PUNE, India, June 1, 2017 /PRNewswire/ --
The report "Low Temperature Coating Market by Coating Type (Powder-Based, and Liquid-Based), Resin Type (Polyester, Epoxy, Polyurethane, Acrylic), End-Use Industry (Automotive, Industrial, Heavy-Duty Equipment, Architectural, Furniture), Region - Global Forecast to 2021", published by MarketsandMarkets™, the global market was valued at USD 3.50 Billion in 2015 and is projected to reach USD 5.13 Billion by 2021, at a CAGR of 6.7% from 2016 to 2021.
Browse 113 market data tables and 45 figures spread through 162 pages and in-depth TOC on "Low Temperature Coating Market"
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The market is driven by the increased demand for low temperature coating from various end-use industries, such as automotive, architectural, furniture, heavy-duty equipment, and industrial. The automotive segment led the global low temperature coating market, in terms of value, in 2015.
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Automotive is estimated to be the largest end-use industry segment of the global low temperature coating market
Among various end-use industries, the automotive industry is estimated to be the largest end-use industry of the global low temperature coating market. Low temperature coating are used on wheels, grills, bumpers, door handles, roof racks, trailer hitches, and exterior & interior trims in the automotive industry. Low temperature coating is preferred to other coatings in automotive electronics due to their short curing time and increased efficiency level.
The powder-based segment is projected to be the fastest-growing coating type in the global low temperature coating market
The powder-based segment is projected to be the fastest-growing coating type segment of the market between 2016 and 2021. Powder-based low temperature coating have zero VOC emissions and produce much thicker coatings than conventional liquid coatings without running or sagging. They also exhibit superior properties over conventional paints, including high resistance to corrosion, high-quality finish, chipping and abrasion resistance, durability, cost-effectiveness, and reduced processing time. Growing demand for consumer goods, including washing machines and refrigerators in the Philippines, India, China, Vietnam, and Thailand is expected to drive the demand for powder-based low temperature coating in these industries.
Rising demand for low temperature coating in Asia-Pacific contributes to the high growth of this market
In 2015, Asia-Pacific accounted for the largest share of the global Low Temperature Coating Market, which is expected to grow at the highest CAGR between 2016 and 2021. Currently, China is the largest market for low temperature coating in the Asia-Pacific, and is expected to continue to lead till 2021. In China and India, the demand for low temperature coating is expected to increase due to the growing heavy-duty equipment industry and rapid economic expansion. Additionally, growing populations in these countries present a huge customer base for manufacturers of low temperature coating. Low temperature coating manufacturers are focusing upon this region as it has the strongest construction industry, accounting for approximately 40% of the global construction spending.
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Key companies profiled in the global low temperature coating market research report include E.I. DuPont de Nemours and Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems (U.S.), Bowers Industrial (U.S.), Tulip Paints (India), Platinum Phase SDN BHD (Malaysia), VITRACOAT America Inc. (U.S.), Forrest Technical Coatings (U.S.), and Specialty Polymer Coatings Inc. (Canada).
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