Radiation Cured Products Market to Exhibit 7.0% CAGR through 2019 with Infrastructure Boom in Developed Regions
By 2019, the global radiation cured products market will be worth US$ 7,930.1 million, states a recent study by Transparency Market Research. The U.S.-based market intelligence firm projects that the global radiation cured products market, generated revenues of US$4,938.5 million in 2012, will exhibit a 7.0% CAGR from 2013 through 2019. Coatings, adhesives, inks and paints have to often be cured using radiation to ensure that they adhere well to a surface and last long. These radiation cured products are typically used in a variety of end-user industries such as metal, paper, wood, glass, and more. These findings are further analyzed in the report titled ‘Radiation Cured Products Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019’.
For the purpose of this study, the market has been segmented based on radiation cured product types as: coatings, inks and adhesives. Of these, the largest market share-in terms of both revenues and volume-was held by radiation cured coatings, as of 2012. The next largest product segment was that of radiation cured inks, while radiation cured adhesives took the third spot in the global radiation cured products market. Backward integration prevails to a significant degree in the RCP industry because for the most part, RCP producers are also engaged in ancillary business lines such as the production of RCP feedstock material. This puts companies in the radiation cured products market in an advantageous competitive position because they wield a higher control over the procurement and supply of raw material without having to depending excessively on third parties.
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Further, the report states that the greatest advantage that the global radiation cured products market possesses is that it is a faster curing method, especially as compared to traditionally-used thermal curing processes. The radiation curing process is more compliant to the latest environmental regulations, and has thus been witnessing higher demand over the last few years. The report identifies the other key growth driver for the global radiation cured products market as an augmentation in infrastructure activities in major developing regions of the world.
The need for wood coatings, especially, has risen, thus proving favorable to the overall global radiation cured products market. End-users are also especially attracted to radiation cure (radcure) technology because it ensures optimum material utilization and any waste generate through this process can be disposed of in according to general waste disposal guidelines.
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Radiation cured inks have a promising future, the report states. According to TMR analysts, this is because industries are moving toward high-value digital inks and energy cured inks that will offer an impetus to the global market for radcure inks (especially in the printing and packaging industries).However, the global radiation cured products market will have to face headwinds in the form of an escalation in raw material prices. The most vital raw materials in the radiation curing process are monomers and oligomers, which are derived from crude oils. The frequent and sudden fluctuations in the global crude oil prices create a certain degree of instability in this market.
The largest regional markets within the global radiation cured products market, as of 2012, were Asia Pacific and Europe. About 40% of the total demand in the global radiation cured products market came from Asia Pacific in the aforementioned year, making it the leading regional player. This will lead to more investment dollars being pumped into the APAC region over the next few years.
Capacity expansion will be a core competitive strategy for players in the global radiation cured products market. This has been prompted by growth in industries such as wood coatings, textiles, and packaging. The report contains profiles of key market leaders such as Ashland Inc., Bayer MaterialScience, BASF SE, Cytech Industries, DIC Corporation, and others.
Key Product Segments of Radiation Cured Products Market: