The global low temperature powder coatings market size is projected to grow from USD 3.4 million in 2020 to USD 3.9 million by 2025, at a CAGR of 3.2% during the forecast period. The growth of this market is attributed to the continued growth of the furniture industry, which is the largest consumer of low temperature powder coatings. The increase in energy savings due to the reduction in cure temperatures, growing end-use industries, and technological advancements are driving the market.
The increase in energy savings due to the reduction in cure temperatures, growing end-use industries, and technological advancements are driving the low temperature powder coatings market. Suitability of low temperature powder coatings for temperature-sensitive components and increasing demand from the furniture industry in Europe are expected to provide opportunities in the low temperature powder coatings market. However, the difficulty of application in high humidity, complex shape of substrates, and environmental challenges are expected to pose a challenge in the market.
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Europe is expected to be the fastest-growing market for low temperature powder coatings. In the last five years, the furniture, appliances, and automotive industries in the region have witnessed significant developments, due to which the demand for low temperature powder coatings is estimated to increase substantially. In the North American region, reshoring of manufacturing operations in the region will drive the furniture industry.
The key players in the low temperature powder coatings market AkzoNobel (Netherlands), Axalta Coating Systems, LLC (US), Jotun A/S (Norway), PPG Industries (US), The Sherwin-Williams Company (US), Teknos Group (Finland), and Tiger Coatings GmbH & Co. KG (Austria), are the leading players operating in the low temperature powder coatings market. They have adopted various developmental strategies such as merger & acquisitions, new product launches, and partnerships & agreements to increase their share in the market.
PPG Industries is a key player in the low temperature powder coatings market. PPG’s business comprises two reportable business segments: Performance Coatings and Industrial Coatings. The Performance Coatings and Industrial Coatings reportable business segments supply coatings and specialty materials to customers in a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original equipment (OEM); automotive refinish; as well as for other industrial and consumer products. PPG also serves commercial and residential new build and maintenance customers by supplying coatings to painting and maintenance contractors and directly to consumers for decoration and maintenance. Strategically, the company has adopted various strategies to increase its share in the market
- In May 2019, PPG launched PPG ENVIROCRON Extreme Protection Edgecoatings, which uses a patent-pending, advanced powder coatings technology. The coating is formulated to cover sharp edges created during metal fabrication. This innovative technology provides coverage that far surpasses standard one-coat and two-coat powder systems. The initiative was taken to strengthen the company’s powder coatings portfolio.
Axalta Coating Systems is a diversified coatings company. It mainly operates through two segments, performance coatings, and transportation coatings. The company manufactures liquid coatings and powder coatings that are used for various applications such as automotive OEMs, automotive refinish, transportation, general industrial, and architectural & decorative coatings. The company has a strong customer base and operates in many countries of Europe, North America, APAC, and the Middle East & Africa.
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