December 27, 2019
According to the research report titled ‘Powder Coatings Market Size By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Application (Architectural, Jobbers, Agriculture & Construction Equipment, Pipeline, Oil & Gas, Appliances, General Metal [Outdoor Furniture & Playground Equipment], Automotive & Transportation Components [Wheels]), By Substrate (Metallic, Non Metallic), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global powder coatings market is expected to grow significantly by the year 2025.
Robust development of infrastructure coupled with escalating consumer disposable income are major factors driving the powder coatings market growth. Powder coatings have a low ecological impact and thus are used extensively in various applications. Rapid urbanization, in tandem with rising renovation activities of existing infrastructure are leading to flourishing architectural sector, which in turn is aiding the market expansion. Shifting consumer preference towards high quality products, in consort with technological advancements are stimulating the market growth. Favorable government initiatives to reduce consumption of unstable organic compounds are further facilitating the market outlook.
As per type of resin, thermoset resin segment will register fastest growth in powder coatings market during the analysis period, due to its superior mechanical properties, UV resistance, and durability. Rising demand of automobile components such as bumpers, wheel rims, radiator grills, horns, wipers, and door handles will drive the growth of the segment.
Based on application spectrum, automotive & transportation components segment held 16% revenue share of powder coatings market in 2018. The product improve aesthetic appearance, imparts corrosion resistance, and offer cost benefits in automotive manufacturing. This factor, in tandem with surging need for resilient texture in high performance vehicles are fueling the segmental growth.
In terms of substrate, non-metallic powder coatings market was worth USD 530 million in 2018, owing to its gloss retention, scratch resistance, durability, and chalking resistance properties. Non-metal substrates are gaining momentum due to introduction of lightweight specialized platforms such as MDFD (Medium-density-Fiberboard).
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Considering geographical landscape, Asia-Pacific powder coatings market held the largest share in 2018, on account of flourishing construction & automotive sector in countries such as Japan, India and China. Moreover, cheap labor force and easy availability of skilled labor have propelled prominent companies in the industry to invest across the region. Rising per capita income, in tandem with growing need for home appliances are contributing to the popularity of powder coatings across the region.
The prominent companies operating in powder coatings market are PPG Industries, Inc., Axalta Coating Systems LLC, AkzoNobel NV, The Valspar Corp., RPM International, Kansai Paints, BASF, Asian Paints, and Jotun among others.
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