Radiation-cured coating employs a mixture of monomers and oligomers, polymerized using either electron beam (EB) or ultraviolet (UV) light. The UV/EB process is often called radiation curing because UV and EB are the radiant energy sources. UV-cured coatings market is witnessing high growth on account of increasing demand of its various types and increased focus to use environment friendly or emission free products, having competitive performance as compared to conventional products.
High Demand from Industrial Applications to Boost Growth
Growing awareness about pollution control and increasing stringent pollution control norms and policies are expected to drive usage of UV-cured coatings. Moreover, the need to provide a better quality product in a shorter time span in reasonable quantities is constantly rising due to increasing industrialization, development in regions such as Asia Pacific, and competition across various industry segments and product lines. Hence, UV-cured coating is being adopted widely across different industry segments.
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Asia Pacific to Emerge as Leading Consumer of Product
The UV-cured coatings market appears to be highly competitive and has the presence of both local and international players. The vendors in the market compete based on factors such as product quality, price, and product differentiation. With the growing demand for end-user applications, will induce vendors in the UV-cured coatings market to make huge investments. A significant amount of investments are made by various market players in order to be prepared to serve the high potential ones in future.
The Asia-Pacific is the biggest consumer of UV-cured coatings, which consumed a significant share of the total consumption in 2013, followed by Europe and North America. The European and North American markets are comparatively mature with a demand growth well below the average UV-cured coatings market growth.
Key vendors operating in the global UV-cured coatings market are Hitachi Chemical Co. Ltd., BASF SE, Tagosei Co. Ltd., and Nippon Ghosei.