PUNE, India, March 2, 2017 /PRNewswire/ --
The report "Powder Coatings Market by Resin Type (Thermoset, Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is projected to reach USD 13.49 Billion by 2022, at a CAGR of 6.75% from 2017 to 2022. In this study, 2016 has been considered as the base year for estimating the market size.
Browse 255 market data Tables and 69 Figures spread through 233 Pages and in-depth TOC on "Powder Coatings Market"
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Appliances: The leading end-use industry segment of the powder coatings market
Appliances are an essential part of our everyday life. Cookers, freezers, radiators, washing machines, air conditioning, heating, and others should be as smart in their looks as they are in their functionality. Consumer goods and appliances are significant end users of powder coatings.
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The appliance industry is the largest market for thermosetting powders. The industry benefits from the use of powder coatings in applications that require the combination of appearance and resistance to abrasion, chemicals, and temperature cycling. The appliance industry uses powder coatings on front and side panels of refrigerators, dryer drums, air-conditioner cabinets, washer tops and lids, water heaters, dishwasher racks, freezer cabinets, and cracks of microwave ovens.
Increase in per capita income and consumer spending, changing consumer preferences, and growing need for automation and technology advancement are the key factors driving the powder coatings market.
Thermoset: The fastest-growing resin type segment of the powder coatings market
Thermoset is projected to be the fastest-growing resin type segment of the Powder Coatings Market. Thermoset coating has a different chemical structure from that of other basic resins. After curing, a thermoset coating remains thermally stable, meaning it cannot be melted back into liquid form. The newly formed materials are heat stable and will not soften back to liquid on further exposure to heat. Thermoset powder coating systems offer broad formulation flexibility. They are very durable and widely used in both decorative and functional applications. Due to the rheological characteristics of these resin systems, they can produce thin paint-like surface coatings with properties equivalent and sometimes superior to the coatings produced by the liquid compliance technologies. Most thermoset powders can provide a high level of corrosion, temperature, and impact resistance. To achieve satisfactory coating results, it is also necessary to match the thermoset formulation with the product's intended corrosion resistance, curing cycle, texture, and aesthetic properties. The demand for this resin has been increasing very rapidly since the last two years in the appliances sector.
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The powder coatings industry in the Asia-Pacific region is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth and infrastructure development. This region is a global sourcing hub for the key companies owing to the rapidly increasing demand for powder coatings. Healthy economic growth, changing consumer preferences, improvement in living standards, and increased spending on infrastructure are expected to drive the powder coatings market in this region.
Key market players in the powder coatings market
The key players in this market are AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Somar Corporation (Japan).
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