The global powder coatings market size is slated to reach USD 18.95 billion by 2028, registering a 6.2% CAGR during the forecast period. The increasing demand for industrial equipment & machineries in the automotive, infrastructure and construction industry will have an excellent impact on the market growth, states Fortune Business Insights, in a report, titled “Powder Coatings Market, 2021-2028.” The market size stood at USD 11.58 billion in 2020 and reached USD 12.46 billion in 2021.
Information Source - https://www.fortunebusinessinsights.com/powder-coatings-market-102139
Based on the resin, the market is divided into Thermoset and Thermoplastic.
On the basis of coating method, the market is divided into electrostatic spray, fluidized bed, and others.
Based on the application, the market is classified into agriculture, appliance, architectural, automotive, furniture, agriculture, construction and earthmoving equipment (ACE), general industries, and others. The appliance segment is expected to account for the highest powder coatings market share. These coatings are mostly used in floor cleaners, microwave ovens, freezer liners, dryer drums, racks & cabinets, dishwasher doors & racks, mixers & blenders, etc.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Include?
The report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected period. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. The report also provides comprehensive insights into key strategies adopted by market players such as mergers and acquisitions, partnerships, and product launches to sustain their market foothold over the projected timeframe.
Surging Demand for Eco-friendly Coatings to Boost Market
Manufacturers' increasing awareness of pollution prevention is promoting the manufacturing of these coatings. Manufacturers are often required to get licenses and adhere to stringent environmental laws regarding the quantity of solvent and VOCs released into the atmosphere. Manufacturers that violate the rule regulating VOC content are subject to penalties and fines. These coatings provide an option that reduces air pollution management while still adhering to standards and constraints. These coatings are made without using petroleum solvents and so do not emit VOCs that are detrimental to the environment. The decrease in the usage of volatile organic compounds (VOCs) will drive the powder coatings market growth.
Infrastructure Development to Push Growth in Asia Pacific
The market in Asia Pacific stood at USD 6.89 billion in 2020. The growth is attributed to the rising demand from end-use sectors such as appliance, automotive, architectural, furniture, agricultural, agriculture, construction and earthmoving equipment, and general industries. Because of increased government investments in infrastructure development projects, the infrastructure and construction business is expected to boom in India and China. Powder coating is gaining popularity in the building business because to its eco-friendly nature and aesthetic appeal. Europe is expected to develop rapidly due to the high demand from the automotive industry.
Prominent Companies Focus on Well-Established Supply Chain Networks to Consolidate Position
Global enterprises and localized firms with well-established supply chain networks and a thorough understanding of their market's laws and suppliers are battling it out. There are a few large enterprises in the market and several worldwide and regional small and medium-sized organizations. Mergers and acquisitions are being pursued, infrastructure is being built, manufacturing facilities are being expanded, research and development is being invested in, and vertical integration opportunities are being sought across the value chain.
March 2021: Sherwin-Williams introduced a new line of ultra-durable powder coatings for metal building products that offer exceptional UV and weathering resistance. The new Echelon coatings line is part of Sherwin-Williams' Syntha Pulvin architectural coatings range and is said to provide long-term aesthetics with minimal maintenance.
The Report Lists the Key Players in the Market:
Akzo Nobel N.V. (Amsterdam, Netherlands)
PPG Industries, Inc. (Pennsylvania, U.S.)
BASF SE (Ludwigshafen, Germany)
Jotun (Sandefjord, Norway)
Axalta Coating Systems, LLC (Philadelphia, U.S.)
The Sherwin-Williams Company (Cleveland, U.S.)
Asian Paints (Mumbai, India)
Kansai Nerolac Paints Limited (Mumbai, India)
TCI Powder (Americus, U.S.)
Berger Paints India Limited (West Bengal, India)