OTTAWA, Nov. 05, 2020 (GLOBE NEWSWIRE) -- The global powder coating market size was valued at US$ 12.02 billion in 2019, according to new study by Precedence Research.
Powder coating involves application of powder coating on metallic surfaces to make sure high-quality finishing. Powder coating has gain traction and become one of the most general techniques to finish automotive and other parts on account of its long lasting, durable finish and smooth texture which is resilient to corrosion. The major driver in the growth of powder coating materials was the quest of an ecologically friendly substitute to solvent-laden paints.
Powder coating is seen as a sustainable preference in plentiful industrial coating uses. The prominent drivers for technology development are the increasing demand for sustainable solutions and meeting customer demands for enhanced performance. With desire to decrease environmental effect, businesses uninterruptedly attempt to recover process competences like well utilization of coating materials and elimination of coatings steps. A decline in baking temperatures enable application of powders on more substrates that results in no VOCs, lower energy consumption and offers sustainable substitute to anodizing and liquid coatings.
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Growth Factors
The demand for powder coatings has augmented substantially due to escalating technological advancements and cumulative requirement from applications areas such as automotive, furniture, architectural, agriculture, appliances, earthmoving equipment, construction, general industries among others. Severe environmental rules are also projected to lift the growth global powder coatings market growth during the forthcoming years. Surge in demand of product in applications such radiator grills, as door handles, bumpers, wheel rims, metallic structural components and bicycle is expected to reinforce growth of the market during near future.
The arrival of powder-on-powder application which comprises application of topcoat and primer with one cure step has offered novel visions for powder coatings. Further, powder coatings have attained more extensive access in new-fangled applications. Better utilization rate as than liquid forms are amongst the fundamental reasons impacting the complete product application possibility. The infrastructural development is also a crucial factor motivating the product requirement on an international scale. Proficiency and overspray are amongst the vital aspects leading the market economics.
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Report Highlights
- Progression in construction sector in the nations like Indonesia, India, Malaysia, and Thailand is prompted by the budding service industry in the region that results in upturn in migration, escalation in population, and scarcity of residential households in the region.
- The economic saturation and contraction in Europe and North America is shifting the demand of the market in the Asia Pacific
- Growth of powder coatings market across the world is credited to the aspects such as escalating per capita income, augmented consumer spending, and fluctuating consumer inclinations and progression in technology.
- Asia Pacific powder coatings market is anticipated to record highest CAGR on account of growing disposable income, steady economy, and refining standards of living in nations like Singapore, Vietnam, China, Japan, and Malaysia.
Regional Snapshots
Asia Pacific conquered the powder coatings sector with maximum market stake in 2019 and is anticipated to show firmest growth rate throughout the assessment duration. This growth is attributable to optimistic market outlook in the Asia economies like India China, and Japan. Although Southeast Asian countries such as Malaysia and Thailand offer great openings for local sales, they also bid critical production benefits over other nations. Further, stable economic growth is conveying more investments to this region. Since the previous decade, spending by steel businesses has triggered the expansion of construction, appliances, electronics and automotive sectors in the emerging nations of Middle East and APAC. As a result growth of these sectors is supporting the demand for powder coatings across these regions.
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Key Players & Strategies
Intensifying demands for energy and material consumption, coating quality, and throughput, corporations with in-house painting activities are confronted with the issues of optimizing their processes. Intelligent networking of processes and digitalization are also becoming more substantial. Inconsistent prices and shortage of raw materials are anticipated to be the foremost factors limiting growth of the market. As these factors can outcome in greater production costs, thus reducing the profit. Nonetheless, great demand for the product due to its budding usage in industries like construction, automotive, and furniture is foreseen to flourish growth of powder coatings market in the coming years.
Numerous players operating in this sector comprise Asian Paints, BASF, Kansai Paints, Axalta Coating System, Nippon Paint Co., Ltd., PPG Industries, AkzoNobel N.V., The Sherwin-Williams Company, RPM International, and Dulux Powder & Industrial Coating. Few other market contenders involved in this arena are Somar Corporation, Dupont Coating & Colour Technologies Group, Marpol, Jotun Powder Coatings, ProtechOxyplast Powder Coating, Cloverdale Paint, Inc., Evonik Industries and others.
Market Segmentation
By Resin
- Epoxy-Polyester
- Epoxy
- Acrylic
- Polyester
- Polyurethane
- Others
By Application
- Automotive
- Consumer Goods
- Architectural
- Furniture
- Oil and Gas
- Pipeline
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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