- Coatings, adhesives, and inks that are radiation cured are more durable and cling better to a surface. A study by Grand View Research, Inc. reported the worldwide radiation cured market at more than USD 3.8 billion in 2012. Radiation cured formulations offer several advantages. These benefits include low energy consumption, high abrasion resistance, high productivity, and non-flammability.
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The most desirable feature of radiation cured products is that they use solvent-free formulations. This contributes to environmental sustainability. Various governments favor products that are less hazardous to the environment. This is expected to propel radiation cured market incomes. Higher applicability in end-use industries like automotives, printing, food packaging, and healthcare will also drive market demand.
Stringent environmental regulations are causing greater consumption of radiation-cured products in wood coatings. Rising infrastructural spendings in developing economies is also anticipated to generate market revenues. These economies include China, Vietnam, India, Argentina, and Brazil.
The key raw materials used in radiation cured products are monomers, photoinitiators, and oligomers. Volatility in the prices of crude oil will negatively affect the radiation cured market. Adhesives applications accounted for more than 4.9% of the total volumes in 2012. They are said to dominate the applications market till 2022.
High demand for solvent-free formulations will contribute to this dominance. Assembly adhesive applications face greater demand from the lamination industry. Leading lamination applications are DVD bonding, paper to composite board laminates, film-to-paper laminating, and film-to-film laminating. Ink applications contributed more than 14% of the market volumes in 2012.
Asia Pacific, with more than 29% of the overall demand, assumed leadership in 2012. It was followed by Europe. Europe accounted for about 26% share. The Asian Pacific radiation cured market is also estimated to grow the fastest from 2015 to 2022. Significant demand will arise from the industry of wood and automotive coatings.
Europe will witness robust growth due to demand from healthcare and food packaging sectors. On the contrary, North America will experience sluggish growth due to saturated end-use industries. Major market competitors include BASF S.E., Royal DSM N.V., 3M Company, and Evonik Industries A.G.
Other notable players in the radiation cured market are Sony Chemicals, Ashland Inc., Toyo Ink Group, Lord Corporation, DYMAX Corporation, and DIC Group.
Information Source: Grand View Research
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