Worldwide Powder Coating Market Trends - Industry Size Report 2018-2024 | Top Key Players are Valspar, PPG Industries, Asian Paints, BASF, Evonik, AkzoNobel, Sherwin-Williams, Jotun, Axalta, Kansai Paint Private Limited, RPM International Inc., Hentzen Co

With the global paints & coatings sector experiencing a relatively modest growth, Powder Coating Market is expected to depict substantial gains over the coming years, subject to the fact that powder coatings form an essential part of the paints & coatings business sphere, alongside water and solvent based formulations. The demand for powder coatings can be attributed to the requirement for products depicting improved functionalities pertaining to scratch resistance, durability, gloss retention, and chalk resistance. These coatings also protect metal when exposed to heat, and when cured at low temperatures, they can be used in heat sensitive substrate applications, such as plastics and wood. Subject to the numerous product benefits, powder coating industry size is forecast to cross USD 17 billion, at a CAGR estimation of 6% over 2016-2024.

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As per estimates, the top four companies operating in global powder coating market held lesser than 40% of the overall revenue share in 2015. However, this industry is quite fragmented, with large corporations and a substantial number of SMBs competing to achieve a chunk of the revenue share. Key players partaking in global powder coating market share include DuPont, PPG, AkzoNobel, Nippon Paints, Sherwin Williams, BASF, Jotun, and Axalta. Most of these biggies resort to techniques that will improve their product offerings in terms of quality and quantity. It is probable for these companies to dish out products equipped with antimicrobial property, improved light reflectivity, and self-cleaning ability in the ensuing years. A recent instance in this regard is the launch of ENVIROCRON HTE powder coating by PPG Industries. This product was incorporated with a cross-link polymer technology that provides fast built rates and enhances the transfer efficiency rates for applications that are seemingly difficult to coat. Such initiatives by leading players are likely to positively influence powder coating market.

An insight into the growth of North America powder coating industry

With U.S. at its helm, North America powder coating market is slated to grow significantly over the years ahead, having held more than 18% of the overall revenue share in 2015. The United States is primarily driven by industrial and machinery applications. Supporting this theory is the estimate that claims machinery manufacturing to hold more than 7% of the overall regional shipments in 2015. The U.S. is one of the key producers of heavy machinery such as boilers, furnaces, heaters, and HVAC, which demand the usage of coatings on a large scale, thereby impelling the regional powder coating industry.

The United States has also established a strong foothold in the architectural & furniture sector. In fact, as per estimates, architectural & furniture contributed to more than 96.3 kilo tons of U.S. powder coating market in 2015 is forecast to grow at a rate of 4.5% over 2016-2024.

Resins form an important constituent of powder coatings, and are used to impart an aesthetic and decorative finish to the product. On these grounds, it has been forecast that powder coating market from thermoset resins will observe a CAGR of 4.5% by 2024. These products provide excellent corrosion resistance, shock resistance, and elongated shelf life, which will enhance the product’s demand across automobile parts, household appliances, and industrial equipment. Inadvertently, the usage of these products is bound to increase across the industrial and household appliances sectors in the U.S.

As per estimates, household appliances and consumer goods accounted for more than 20% of the overall powder coating industry in 2015 and are slated to increase through 2016-2024. This growth can be attributed to the changing consumer preferences toward durable products and the surging demand for high quality refrigerators, freezer cabinets, AC cabinets, microwave cavities, and vacuum cleaners across the United States. The massive growth of household refrigerators & freezers market is also expected to drive the overall powder coating industry.

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An insight into the growth of Asia Pacific powder coating market

The Asia Pacific belt, as per research reports, is one of most lucrative business grounds for powder coating industry. This can be attributed to the rising automotive, construction, and transportation sectors across the region. Estimates state that this region is currently dominated by India and china, both of which cumulatively hold more than 45% of the overall powder coating market.

Polyesters, one of the key resins used for powder coatings, are expected to observe a CAGR of 3.9% over 2017-2024. This is essentially due to the fact that these resins are used heavily in the manufacturing of spare auto parts and outdoor furniture subject to their sustainability in sunlight. Since their key end-use arenas encompass the automotive and furniture sectors, they find extensive applications across the geographies of China and India, both of which have established relatively strong footprints in global automotive and construction industries. As per statistics, China powder coating industry from polyesters is anticipated to record a growth rate of more than 8% over 2016-2024 and will surpass a volume of more than 215 kilo tons by 2024, owing to the product usage in constructing auto parts, steel grills, and gates.

