Revenue Forecast

The revenue estimate for the base year 2023 is $6,679.4 million, with a CAGR of 6.6% for the study period 2021–2030

The Impact of the Top 3 Strategic Imperatives on the Radiation-cured Coatings Industry

Transformative Mega Trends

Why

• Changing regulatory landscapes are significantly impacting the radiation-cured coatings market.
• The European Chemicals Agency recently declared the addition of diphenyl(2,4,6-trimethyl)benzoylphosphine oxide (TPO), a prominent photoinitiator, to the 29th batch of the Candidate List of Substances of Very High Concern.

Frost Perspective

• Evolving regulations on ingredients used in radiation-cured coating formulations will bring significant market developments, in terms of technological advancement, product development, and consolidation activities.

• These regulations push companies to focus on product development and technology advancements to replace TPO, leading to industry consolidation as companies seek compliant alternatives.

Competitive Intensity

Why

• The development of radiation-cured coatings requires innovations in ingredients, translating into substantial R&D investments in the field.
• Several companies in the market have been investing significantly in new product development.

Frost Perspective

• Making significant capital investments for R&D initiatives could be challenging for small-scale radiation-cured coatings manufacturers.
• Global manufacturers will need to collaborate with industry stakeholders and research institutes to develop relevant chemistry solutions in this niche and novel business space.
• Furthermore, huge potential exists for mergers and acquisitions in the market. Coatings manufacturers collaborating with long-term clients will open the door to innovations.

Customer Value Chain Compression

Why

• Radiation-cured coatings manufacturers face the challenge of maintaining profitability because their raw material suppliers and customers wield significant bargaining power.

Frost Perspective

• Radiation-cured coatings ingredient manufacturers must backward integrate and develop raw materials to address raw material quality, supply consistency, and profitability concerns.
• Raw material manufacturers must forward integrate to leverage their chemistry excellence for profitability and partner directly with end-use industries to develop tailor-made formulations.

Scope of Analysis

• The radiation curing process typically utilizes UV or EB radiation. The radiation triggers a chemical reaction during curing that rapidly transforms liquid coatings into solid form, resulting in durable and high-performance products.
• Radiation curing has versatile applications, including curing coatings, inks, and adhesives; however, this report focuses exclusively on coatings.

Segmentation—Radiation-cured Coatings

Growth Drivers

• The growing demand for radiation-cured coatings in industries such as automotive, printing, furniture, and industrial will drive the market.
• The faster production rate and versatility of radiation-cured coatings are fueling the market growth.
• Stringent regulations and VOC emission standards are fueling the demand for radiation-cured coatings.

Growth Restraints

• The high cost of radiation-curing technology will limit the market growth.
• Fluctuations in the prices of raw materials complicate the economic landscape.
• Waterborne technology presents a competitive alternative.
• Users are reluctant to make a switch because of a lack of awareness.
• US Food and Drug Administration (FDA) restrictions limit coating use for flexible packaging.
• Difficulties in the curing process, particularly for thick coatings and complex geometries, affect the market growth.