Powder Coatings are the coatings that are based on polymer resin systems that are combined with pigments, flow modifiers, curatives, leveling agents and other additives. These components are melted, mixed, cooled and then ground into fine powder.
Market Research Future (MRFR) has recently availed a report on the Global Powder Coating Market asserting the market to grow at a steady CAGR during the forecast period of 2016-2023. Rapid economic development, increasing disposable income and expansion of transportation industry are some of the factors driving the Powder Coating Market in this region.
The Global Powder Coating Market has been segmented on the basis of Resin Type, Application, Substrate and Region. Based on resin type, the market is segmented into thermoplastic and thermoset. The thermoplastic segmented include nylon, polyolefin, polyvinyl fluoride (PVF), and polyvinyl chloride (PVC). The thermoset segment includes polyester, epoxy, acrylic, polyurethane, epoxy-polyester hybrid, and others. Due to the high-temperature durability, as compared to the thermoplastic, the thermoset segment is anticipated to account for the largest market share during 2016-2023. Among the thermoset segment, the polyester-based powder coatings are widely utilized owing to their high exterior durability and UV resistance property.
On the Basis of Application, the market is segmented into automotive and transportation, architectural & furniture, appliances, consumer goods, and others. Among these applications, the architecture and furniture segment accounted for 28% of the global consumption of powder coating in 2015 due to the rapid increase in construction activities across the globe and is anticipated to witness a noteworthy growth in the upcoming years. Owing to the cost efficiency and other benefits of powder coating, the application of these products in automotive and transportation segment is anticipated to increase in the forecast period.
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On the Basis of Substrate, the Global Powder Coating Market is segmented into metal and non-metal. Due to the widespread use of metal in various end-use industries, the metal segment is anticipated to account for the major market share in the forecast period. The non-metal segment in the global powder coating market includes wood, plastic, glass, composites and others.
Detailed Regional Analysis:
On the Basis of Region, the Global Powder Coating Market has been segmented into five major regions such as Asia-Pacific, Europe, Latin America, North America, and The Middle East and Africa.
The high adoption rate of Powder Coating by automobiles manufacturers and strict regulatory framework regarding the emission rate of volatile organic compounds (VOC) are inducing the demand for powder coatings in the Asia-Pacific region, causing its dominance over the global powder coating market.
The rapid growth of automotive industry and stringent emission regulations implemented by the government are fueling the expansion of the powder coating market in the European region.
The growing awareness regarding the harmful effects of solvent-based paints and implementation of stringent norms by the environmental protection agency (EPA) regarding the VOC emission level is anticipated to propel the growth of powder coating market in the North American region.
Latin American countries such as Brazil, Columbia and Argentina are expected to witness steady growth in the powder coating market due to the presence of leading automotive production companies and increasing adoption of powder coating in consumer goods sector.
The Middle East and African region are anticipated to project steady growth of the Powder Coating Market due to the significant infrastructural development of residential as well as commercial sector.
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