Powder Coatings Market:
Powder Coatings are a type of coatings based on polymer resin systems, combined with pigments, flow modifiers, levelling agents, curatives, and other additives. These components are melt mixed, cooled, and ground into a uniform powder. Electrostatic spray deposition (ESD) is typically used to attain the application of Powder Coating on a metal substrate. Powder Coatings offers excellent properties such as high durability, impact resistance, UV rays protection, moisture & chemical resistance. With the above-mentioned properties they are widely used in numerous application such as architectural & furniture, appliances, consumer goods, automotive & transportation, and others.
Powder Coatings offer excellent properties to products such as high durability, and resistance to impact, UV rays, moisture protection, and chemical. As a result, powder coatings are widely used across industries including automotive, architectural, furniture, appliances, and consumer goods owing to the constantly changing conditions such like exposure to the various chemicals and heating conditions, these industries constantly confront.
Key Players:
Fervent players leading the global powder coating market include The Valspar Corporation (US), PPG Industries, Inc. (US), Akzo Nobel N.V. (the Netherlands), Kansai Paint Co.LTD (India), Asian Paints Limited (India), Royal DSM (the Netherlands), Evonik Industries (Germany), Arkema (France), TCI Powder (US), and The Sherwin-Williams Company (US)
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Resultantly, the powder coating market usually witnesses a rising demand which is expected to further convert the market into a vastly expanded place in the years to come. The growing demand from the burgeoning automotive industry escalates the market on the ascending heights on the global platform.
Acknowledging the exponential accruals the market is constantly garnering, Market Research Future (MRFR) in its recently published study report asserts that the global powder coating market is expected to witness enormous growth by 2023, registering a phenomenal CAGR over the forecast period (2017 to 2023).
Additional factors substantiating the market growth include rapid urbanization, increasing demand for solvent-free coatings, and continuous growth of the automotive sector. Moreover, high consumption of powder coatings coupled with shifting trend for replacement of conventional solvent-based coatings in various end-use industries is expected to foster the market growth.
Industry/Innovation/Related News
October 29, 2018 – Stahl Holdings B.V. (the Netherlands), an expert in leather- and performance coatings and dyes announced the launch of its first center of excellence for powder coatings in Spain. The strategic location of the new testing and knowledge center would enable the company to accelerate the pace of its services across the major European markets. Stahl has recently acquired the R&D operations of OEM NuTech (Australia), a firm specializing in manufacturing powder-coating products and processes pertaining to heat-sensitive materials.
Rapid industrialization along with rising consumer disposable income is impacting the market growth positively. Also, the increasing usage of powder coatings in the manufacturing of various electronics & electrical parts is expected to fuel the market growth, augmenting the demand for powder coatings over the assessment period.
On the other hand, factors such as high energy consumption required in the powder coating processes are estimated to pose challenges to the market growth over the assessment period. Nevertheless, factors such as rising concerns towards mitigation of the ill effects of volatile organic compound (VOC) coupled with the stringent regulations imposed by various government bodies are estimated to support the market growth during the forecast period.
Powder Coating Market Segmentation:
Powder Coating Market has segmented its analysis into four key dynamics for the convenience of understanding;
By Resin Types: Comprises Thermoplastic {(Nylon, Polyolefin, Polyvinyl Fluoride (PVF), and Polyvinyl Chloride (PVC)} and Thermoset (Polyester, Epoxy, Acrylic, Polyurethane, Epoxy Polyester) among others.
By Applications: Automotive & Transportation, Architectural & Furniture, Appliances, and Consumer Goods among others.
By Substrates: Metal and Non-Metal among others.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Powder Coating Market Competitive Analysis:
The powder coating market appears to be fragmented and highly competitive, characterized by the presence of numerous large and small-scale players. Matured players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and technology launch. These strategies are estimated to improve the quality of the product and increase production capacity to suffice the rapidly growing demand, particularly from the emerging regions.
Manufacturers emphasize new product development initiatives and geographical expansion. With increasing industrialization and up-gradation of technology to manufacture batteries, manufacturers are setting up facilities to produce Powder Coatings in the most efficient manner.
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Powder Coating Market Regional Analysis:
The Asia Pacific region accounts for the leading market for powder coatings followed by the North American and European region, respectively. The APAC market is growing steadily due to the presence of several key manufacturers of the product and the growing industrialization in the region. Besides factors such as increasing economy, continuous growth of the automotive & transportation industry, and the implementation of stringent regulation regarding VOC emission rate fosters the market growth of powder coatings.
Countries such as China, Japan, Vietnam, Singapore, Thailand, South Korea, and India are expected to witness colossal demand for the product due to the high adoption rate by the automobile manufacturers.
Furthermore, rising demand for household appliances along with the increasing automotive production and sales in the region is expected to support the market growth. Economic development in various APAC countries, particularly China, Vietnam, Bangladesh, and India has presented opportunities for powder coating in the transportation sector.
The powder coatings market in the North American region stands at the second position in terms of size. Factors substantiating the market growth include the high consumption of powder coatings in the manufacturing of automobiles. The region is estimated to create a substantial revenue pocket in the global market by 2023.
The European region is rapidly emerging as one of the promising markets for powder coatings, globally. The market growth is majorly fostered by the increasing demand and sales in the automotive industry, especially in the U.K., France, Italy, and Germany
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