The electron beam curable coating market is expected to grow at a CAGR of over 3% during the forecast period. Major factor driving the market studied is growing demand of electron beam curable coating market from aerospace Industry. On the flip side, high manufacturing cost and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Growing demand of electron beam curable coating from lightweight automotive vehicles is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Electron beam curable coating from aerospace industry is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India and Japan.
Key Market Trends
Growing Demand From Aerospace Industry
- Electron beam physical vapor deposition (EB-PVD) is a technique in which high energy electron beam is used to heat the target material, and the target material is deposited on the surface of substrate in the molecular form under high vacuum conditions.
- Due to the very high deposition rate, this process has potential industrial application for wear-resistant and thermal barrier coatings in aerospace industries, hard coatings for cutting and tool industries, and electronic and optical films for semiconductor industries and thin-film solar applications.
- The electron beam physical vapor deposition process (EBPVD) is one of the most widely used techniques for coating turbine aerofoil such as on relatively hot-running vanes and turbine blades components.
- Favorable exchange rates and innovations in aircraft models are projected to augment the growth of aerospace industry at moderate rate in the long-term.
- Hence, owing to the above-mentioned factors, the application of electron beam curable coating from aerospace industry is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific Region is expected to dominate the market for electron beam curable coating during the forecast period. The rising demand of electron beam curable coating from aerospace industry and growing application in automotive and electronic sector in developing countries like China, India and Japan is expected to drive the demand for electron beam curable coating in this region.
- The largest producers of electron beam curable coating located in Asia-Pacific region. Some of the leading companies in the production of electron beam curable coating are PPG Industries, Inc, ALLNEX NETHERLANDS B.V., Hexion, BASF and RAHN AG among others.
- In 2019, the government aims to expand its fixed-asset investment in the civil aviation sector to RMB 85 billion (USD 12.64 billion), up from RMB 81 billion (USD 12.05 billion) in 2018 and China is likely replace the US as the world's largest aviation market in the coming years, according to the International Air Transport Association (IATA).
- Revenue of China's electronic information manufacturing industry rose 5 percent year-on-year in the first eight months of 2019 and the sector registered a 2.7-percent slump in profits during the period, according to the Ministry of Industry and Information Technology.
- The market for electron beam curable coating is likely to get hampered due to the spread of Covid-19 virus and nation wide lockdowns in major economies such as China and India which led to the closure of manufacturing plants in aerospace and automotive sector. However the market is likely to recover at a steady state over the coming years.
- Owing to the above-mentioned factors, the market for electron beam curable coating in the Asia-Pacific region is projected to grow significantly during the study period.
The global electron beam curable coating market is partially consolidated in nature with only few major players dominating the market.Some of the major companies are PPG Industries, Inc, ALLNEX NETHERLANDS B.V., Hexion, BASF and RAHN AG among others.
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