Chicago, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The Global Low Temperature Powder Coatings Market is projected to reach USD 116 million by 2027 from USD 97 million in 2021 growing at a CAGR of 3.0%, as per the recent study by MarketsandMarkets™. Increasing furniture business and infrastructure projects, improving quality of industrial manufacturing in developing countries. Increasing adoption for low temperature powder coating across end-use sectors is driving the low temperature powder coatings market.
The consumption trend of low temperature powder coatings depends on growth across various end-use industries, such as furniture business, appliances, automotive, and elecronics. The demand for low temperature powder coatings is mainly increasing due to its rising applications in the furniture business (MDF), Appliances, Automotive, Medical, Retail, and Electronics.
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List of Key Players in Low Temperature Powder Coatings Market:
- PPG Industries Inc. (US)
- Sherwin-Williams Company (US)
- Others
Drivers, Restraints, and Opportunities in Low Temperature Powder Coatings Market:
- Driver: Increase in energy savings due to reduction in cure temperature
- Restraint: High-priced product in price competitive market
- Opportunity: Increasing demand for composites in automotive and aerospace industries
- Challenge: High humidity and complex shape of substrates affect performance of coatings
Key Findings of the Study:
- Based on resin type, hybrid segment is projected to be the largest resin type during the forecast period.
- Based on end-use, furniture segment is estimated to account for the largest share of the market during the forecast period.
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Manufacturers are investing in R&D activities to broaden their product portfolio to cater to the consumer market. The growing demand for low temperature powder coatings is also encouraging global players to increase their business share and revenue.
Low temperature powder coatings are majorly used in furniture, appliance, automotive, electronics, and Medical. The low temperature powder coatings also help in energy saving due to reduction in cure temperature.
Various factors, including environmental regulations & policies against the use of VOCs, increasing public awareness regarding the harmful effects of other coatings, and rising demand for various end-use industries are factors offering growth opportunities for the market.
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New product launches/developments, mergers & acquisitions, investments & expansions, partnerships & agreements, and joint ventures & collaborations were the strategies adopted by these players to achieve growth in the low temperature powder coatings market.
PPG Industries is a global manufacturer and supplier of paints, coatings, optical products, and specialty materials. It serves customers in the industrial, consumer products, transportation, and construction markets. PPG provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food & beverage container manufacturers. The company also delivers protective coating solutions for a wide range of industries. It. operates through two major segments: Performance Coatings and Industrial Coatings. The company offers low temperature powder coatings through the Industrial Coatings segment. It has 156 manufacturing facilities worldwide.
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