|11-12-2018 02:22 PM CET - Business, Economy, Finances, Banking & Insurance||
Powder Coatings Market Key Players : AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherw
Press release from: Polaris Market Research & Consulting
The report "Powder Coatings Market [By Resin Types (Thermoplastic, Thermoset); By Coating Methods (Fluidized Bed Coating, Electrostatic Fluidized Bed Process, Electrostatic Spray Coating, Flame Spraying); By End-Use Industry – (Architecture, Furniture, Automotive, Heavy Industry, Appliances, Others); By Regions]: Market size & Forecast, 2018 – 2026 ", The powder coatings market is projected to reach USD 16.85 Billion by 2026, at a CAGR of 6.2% from 2017 to 2026.
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Shifting trend towards usage of powder coatings in place of PVDF liquid due to higher utilization rates, easy application and lower impact on environment is expected to boost the global powder coatings market over the forecast period. Due to the heavy impact of volatile organic compounds (VOCs) on the environment, various regulatory bodies and governments have implemented strict regulations on the usage of solvent based conventional coatings, which in turn having an effect on the rising demand of powder coatings.
Key market players in the powder coatings market
The key players in this market are AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Somar Corporation (Japan).
Various advantages of using powder coatings including better finishing capabilities and lower thickness of films is also boosting the demand for powder coating across the globe. The thickness of films has a significant effect on the production costs, hence the thinner films cause decreased manufacturing costs for specific application areas including automotive parts, coils, and cans among others. For example, PPG industries has launched a product named Envirocron, which increases the transfer efficiency for applications such as aluminum extrusion and metal furniture among others.
Asia-Pacific is expected to hold the largest share in global powder coatings market followed by Europe. North America is estimated to stay in the third position throughout the forecast period after Asia-Pacific and Europe both in terms of volume and revenue.
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Growing demand for furniture, growing urbanization and subsequently expanding retail industry is anticipated to be the major driving factors boosting the Asia-Pacific powder coatings market. As per Polaris Market Research, the Asia-Pacific furniture market is expected to grow at a CAGR of 5.9% from 2018 to 2026, which is estimated to boost the demand for powder coatings in the region.
The major drivers boosting the global powder coatings market are low negative impact on environment, low film thickness and booming automotive industry among others. Higher maintenance cost is acting as one of the major restraints for the growth of the market. The usage of aluminum extrusions is highly common in North America, specifically in the architecture segment.
According to a study conducted by Polaris Market Research, the global architectural coatings market was pegged at USD 47.34 billion in 2015, majority of which includes powder coatings. According to The Asian Development Bank (ADB), 55% of Asian population will be in cities by 2030 and the urban population in Asia has grown by 44 from 2015 to 2017, which is boosting the demand for furniture, cars as well as architecture, which in turn is driving the powder coatings market.
Sherwin-Williams had top the company market share in North America during 2016, followed by PPG Industries. This two companies combined had a share of almost 60% in North America during 2016. While, PPG industries captured over 60% company market share in case of Asia-Pacific during 2016, followed by Nippon.
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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