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Powder Coatings Market Analysis By Manufacturers, Demand and Industry Growth 2019 – 2024 | Key Players are Valspar, PPG Industries, Asian Paints, BASF, Evonik, AkzoNobel, Sherwin-Williams, Jotun, Axalta, Kansai Paint Private Limited, RPM International I
Powder Coating Market
Valued for its low ecological impact, powder coatings are widely used in a variety of applications including, architectural, appliances, automobiles, and furniture. Stringent government regulations to control and limit the volatile organic compound emissions will drive the powder coatings demand. For instance, in 2017, the Government of China revised the national standards toward lowering VOC emission levels for the automotive industry.
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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)
By substrate
• Metal
• Non-Metal
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 powder coatings market growth in various end-use segments.
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 powder coatings 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.
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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.
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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