It is prudent to mention that China powder coating market will be mainly driven by government norms. For instance, in 2015, the China Ministry of Finance mandated a consumption tax of 4% on coating manufacturers on the sale of products, the ‘ready-to-spray’ VOC levels of which cross 420g/L. In addition, new automotive OEMs have been instructed to use low VOC coatings only. These regulations are likely to provide a positive impetus to China powder coating industry. As per estimates, China and India will cumulatively hold more than 20% of the global powder coating market consumption by 2024.

Powder coatings are heavily applied over metal as well as non-metal substrates. Metal substrates dominated the overall powder coatings industry by accounting for more than 90% of the revenue share in 2015. Subject to their extensive applications in the manufacturing sector, this segment will grow at a rate of more than 5% over 2016-2024. This will indirectly spur APAC powder coating market, on account of the thriving manufacturing sector in the region.

Read More @ https://www.european-coatings.com/Markets-companies/Coatings-market/The-global-powder-coatings-market-Increasing-demand

The architectural & furniture sector held more than 30% of the overall powder coating industry in 2015 and is slated to witness a CAGR of 4.5% over 2016-2024. This growth can be attributed to the product’s rising applications in metal furniture owing to its gloss imparting and scratch resistance properties. APAC is forecast to witness a slew of foreign investments over the coming years, which will eventually lead to the growth of this sector. The rapid efforts by manufacturers to develop products with reduced heat requirements will further impel the demand for coated wood and metal furniture, thus segmenting APAC powder coating market.

Southeast countries across APAC such as Malaysia and Thailand are slated to witness a commendable growth in powder coating industry over the forthcoming years, with manufacturers shifting their production bases to these countries. As per estimates, Thailand held a position among the top 10 automakers in the year 2015, with an automobile production of approximately 1.9 million units. In addition, the nation has more than 1700 Tier 2 and Tier 3 auto parts suppliers and over 705 Tier 1 auto parts suppliers. Another mind-boggling statistic is that 50 among the top 100 auto component manufacturers in the world operate in Thailand. It goes without saying that Thailand is indeed the next profitable growth ground for powder coating market and will observe an appreciable CAGR over 2016-2024. Besides, as per Global Market Insights, Inc., powder coating industry from automotive & transportation applications is forecast to witness the maximum gains of 6% over 2016-2024, due to the rising preferences of automakers toward powder coatings. This is another crucial driver of APAC powder coating market.

An insight into the growth of Latin America powder coating industry

Latin America is one of the emerging regions contributing toward the growth of powder coating industry consumption. The region offers excellent opportunities in the logistics sector, which is of immense help while shipping products to target destinations such as Canada and the United States. Both these countries incur lower overhead costs when compared with other locations, owing to which the number of furniture exports from Mexico and Brazil have been rising significantly. Mexico especially, is a key producer of furniture, the sector which deploys powder coatings on a large scale. The shifting preferences of manufacturers toward this region pertaining to its close proximity to U.S. and the growing automotive and furniture sectors will drive LATAM powder coating market size.

Brazil and Mexico together held more than 60% of the powder coating share in 2015 and will contribute lucratively toward the growth of this region. With a widespread application scope, LATAM powder coating industry is anticipated to cross 250 kilo tons in terms of volume and USD 1.1 billion by 2024, growing at a rate of more than 8% over 2017-2024.

MEA powder coating market is expected to be driven by major economies across the African continent. Of late, it has been observed that manufacturers are increasingly shifting their production base to African countries and moderate economy Asian nations. This has stemmed from the sudden rise in labor costs in China and the current low labor cost trends thriving in most of the African countries and a handful of the Asian countries. Subject to this factor, it has been estimated that China is likely to lose its market share significantly over the course of the next few years.

Manufacturers have also been striving to develop novel products integrated with special characteristics, such as ultra-reflective coatings. This will subsequently increase the output of commercial light fixtures, augmenting their demand across myriad end-use sectors, thereby propelling global powder coating market over the coming seven years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. AkzoNobel
2. Evonik
3. BASF
4. Asian Paints
5. PPG Industries
6. Valspar
7. Sherwin-Williams
8. Dulux Powder & Industrial Coatings New Zealand
9. Jotun
10. Kansai Paint Private Limited
11. SOMAR CORPORATION INDIA PRIVATE LIMITED
12. Axalta
13. Marpol Pvt Ltd
14. Protech-Oxyplast
15. Nippon Paint (Pakistan) (Pvt) Ltd
16. RPM International Inc.
17. Cloverdale Paint Inc.
18. Diamond Vogel
19. Hentzen Coatings

Browse key industry insights spread across 200 pages with 229 market data tables & 12 figures & charts from the report, “Powder Coatings Market” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/powder-coating-market

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