ALBANY, N.Y., Aug. 24, 2021 /PRNewswire/ -- Powder coatings have gathered immense traction in the coatings industry, especially to impart protection to substrate surfaces and enhancing their aesthetics. Thermosetting powder coatings were extensively used in coating appliances, where the objective is to protect them against abrasion, chemical degradation, corrosion, fading, and wearing due to environmental exposure.
Advancements in equipment used for applying coatings notably in electrostatic sprays have enriched an array of products and have opened new opportunities for the powder coatings market players to cater to a wide-cross section demand. New chemistries incorporated in powder coatings include range of polymers to boost the storage criteria and performance of the products, notably in terms of reduced volatile organic compounds (VOC) emissions. The versatility of powder coatings across various types of surfaces has underpinned the sales in end-use businesses in general metals, automotive, and medical industry, find research analysts at TMR.
All these macroeconomic & microeconomic factors and trends in applications are expected to propel the powder coatings market at a CAGR of 6% from 2018 to 2026.
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Key Findings Powder Coatings Market Study
- Advancements in Products Chemistries Meet Performance Requirements in Key Applications: The powder coatings market ecosystem has steadily expanded with the growing array of products based on thermoset and thermoplastics. A number of polymer systems in thermoplastic powder coatings is polyvinyl chloride, polyolefin, polyvinylidene fluoride, and nylon, with polypropylenes finding widespread use. Advancements in chemistries have driven powder coatings market players to develop products with better durability, mechanical performance, and superior weatherability. The weatherability is key to fueling the demand for epoxy-based powder coatings. These characteristics have been utilized extensively in architectural applications. Furthermore, in recent years, the demand has risen on account of recent buoyancy in general metals segment, as research on powder coatings market finds. The rise in the use of powder coatings in automotive sector has also spurred revenue generation in the past few years.
- Compliance to Environmental Norms Drives Coatings Manufacturers to Constantly Innovate: The powder coatings market players have been increasingly leaning on launching products that promise high environmental safety and less emission of by-products. The emission norms pertaining to the coatings industry have been at the forefront of driving product innovation, asserts a market study on powder coatings. Mostly, the products in the powder coatings market have gained preference over wet paints among end-use industries due to minimal emission of VOC and hazardous air pollutants (HAPs), thus making them less hazardous than wet paints or solvent-containing coatings. This has fueled their demand in various applications; a case in point is the furniture industry. Many manufacturers and suppliers have also emphasized on the aspect of compliance with environmental regulations across key markets such as in the U.S., Asia Pacific, and Latin America.
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Powder Coatings Market: Key Drivers
- Growth of end-use industries and focus on improving esthetics and durability of substrate surfaces in products are propelling powder coatings market
- Rise in demand for coating metals in various manufacturing industries has expanded the growth avenues for chemical companies in powder coatings market. Emerging economies have witnessed notable expansion of manufacturing industries.
Powder Coatings Market: Regional Landscape
- Asia Pacific held majority of market share in 2017. Rise in demand in China, Singapore, Malaysia, Vietnam, and Japan to offer sizable opportunities to chemical manufacturers in the powder coatings market.
- North America holds a sizable market share, with the widespread demand underpinned by the need for coatings that meet regulations on emissions from the paint & coating industry
- Latin America to expand at a promising pace during the forecast period of 2018 – 2026, increasingly fueled by the rising demand for coatings in the automotive sector
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Powder Coatings Market: Key Industry Participants
Some of the prominent players in the powder coatings market are Sherwin-Williams Company, DuluxGroup Limited, BASF SE, Kansai Paint Co., Ltd., The Valspar Corporation, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., The Sherwin-Williams Company, and Akzo Nobel N.V.
Powder Coatings Market: Segmentation
Powder Coatings Market, by Type
- Epoxy Polyester Hybrid
- Others ( includes Silicones and Urethanes)
- Polyvinyl Chloride (PVC)
- Polyvinylidene Fluoride (PVDF)
Powder Coatings Market, by Coating Method
- Electrostatic Spray
- Fluidized Bed
Powder Coatings Market, by Application
- General Metals
- Metal Furniture
- Agriculture, Construction, and Earthmoving Equipment (ACE)
- Others( includes Medium Density Fiberboard (MDF), Plastic, and Glass)
Powder Coatings Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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