The radiation curable coatings market in North America is witnessing steady growth due to the increasing awareness of environment-friendly technology and the need for high productivity. Moreover, increasing compliance with the stringent environmental legislation on solvent emission for a greener and safe environment is impelling the demand for radcure coatings.
New analysis from Frost & Sullivan (chemicals.frost.com), North American Radiation Curable Coatings Market, finds that the market earned revenues of $1.5 billion in 2006 and estimates this to reach $2.3 billion in 2013.
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Radiation curable coatings provide a much better alternative for conventional curing technology due to environmental regulations. It provides numerous process advantages and offers excellent physical and chemical properties to the finished product. In addition, it can be used on a variety of temperature-sensitive substrates.
"Robust product performance combined with high productivity makes them a preferable coating technology for various industries such as printing & packaging, wood, electronics, and plastics," notes Frost & Sullivan Research Analyst Easwaran.S.A. "Increasing awareness of the numerous benefits of radcure coatings among formulators and end-user markets is encouraging market growth," states Frost & Sullivan Research Analyst Krithika Tyagarajan.
However, the high price of equipment and consumables in radcure technology requiring substantial investment is hindering widespread adoption. This is becoming a major entry barrier to the most participants, particularly small-sized companies.
The price range of UV and EB curing system begins from $100,000 and $800,000 respectively and the price of radcure coating per gallon is much higher than that of conventional coatings.
"These wide price differences inhibit the growth rate of radcure coatings despite the regular slash in price of the curing system in recent years," notes Easwaran. "In addition, the limited availability of raw materials and its high price due to the volatility in oil price reduce the conversion rate of radcure technology."
Formulators should have a broader perspective on radcure coating technology, focusing on the long-term benefits of these coatings in terms of energy savings can help remove their perception of high cost. Curing of these coatings is much faster as against the conventional coatings, requiring lesser energy for the curing process. As a result, the company can save approximately 60 to 90 per cent on the utility, which can reduce the payback period to a year.
Formulators should anticipate the changes in demand and have a keen eye for detail for technological changes happening in the neighboring continents. This can give them sufficient time to source the raw materials with respect to the demand and changes.
"Participants must constantly engage in research and development (R&D) activities to bring out new coating formulations to develop new applications, as this market is set to gain more prominence by expanding its scope of applications," states Krithika Tyagarajan.
North American Radiation Curable Coatings Market is part of the Chemicals and Materials Growth Partnership Service Program, which includes research services in the following markets: European radcure coatings, North American wood coatings, and European industrial wood coatings. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Interviews with the press are available.
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