medical equipment and gadgets that are radiation-cured have attracted interest from the healthcare industry. Because of their quick curing and bonding qualities, UV-cured adhesives and coatings are employed in the assembly and production of medical equipment.

"Digital Printing and Electronics Application to Intensify the Market Growth"

There is a tendency in the printing and packaging sector to employ UV and EB curing for digital printing processes. This makes it possible to produce goods more quickly, with better print quality, and with more flexibility when printing on different substrates.Radiation-cured materials are being used more often in the production of flexible circuits, sensors, and electronic devices as a result of the advancement of flexible electronics. The curing methods of UV and EB are ideal for these uses.

RESTRAINING FACTOR

"Substrate Sensitivity and Limited Mobility to Hold Back the Market Growth"

The type of substrate being coated or bonded may have an impact on how well radiation curing works. It may be difficult to work with substrates that reflect or absorb UV light; additional processing stages or adjustments may be required to get the best results. Because of the nature of the equipment, electron beam curing is usually done in a stationary place. This may restrict its employment in some cases where flexibility or movement during the curing process is crucial. However, the issues with the processing challenges, weather conditions may restrict the worldwide radiation cured market growth.

RADIATION CURED MARKET REGIONAL INSIGHTS

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"North America with Extensive Research and Adoption of Technologies is Playing a Domineer in the Market Share"

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

North America had a substantial regional market in terms of volume and revenue with the radiation cured market share rising high in the forecasted period. The US has played a major role in the adoption of radiation-cured technology, especially in the electronics, printing, packaging, and automotive sectors. The dominance of these industries is attributed to the region's considerable research and development as well as the presence of big corporations in these fields. The adoption of UV curing and other radiation-cured processes has been aided by the expansion of sectors like as electronics, automobile production, and packaging in these nations.

KEY INDUSTRY PLAYERS

"Notable Market Players Shaping the Market and Contributing in the Market Expansion"

Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased.

List of Market Players Profiled

• Bayer (Germany)

• BASF (Germany)

• Ashland (U.S.)

• Fujifilm (Japan)

• Flint (Luxembourg)

• Royal Adhesives & Sealants (U.S.)

• Sartomer (U.S.)

• Royal DSM (The Netherlands)

• Cytec (U.S.).

INDUSTRIAL DEVELOPMENT

• August 2020: Bailey stated that it has paid $425 million to purchase KaNDy Therapeutics Ltd., which would assist grow its female healthcare division.

• September 2019: BASF and DuPont Safety & Construction, a subsidiary business unit of DuPont Co., entered into an agreement for the sale of BASF's ultrafiltration membrane business, Inge GmbH. Executives at BASF stated that Inge GmbH and its products were a better fit for DuPont and their business plan.

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.