What’s driving the Powder Coatings Market Size? | Key Players are Valspar, PPG Industries, Asian Paints, BASF, Evonik, AkzoNobel, Sherwin-Williams, Jotun, Axalta, Kansai Paint Private Limited, RPM International Inc., Hentzen Coatings
With the global paints & coatings sector experiencing a relatively modest growth, powder coatings 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 coatings industry size is forecast to cross USD 16.5 billion by 2024.
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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
The global powder coatings industry is quite competitive, with large corporations and a substantial number of SMBs competing to achieve a chunk of the revenue share. Key players partaking in global powder coatings 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 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 coatings market.
The Asia Pacific belt, as per research reports, is one of most lucrative business grounds for powder coatings 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, and accounted for 40% of the overall powder coatings market share.
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Latin America is one of the emerging regions contributing toward the growth of powder coatings 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.
The global powder coatings market share is highly competitive with large presence of multinational companies and regional players. AkzoNobel NV, Axalta coating systems LLC, PPG Industries, Inc., and Jotun Powder Coating are among major the manufacturers present in the business. The manufacturers are constantly focusing in the production capacity expansions and mergers & acquisitions to enhance the overall cash deployment plans. For instance, in February 2017, Axalta Coating Systems acquired Century Industrial Coatings, a manufacturer of high-performance industrial coatings for oil & gas, structural steel, and rail cars. This initiative is aimed at enhancing Axalta’s existing sustainable and durable product portfolio.
Powder coating market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons & revenue in USD Million from 2013 to 2024, for the following segments:
Powder coating market, By Resin
o Others (PVC, Polyolefin, ABS, Polycarbonate)
o Epoxy polyester hybrid
• Fusion bonded epoxy
Powder coating market, By Application
• Agricultural/Construction equipment
• Oil & Gas
• General Metal
o Outdoor furniture & playground equipment
• Automotive & transportation components
• Others (HVAC, Electrical)
Powder coating market, By Substrate
The above information is provided on a regional and country basis for the following:
• North America
• Asia Pacific
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
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:
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