Sales in the Global Market are Projected to Reach 573 Thousand Metric Tons by 2020
Environmental Benefits Drive Global Sales of Radiation
Cured Products, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Radiation Cured Products. Sales
in the global market are projected to reach 573 thousand metric tons by 2020,
driven by the growing awareness over the numerous environmental and
performance benefits in using Radiation Cured Products.
Radiation
curing is a massive industry worldwide, driven by the growing popularity of rad-cure
coatings, adhesives, and inks. Other major factors driving growth in the market
include innovation in radiation curable chemistries and stringent environment
safety norms that encourage environmentally-responsible curing of resins, inks,
coatings and adhesives. The adoption of radcure
technology in a broad range of applications is attributed to
several advantages, such as quicker curing and processing time, lower VOC
emissions, improved physical characteristics and cost-effectiveness. Construction,
furniture, medical, and automotive industries, represent attractive end-use
markets for the radcure technology. In
Europe, the VOC Taxation and Clean Air Act are compelling companies to adopt
environment-friendly ultraviolet/electron beam curing technologies. Regulatory
amendments in developing countries in Asia-Pacific are additionally helping fuel
growth.
The coatings market
is the largest and the fastest growing segment worldwide, led by the growing
popularity of radiation cured coatings for metal surfaces. High productivity, lower
energy consumption, improved product performance, environmental compliance, and
cost benefits, are driving the use of radiation cured coatings in steel and
metal processing plants. Progressive use of
radcure coatings on thermally sensitive substrates, as a result of continuous
technology innovation, is also expected to benefit growth in the market. Additionally,
incremental improvements in product performance are widening its adoption in electronics,
wood, printing, and packaging industry, among others. UV cure technology
represents the most popular radcure technology in the coatings industry. Radcure inks are witnessing strong growth in the
food packaging industry, driven by their ability to increase production output,
and maximize safety by eliminating volatile solvents. In the coming years, the
focus of R&D activity will center upon reducing toxicity and odor in food
labeling applications.
As stated by the new market research report on Radiation Cured Products, Europe represents the largest market worldwide. With most established applications nearing
saturation, growth in the region will be driven by the emergence of novel
application areas. Asia-Pacific ranks as the fastest growing market with
a projected CAGR of 9.7% over the analysis period. Growth in the region is led
by strong Chinese demand for ultraviolet and electron beam curing technologies,
which are rapidly replacing traditional methods in several applications.
Key players covered
in the market include 3M Company, Allnex,
Ashland Inc., BASF SE, Bayer MaterialScience AG, Craig Adhesives and Coatings, Dexerials
Corp., DIC Corp., Sun Chemical Corp., DYMAX Corp., Evonik Industries AG, Flint
Group, FUJIFILM Sericol UK Ltd., LORD Corporation, Momentive, PPG Industries Inc.,
Red Spot Paint & Varnish Company Inc., Royal DSM N.V., and Toyo Ink Group, among
others.
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