The Global Powder Coatings Market was valued at US$ 9,130.4 Million in 2016, according to a new report published by Coherent Market Insights. The increasing use of powder coatings in various end-use industries such as appliances, automotive, furniture, architecture, and industrial will enhance the market growth in the forecast period. The solvent free content of these coatings results in negligible or low volatile organic compounds (VOC) emissions, which in turn makes these products environment friendly and hence, fuel demand for these coatings globally.
The global powder coatings market has witnessed significant growth in the last five years, owing to its added advantage over liquid coatings and low VOC emissions that helps end-use industries ensure regulatory compliance. Powder coatings helps in maintaining the outer appearance of the substrate on which they are applied and therefore, are extensively used by furniture manufacturers. These coatings are mainly applied on metal substrates as it helps in preventing scratches and provides better gloss appearance to the product as compared to other coatings.
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Thermoset resin is the largest resin type segment that accounts for over 90% market share in the global powder coatings market. These resins are mostly preferred as they help in preventing shock and corrosion to industrial equipment, various appliances, and automobile parts and thereby, helps increase the lifespan of the product. Epoxy polyester hybrid resin segment is projected to witness the fastest growth during the forecast period. These resins are most suitable in heavy duty equipment, appliances, electrical enclosures, and agriculture equipment. Polyesters is expected to be the largest sub-segment in thermoset resin segment during the forecast period. These resins are highly applied in outdoor furniture and automotive parts manufacturing due to its superior performance in sunlight.
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Key takeaways of the market:
- Asia-Pacific is projected to be the largest region in global powder coatings market. It accounted for around 42% of overall powder coatings market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing construction, and automotive end-use industries, rising urbanization, growing demand for fully furnished homes are some of the key drivers for the growth of powder coatings in the Asia-Pacific region.
- The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing automotive sales, and construction activities are expected to create lucrative growth opportunities for the players in this region.
- Automotive industry is one of the key industries for the use of powder coatings. A strong automobile sales in Asia-Pacific and Europe is expected to enhance the growth of powder coatings in the forecast period. The automotive applications such as rims, door handles, and under-the-hood components are the key automotive application for the use of powder coatings. In 2013, global automobile production was around 84 million units and has since registered 10% growth every year. Furthermore, growing sales of appliances for domestic and commercial applications such as washing machines, microwave ovens, air conditioner, freezer cabinets are also fueling growth of the market.
- PPG industries, AkzoNobel, Sherwin Williams, BASF, Axalta Group, Nippon Paints, Jotun A/S, Kansai Paint Co., Ltd, E.I. DuPont and The Valspar Corporation are few of the key players in global powder coatings market.
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance, PPG Industries launched a new cross-link polymer technology, which is introduced through ENVIROCRON HTE powder coatings. This product maximizes first pass transfer-efficiency rates for difficult-to-coat applications and provide faster built rates than traditional polyester coatings. Commercialization of the same is expected to scale the revenue over the forecast period.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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