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At 6% CAGR, Powder Coatings Market to reach $16.5bn |Key Players are Sherwin-Williams, Jotun, Axalta, Kansai Paint Private Limited, Valspar, PPG Industries, Asian Paints, BASF, Evonik, AkzoNobel, RPM International Inc., Hentzen Coatings
Powder Coatings Market
Housing subsidies along with socioeconomic development programs by the regional government will positively impact the architectural applications in the developing countries. Other factors such as increased consumer spending on home appliances and improving housing interiors will drive the industry growth in various end-use segments.
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Thermoset resin is expected to witness over 6.5% growth up to 2024. Polyester and epoxy polyester hybrid are the key contributing resin types in thermoset. Superior mechanical properties, UV resistance, and exceptional durability are among the major benefits makes the product highly popular in various applications.
In automotive & transportation applications, wheels accounted for approximately 8% of the revenue share in 2017. The increasing preference for powder coatings among manufacturers due to their substantial cost reductions, corrosion resistance, and aesthetic appearance will trigger the market growth. Automotive industry expansion has resulted in the high penetration of its components, such as door handles, radiator grills, wheel rims, and bumpers, will eventually drive growth in this segment.
Non-metallic substrates were valued over USD 500 million in 2017 and is expected to witness highest gains in revenue terms up to 2024. Introduction of medium-density-fiberboard (MDFD), that has intensified the varnishing of wood-based furniture will drive the product penetration. This demand will be supported by functional advancements such as gloss retention, durability, scratch and chalking resistance. The introduction of products with low-temperature curing capabilities is providing new growth avenues for its applications in the furniture industry.
Powder coating market, By Application
• Architectural
• Jobbers
• Agricultural/Construction equipment
• Oil & Gas
• Appliances
• General Metal
o Outdoor furniture & playground equipment
o Others
• Automotive & transportation components
o Wheels
o Others
• Others (HVAC, Electrical)
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Asia Pacific powder coatings market dominated the industry and accounted for more than 40% demand in 2017. The large presence of industrial units in China, India, and Japan will positively influence the market growth. Imposition of government regulations with respect to VOC emission will boost the market share. For instance, in January 2015, the China Ministry of Finance imposed 4% additional consumption tax on coating manufacturers over the sale of any product whose spray VOC level surpasses 420g/L.
The powder coatings market share is competitive in nature and majorly occupied by Axalta, AkzoNobel NV, PPG Industries Inc., and Jotun. The key strategies implemented by industry participants include geographical expansions, new product launches, mergers & acquisitions, and R&D investments. For instance, in February 2017, Axalta acquired Century Industrial Coatings, a high-performance powder coatings manufacturer for structural steel, oil & gas, and rail cars. This enables the company to explore untapped market potential in diversified business segment. Industry players resort to effective and long terms supply chain agreements with dealers and distributors to ensure efficient flow and reach of their products.
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 615 pages with 562 market data tables & 16 charts & figures 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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