Pune, India, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Global Powder Coatings Market Overview:
Market Research Future (MRFR) expects the Powder Coatings Market to project a growth rate of 6.38% while garnering a strong valuation of USD 17,544.5 Million between 2019 and 2025 (evaluation period).
Powder Coatings have considerable durability and possess excellent properties including resistance to corrosion, scratching, chemicals and abrasion. Powder Coatings are reusable and therefore, facilitate cost cutting. They also provide optimum compliance with the evolving environmental policies since they do not contain any solvents, which raises the preference for the same over liquid coatings.
Powder Coatings are witnessing significant growth in demand worldwide owing to the surge in sustainable and green construction and the fact that a number of reputed players are indulging in intense competition to gain a higher foothold in the global market. Some of these players are AkzoNobel, BASF, Axalta, PPG Industries, Henkel, Valspar, Sherwin-Williams, who are striving to leverage the opportunities that lie in green powder coatings, which in turn, can also be favorable for the overall industry in the following years.
Future Market Growth Factors:
Rapidly emerging countries across Asia Pacific and Middle East & Africa are witnessing robust growth in the commercial sector, which includes IT, consumer goods, retail and telecom, which has fostered the demand for Powder Coatings. The expanding consumer goods sector in India, Singapore and China is touted to be one of the key growth boosters in the global market.
Another factor contributing to the market growth is the escalating manufacturing of automobiles and the accelerated demand for advanced medical devices in India, Brazil, Mexico and China. A significant opportunity can emerge in the form of the growing furniture sector and the expanding application scope of powder coatings in the same. Powder coatings find extensive use in the furniture sector owing to their advantages including impressive performance, color availability, reduced operational costs as well as custom characteristics like anti-bacterial and anti-corrosion functions.
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Developments Post COVID-19 Outbreak
The COVID-19 Pandemic has had a detrimental impact on the production of the chief raw materials that are used in coatings and paints. The novel coronavirus has weakened the supply chains of several raw materials, given the lockdown across various countries. In a nutshell, sales of powder coatings have gone down significantly in line with the shrinking number of construction activities worldwide.
Market Segmentation:
The Global Market for Powder Coatings can be distributed into Substrate, Resin Type, Coating Method and Application.
With respect to Substrate, the Powder Coatings Market can be split into metal as well as non-metal. Between these two, in the lead is the metal segment and should grow at a rate of close to 6.5% between 2019 and 2025.
In terms of Resin Type, the market segments include thermoplastic and thermoset. The thermoset segment will not only procure a faster growth rate of 6% but would also secure the top position in the coming years. The segment’s dominance in the market is the result of the escalating use of the same by Powder Coatings companies due to their impressive properties that facilitate the development of low-VOC solutions.
Depending on Coating Method, the global market caters to electrostatic spray coating, fluidized bed coating, flame spraying and electrostatic fluidized bed process. In 2018, the leading segment was electrostatic spray coating, which garnered the biggest share of more than 50%, since it is one of the most widely deployed manufacturing processes owing to low cost of maintenance. The segment is also projected to claim a growth rate of over 6.5% during the evaluation period.
Top Applications of Powder Coatings are automotive & transportation, construction equipment, architecture & furniture, consumer goods & appliances, and more. The consumer goods & appliances segment should attain the highest share in the global industry, in view of the expanding housing sector along with the surge in technological developments.
Browse In-depth Market Research Report (449 pages) on Powder Coatings: https://www.marketresearchfuture.com/reports/powder-coatings-market-4535
Key Players Locking Horns:
Most of the renowned manufacturers in the global market spend considerably on rigorous research and development activities to come up with various types of advanced steel that have better features in order to facilitate higher performance and efficiency. These players launch high performing powder coatings that meet with the escalating demand for excellence among the end-use industries. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market. Affluent vendors listed in the MRFR report include
- Asian Paints PPG Pvt. Limited (India)
- BASF SE (Germany)
- DSM (Netherlands)
- Akzo Nobel N.V. (Netherlands)
- Nippon Paint Holdings Co. Ltd (Japan)
- PPG Industries Inc. (US)
- TCI Powder (US)
- Jotun (Norway)
- The Sherwin-Williams Company (US)
- Kansai Paint Co. Ltd (Japan)
- Berger Paints India Limited (India)
- Axalta Coating Systems Ltd (US)
Regional Status:
The Powder Coatings Industry can be geographically segmented into Europe, the Americas, the Middle East & Africa or MEA and Asia Pacific or APAC.
Asia Pacific is the global leader in the powder coatings industry, thanks to the robust growth of the electronics and automotive sectors across a number of countries in the region. This factor offers attractive opportunities to the powder coatings manufacturers in the region, in terms of enhanced demand. The market expansion in the region is greatly dependent on the booming sales of commercial and passenger vehicles. Besides, the frequent technical advances, growing environmental concerns and the mounting need for sustainable and eco-friendly but low-cost products could benefit the Powder Coatings Market in the region. As a result, some top firms in the region, including Axalta, AkzoNobel and Jotun are focusing on exhaustive R&D to meet with the soaring demand for high quality powder coatings.
Europe’s substantial share in the global market can be credited to the escalating automobile manufacturing in Germany, Austria, Hungary and the UK. The dense concentration of reputed automakers like Mercedes-Benz, Volkswagen and Chevrolet is also likely to add to the market value. The governments in the region encourage manufacturers to take up powder coatings processes to facilitate a lightweight body, which helps boost fuel efficiency and also cuts down emissions.
North America will also be another strong contender in the global market and soar at a decent growth rate owing to the rapid technical advancements and the healthy expansion rate of the automobile industry.
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Latest Developments:
In January 2021, PPG is planning to acquire Wörwag, a world-renowned developer of powder coatings for automotive and industrial applications. Wörwag’s rich expertise in powder coatings is expected to complement PPG’s robust business and could help PPG boost its product offerings. Wörwag’s inclusion in PPG will also help foster the customer base across key regions worldwide.
In September 2020, AkzoNobel acquired Stahl Performance Powder Coatings, with the deal offering the company a number of lucrative market opportunities. Stahl Performance Powder Coating’s low curing technology has been acquired by AkzoNobel, which uses both thermally and UV curing powders and will allow the company to enter the ultra-low cure field, opening new avenues based on powder application to temperature-sensitive materials like plywood, MDF, composites and thermoplastics.
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