Powder Coatings Market Trends - What will be the Short-term Impact of COVID-19? | Key Analysis by AkzoNobel, PPG Industries, BASF, Jotun, Asian Paints PPG Pvt. Ltd., Kansai Nerolac Paints Ltd, etc

The global powder coatings market size is predicted to reach USD 15 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period.

Rising Adoption of Eco-Friendly Products to Augur Powder Coating Market Growth

Volatile organic compounds (VOCs) pose a huge risk, as they are the leading cause of air pollution at the ground level. In addition to this, the reaction of nitrogen oxide with VOCs that forms smog results in several irritations of eye, nose, and throat. Furthermore, it leads to complications such as cancer, memory impairment, and visual disorders. Increasing awareness regarding pollution control is paving way for increasing adoption of eco-friendly powder coatings. The manufacturers are developing large-scale products that limit pollution levels, which will drive the growth of the market during the forecast period. Moreover, strict government regulations to limit the use of VOCs in the atmosphere will contribute to the growth of the market in the forthcoming years.

The global powder coatings market size that was USD 8.98 billion in 2018 is projected to exhibit a CAGR of 6.8% owing to rising automotive and electronics industry between 2019 and 2026. Fortune Business Insights, in its published report, titled "Powder Coating Market Size, Share & Industry Analysis, By Resin (Thermoset {Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, and Others}, and Thermoplastic {Polyvinyl chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF)}), By Coating Method (Electrostatic Spray, Fluidized Bed, and Others), By Application, and Regional Forecast, 2019-2026.", states that the market share is estimated to reach USD 15 Billion by 2026.

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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Powder coating is a type of dry process that involves fine ground particles and resin that have been electrostatically charged and are further sprayed on electrically grounded surfaces. These particles are melted and fused together that forms a desired painted finish during the curing process. Furthermore, the powder coatings are classified into two main types; the thermosets and thermoplastics. Among these, thermosets are used extensively considering their ability to melt and flow even in low curing temperatures. Powder coatings that are used largely in automotive and electronics industry are resistant to corrosion, weather, and different chemicals and maintain their shine for about 15 to 20 years.

What does the Report Offer?

The market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.

Regional Analysis:

Rising Automotive Sector to Propel Tremendous Growth in Asia-Pacific

Among the regions, Asia-Pacific is expected to witness massive growth for the market during the forecast period. For instance, according to our report, the powder coatings market share in Asia-Pacific was a staggering USD 4.21 billion back in 2018. Furthermore, factors such as rising disposable income, improved living standards in countries such as China, Malaysia, japan, and Vietnam is anticipated to boost demand for the market in Asia-Pacific during the projected horizon. Moreover, rising automotive and electronic sector in countries such as India, China, Taiwan, South Korea, and Thailand in Asia-Pacific will fuel exponential growth for the market in the forthcoming years. On the other hand, North America will witness massive growth during the forecast period. This is ascribable to factors such as increasing awareness for environmental concerns and far-spread awareness regarding harmful effects of solvent-based coatings. The market in Europe will register significant growth backed by rising automotive sector between 2019 and 2026.

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Competitive Landscape:

AkzoNobel N.V. launching New Product Line to Boost Huge Demand

In October 2019, AkzoNobel N.V., a leading manufacturer of powder coatings, announced its launch of new powder coatings, Interpon Redox ranges. The new powder coating protect the surface from massive corrosion and can be used as in several types of industrial products such as cable cars, chemical plants, wind turbines, and window frames. Adoption of strategies such as merger and acquisition, product launches, and partnerships by the companies to maintain market presence is anticipated to drive the growth of the market tremendously during the forecast period.

List of the Companies Operating in the Market:

o AkzoNobel N.V.
o PPG Industries, Inc.
o BASF SE
o Jotun
o The Sherwin-Williams Company
o Asian Paints Ltd.
o Kansai Nerolac Paints Limited
o TCI Powder
o Berger Paints India Limited
o Axalta Coating Systems, LLC.
o Among others

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