Radiation cured adhesives, inks, and coatings are increasingly in demand due to their desirable physical characteristics, quick curing and processing times, cost-effectiveness, and low VOC (volatile organic compound) content. Radiation cured products are widely used across various industries such as paper, wood, glass, and metal. The global radiation cured products market is expected to grow at a CAGR of 7% during the period between 2013 and 2019. The market was worth US$4,938.5 million in 2012 and with the positive growth, it is expected to reach a valuation of US$7,930.1 million by the end of 2019.
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Enhanced Physical Qualities to Push Demand for Radiation Cured Products
Radiation curable formulations, used in adhesives, inks, and coatings, are cross-linked by electron beam energy resources or high-intensity ultraviolet light. As this process is environment friendly thanks to its low VOC emissions, various environmental regulations, such as the VOC Taxation and Clean Air Act in Europe, have led manufacturers to opt for the process.Radiation cured products are efficient in terms of cost and energy. For example, UV adhesives rapidly cure without heat compared to the traditional thermally curing adhesives, which take a much longer period to cure. The enhanced physical properties of radiation cured products are expected to push the growth of the global radiation cured products market. Also, the growing wood coatings market in countries such as China will propel the overall market.
However, steep prices of raw materials such as acrylic polymers, UV oligomers, and photo initiators will negatively affect the overall market in the next couple of years. The global radiation cured products market has a huge opportunity to grow with the industry focusing on energy cured inks and high-value digital inks.
Radiation Cured Coatings Dominated Global Radiation Cured Products Market in 2012
On the basis of product type, the global radiation cured products market has been segmented into radiation cured adhesives, radiation cured inks, and radiation cured coatings. In 2012, radiation cured coatings was the largest segment of the market, followed by radiation cured inks and adhesives.
Asia Pacific Drove Global Radiation Cured Products Market in 2012
Globally, the radiation cured products market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2012, Asia Pacific and Europe emerged as the largest markets for radiation cured products. This was attributed to the growth of the wood coatings, textiles, semiconductors, and packaging industries in these regions. Around 40% of the global demand for radiation cured products was accounted for by Asia Pacific in 2012.
Key Players in Global Radiation Cured Products Market
Some of the leading players in the global radiation cured products market are BASF SE, Ashland Inc., Bayer Material Science AG, Dymax Corporation, DIC Corporation, Flint Group, Lord Corporation, Toyo Ink SC Holdings Co. Ltd., and PPG Industries Inc. Many of these players are also involved in the production of feedstock materials for radiation cured products. This has put them in an advantageous position as they do not depend on third parties for the procurement and supply of the raw materials.
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