Burgeoning Packaging Industry to Provide Impetus to Radiation Cured Products Market
The global radiation cured products market is prognosticated to exhibit a solid growth in the forthcoming years, as reported by Transparency Market Research (TMR). The vendors in the market are seen focusing on expansion of their production capacities. Enterprises are tapping into the vast potential offered by the burgeoning industries of packaging, wood coatings, and textiles. The rising trends of utilization of radiation cured in these industries is encouraging the market players to enhance their capacity to manufacture these products. The technology, being limited to only pricey end uses, is anticipated to aid vendors flourish in the business, by enabling them to keep a premium price on their products. These factors are expected to propel new market entrants in the industry even though the initial investments are on the steep side.
Characterized by backward integration, a number of market players are engaged in the production of feedback materials for radiation curing. This could empower vendors by handing them a competitive advantage in terms of procurement and supply of raw materials. Some of the prominent vendors in the global radiation cured products are Bayer Material Science, Ashland Inc., Cytech Industries, and BASF SE.
According to analysts at TMR, the global radiation cured products are predicted to rise at 7.0% CAGR from 2013 to 2019, the duration of forecast. The report estimated the market to be at USD 4,938.5 mn in 2012. By 2019, the global radiation cured products market is envisaged to reach USD 7,930.1 mn.
Among the product types, the segment of radiation cured coating held the key share in terms of both revenue and volume in 2012. The trend is expected to continue over the coming years. In terms of geographical segmentation, Asia Pacific and Europe were leading regional markets in 2012. Asia Pacific held nearly 40% of eth total market share, and the revival of end-use industries in the region on is predicted to maintain its market position.
Stringent Environmental Regulations to Drive Growth
The worldwide demand of radiation cured products is prognosticated to rise immensely on account of the environmental compliance this industry provides. With the rising concerns regarding environmental imbalances and reducing pollution, consumers and vendors are keen on utilizing environment friendly products. The technology of radcure results in trace or no amounts of waste. The process is time, energy, and cost-efficient as contrasted with other curing technologies, as it requires less space. Curing time is almost instantaneous, with no environmental repercussions. Additionally, the booming infrastructure industry is leading to an elevated demand for wood coatings, which is a major consumer of radiation cured products. This is likely to be a key factor impacting the upward trajectory of the global radiation cured products market.
Packaging and Printing to Offer Rich Growth Opportunity
Radiation cured inks is expected to emerge as a critical product type and is typically produced by the radiation curing process. Changing consumer inclination towards energy cured inks and high value digital inks is expected to strengthen the sales of the radcure inks over the coming years. The key users of radcure inks are the printing and packaging. These products, demonstrating key features of high abrasion resistance, and excellent hardness are anticipated to be adopted swiftly in several niche applications. Additionally, radiation cured coatings are likely to find rich growth opportunity in the dental industry in the form of sealants, composite restoratives, luting cements, and bonding agents. The multitude of applications of the product is predicted to boost the growth of the radiation curing products in the years to come.
This review is based TMR’s report titled, “Radiation Cured Products Market (Product Type- Coatings, Inks, and Adhesives) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”Top of Form
The market is segmented along the following lines:
Global Radiation Cured Products Market, by product Type
Global Radiation Cured Products Market, by Geography
- Asia Pacific
- North America
- Rest of the World (RoW)
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