Global Hard Coatings Market 2018 Industry Size, Share, Trends, Growth Insights, Top Manufacturers and Demand Forecast To 2023

Powder Coatings: Rising demand from automobile as well as consumer goods will boost the growth of the global market

Powder Coatings Market :-

Powder coatings belongs to a class of coatings, they can be formulated to offer improved properties when compared with conventional liquid coatings. Powder coatings contain no solvents and emit negligible amount of volatile organic compounds (VOC) into the atmosphere. They can produce much thicker coatings than conventional liquid based coatings without sagging. Moreover, their curing time is significantly faster as compared to liquid coatings and can be applied to a wide range of substrates. With these reasons they find wide application scope in consumer goods, automotive & transportation, architectural & furniture, appliances, and others.

Some of the prominent factors that positively influence the growth of powder coatings market are rapid industrialization, increasing demand for household appliances, and continuous growth of automobile sector. Rapid urbanization coupled with increasing per capita disposable income in emerging economies are predicted to drive the growth of the market during the assessment period. Moreover, rising demand for wood furniture and increasing investment in construction activities is likely to fuel the market growth over the forecast period, 2017 to 2023.

Global Competitive Analysis:-

PPG Industries, Inc (U.S.), The Valspar Corporation (U.S.), Akzo Nobel N.V. (the Netherlands), Asian Paints Limited (India), KANSAI PAINT CO.,LTD (India), Royal DSM (the Netherlands), Arkema (France), Evonik Industries (Germany), TCI Powder (U.S.), The Sherwin-Williams Company (U.S.), and others

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Global Regional Analysis:-

Asia Pacific is estimated to be the largest powder coatings market followed by Europe and North America due to strong growth in automotive & transportation and architectural & furniture industry. In Asia Pacific, countries such as China, India and Japan are the fastest growing market for powder coatings, and is predicted to grow with the same pace over the assessment period. Improving living standards coupled with the flourishing growth of construction sector is predicted to contribute to the regional market growth. In Europe, Germany and UK are predicted to register a strong growth on account of tremendous demand for powder coatings in the automobile sector. In North America, the U.S and Canada are among the major contributors in the regional market growth due to expansion of appliances as well as consumer goods sector. The Middle Eastern and African countries such as Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are expected to witness substantial growth due to increasing foreign investments and shifting of manufacturing base for various end use industries to these region.

Market Segmentation:-

The global powder coatings market is segmented into resin types, application, substrates, and regions. On the basis of resin type, the market is segmented into thermoplastic and thermoset. Thermoplastic segment is further classified into nylon, polyolefin, polyvinyl fluoride (PVF), and polyvinyl chloride (PVC). Thermoset segment is sub divided into polyester, epoxy, acrylic, polyurethane, epoxy polyester hybrid, and others. Among the resin type, the thermoset segment is expected to hold the largest market share over the assessment period owing to their high temperature durability as compared to thermoplastic.

Moreover, polyester accounted for the largest market share in the sub segment of thermoset resin and is predicted to grow with the healthy CAGR during the assessment period. This growth can be attributed to a wide utilization of polyester based powder coatings due to their exterior durability and UV resistance. On the basis of application, the market is segmented into automotive & transportation, architectural & furniture, appliances, consumer goods, and others.

Among these, architectural & furniture accounted for around 28% of the global consumption in 2015 and is predicted to witness a significant growth due to increasing construction activities across the globe. Automotive & transportation is expected to witness a healthy growth due to cost reduction and other benefits offered by these products. On the basis of substrate, the market is segmented into metal and non-metal. Metal segment hold a major share of the total powder coating market in 2015 due to wide utilization of metal body in various end use industries. Non-metallic product includes wood plastic, glass, and composites

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This release was published on openPR.