Global powder coatings market share is estimated to USD 16.85 billion by 2026 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The report cites the growing usage of powder coatings as a substitute for PVDF liquid due to its easy application, environmental friendliness, and higher utilization rate to drive the global industry outlook. Over the years, solvent based conventional coatings have been under strict scrutiny by the governmental bodies to curtail the impact of VOCs on the environment. The trend is stated to have a perpetual impact on the powder coating market expansion.
Powder coatings are observing massive applications from automotive industry. The material is being highly utilized in the manufacturing of automotive parts and coils owing to its better finishing capabilities and lower film thickness, which further aids in enabling decreased manufacturing and production costs.
The material also finds a wide array of applications in the architecture sector. As per a report by Polaris Market Research, in 2015, the worldwide architectural coatings market was valued at USD 47.34 BN, a large section of which was held by powder coatings. The rising infrastructural activities and urbanization trends, particularly in emerging economies will drive the market demand. According to the ADB, 55% of Asian population will be in cities by 2030. Not to mention, the trend will lead to a massive demand for cars, furniture, etc. in turn driving the powder coatings market share.
In terms of regional landscape, APAC is estimated to hold the largest share in the global hierarchy, driven by increasing urbanization and the massively expanding retail sector. As per the study, Asia Pacific furniture market is expected to register a CAGR of 5.9% from 2018-2026, which will further provide a substantial impetus to the regional powder coatings market demand. Europe and North America are projected to follow the APAC lead respectively over 2018-2026.
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Speaking of the competitive spectrum, Sherwin Williams and PPG Industries are the major market contenders. The two companies reportedly held a combined share of approximately 60% in North America in 2016. In the same year, PPG industries captured 60% of the APAC share. Some of the major contenders in Europe are PPG Industries, AkzoNobel, Materis, Tikkurila, AkzoNobel, and Caparol. The study covers an in-depth overview of the companies in terms of their recent developments, product benchmarking, and financial specifics.