What's Driving The Powder Coatings Market Size? | Key Players are BASF, Evonik, AkzoNobel, Valspar, PPG Industries, Asian Paints, Sherwin-Williams, Jotun, Axalta, Kansai Paint Private Limited, RPM International Inc., Hentzen Coatings

Asia Pacific accounted for over 40% of the overall powder coatings market share in 2017. Key factors such as stable economy, rising consumer expenditure level, and rapid infrastructural development in developing countries including India, China, and Indonesia will influence the industry share. Favorable government policies & regulations promoting efficient usage of eco-friendly coatings will support product penetration across the region. In addition, availability of low-cost raw materials will further drive the business share across Asia Pacific.

Latin America powder coatings market will observe CAGR over 7% in terms of revenue over projected time period. The automotive and transportation domain is experiencing several transformative shifts that are majorly driven by the economic and technological disruptions thereby influencing the business size. Besides, strong business outlook owing to rapid digital transformation, incorporation of industry 4.0 model, and numerous disruptive mobility services will further elevate overall market share across the region.

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Speaking along similar lines, technological progression has resulted in excellent performance upgradation of numerous products being launched by leading powder coating manufacturers. AkzoNobel, for instance, has recently introduced a highly durable and sustainable range of coatings Collection Futura 2018-2021 under its Interpon powder coatings brand. Updated every four years, the new product range is created on globally-identified shifts for 2018-2021: Glam City, Time Out, Treasured Light and Wild Nature, essentially representing the environmentally viable products being developed by the foremost powder coatings market players with the integration of technologically superior components.

Powder Coatings Market Growth drivers
1. Increasing construction spending
2. Increasing demand in the automotive, aerospace and marine industry
3. Focus on VOC emissions reduction
4. Strong outlook in the furniture industry
5. Lower application cost as compared to liquid coatings

In the face of digital revolution, the global powder coatings market is unsurprisingly making an effort to keep up with the drastic changes being brought in by Industry 4.0 on a number of fronts. This includes incorporating better material handling techniques, automation controls linking machines together, allowing for better management of powder coating while spraying, and the launch of new products equipped with precision technologies.

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.

An exceptional instance of technological advancement pushing the limits of product development is of the new Encore manual powder coating spray gun range introduced by Nordson Industrial Coating Systems. Named Encore nLighten LED Kit, the new product illuminates the surface being coated, for easy inspection and precise powder application. An all-in-one inspection and application tool, the new spray leaves no margin for error and reduces the need for post-coating quality checks.

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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.

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

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:

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

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