Dublin, April 26, 2021 (GLOBE NEWSWIRE) -- The "Powder Coatings Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global powder coatings market by revenue is expected to grow at a CAGR of approx. 6% during 2020-2026.
The global powder coating market size was valued at USD 9.7 billion in 2020 and is expected to reach USD 14 billion by 2026, exhibiting a compound annual growth rate (CAGR) of 6% during 2021-2026. The market is expected to grow 1.4 times during the forecast period.
APAC is the largest contributor to the market. China holds the largest share in the market as there are over 500 producers with small-scale operations supplying powder coatings to the local market. The APAC market will witness the highest growth due to the increasing construction and infrastructure activities during the forecast period.
China's demand is likely to be driven by architectural developments, increasing consumer goods application, and rising automotive demand. Increased investments in construction, marine, and oil and gas industries are also influencing market growth. The demand for powder coatings is also driven by the development of high-quality infrastructure and heavy investments in the automotive industry.
Moreover, the demand for coatings with low VOC content has increased with the introduction of strict regulations in North America, Europe, and China. The need for low emission coatings has driven the demand for environment-friendly material over the last few years.
INSIGHTS BY VENDORS
Due to the highly competitive and volatile environment in the powder coatings market, future market growth mainly depends on the vendor's ability to anticipate, gauge, and adapt to the constantly changing market trends. Manufacturers must develop environment-friendly coatings with low or no VOC content and successfully introduce new or improved products on time.
AkzoNobel, PPG Industries Inc., Sherwin Williams, RPM International Inc., Axalta Coatings Systems, and DSM are the major vendors capturing the major powder coatings market share.
The introduction of innovative and proprietary products that cater to customer demands requires companies to devote significant effort and resources. The research and development team needs to continuously analyze market trends to design, develop, and manufacture new product categories and new products with distinctive features and added advantages.
GLOBAL POWDER COATINGS MARKET SEGMENTATION
Epoxy, polyester, and acrylic are the three generic types of resins derived from thermoset powder coating. The demand for epoxy-based powder coatings is likely to increase during the forecast period. Strict governmental regulations, increased pressure to reduce volatile organic compounds (VOC), and the introduction of zero VOC powder coating systems that provide adequate protection against corrosion at low temperatures have increased the demand for epoxy resins. The demand for eco-friendly materials from the construction industry has accelerated the growth of the coatings market in North America.
The appliances industry is the largest contributor to the global powder coatings market. Powder coatings are widely applied on appliances as they provide two-fold benefits - aesthetics and resistance to corrosion. They are used in kitchen appliances as they are economical and easy to coat, and they deliver excellent durability and resistance to chemicals and detergents. The automotive industry is another vital end-user of powder coatings.
They are applied on wheels, which offer UV durability and scratch resistant. Polyesters, acrylics, super durables, and urethanes are widely powder chemistries applied in the automotive industry. They increase scratch and abrasion resistance, durability, and aesthetics. The general industrial segment is another important end-user. The coating is applied on metal frames, electrical transformers, shelving, propane tanks, water towers, renewable energy, machinery, and leisure equipment to increase abrasion resistance, durability, and aesthetics.
INSIGHTS BY GEOGRAPHY
The increasing demand for coating powders from China is the major driver for the APAC powder coatings market's growth. Stringent environmental regulations are driving the demand in the region. China has enforced strict environmental regulations for paint and coating manufacturing. Beijing and Shanghai have strict environmental standards. Another factor driving the demand for powder coatings is the Chinese government is aggressively promoting electric vehicles (EV).
The government is targeted to increase the sale of EVs to 50% by 2035, which currently stands at 5%. As the EV industry grows in China, the demand for powder coatings for finishing is expected to grow. This is likely to increase the demand for plastic substrate coatings in the automotive market. China is expected to be the largest contributor to the global market during the forecast period. The growth of powder coatings is tied to the rise in infrastructure investments in the country. China is expected to contribute 40% to global infrastructure investments by 2040.
PPG Industries Inc.
RPM International Inc.
Axalta Coatings Systems
Other Prominent Vendors
Allnex Italy SRL
Asian Paints Limited
Eastman Chemical Company
Nippon Paint Holdings Limited
Wacker Chemie AG
CWS Powder Coatings
Erie Powder Coatings Inc.
Hentez Coatings Inc.
Karl Worwag Lack-und Farbenfabrik GmbH & Co.KG
Modern Sak Factory
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7.1 Global Powder Coatings Market
7.2 APAC - The Largest Contributing Region
7.3 Key Insights for The Powder Coatings Market
8 Powder Coating Application Methods
8.1 Preparation Stage
8.2 Application Stage
8.3 Impact Of COVID-19
8.4 Voice Of Industry Experts On Powder Coatings
9 Market Opportunities & Trends
9.1 Increase in Demand From The Automotive And Transportation Industry
9.2 Expanding Use of Fluoropolymers In Architectural Applications
9.3 Increasing Use of Low-Temperature Powder Cure Technology
9.4 Sustainable Powder Coatings With Recycled Plastics
9.5 Introduction of Innovative Powder Coatings
10 Market Growth Enablers
10.1 Powder Coatings Generating Low Or No VOC
10.2 Evolving Use In The Aerospace Market
10.3 Increasing Environmental Regulations
11 Market Restraints
11.1 High Cost of Raw Materials
11.2 Difficulty in Obtaining Thin Films In Powder Coatings
12 Supply Chain Analysis
13 Growth Opportunity Analysis
13.1 By Resin
14 Market Landscape
14.1 Market Size & Forecast
14.2 Five Forces Analysis
15 Resin Type
15.1 Market Snapshot & Growth Engine (Revenue)
15.2 Market Overview
16 Thermoset Resin
16.1 Market Overview
16.3 Epoxy Polyester Hybrids
17 Thermoplastic Resins
17.1 Market Overview
18 End-User Industries
18.1 Market Snapshot & Growth Engine
18.2 Market Overview
18.3 Appliances Or Consumer Goods
18.5 General Industrial
For more information about this report visit https://www.researchandmarkets.com/r/ux993b
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