WELLESLEY, Mass., Aug. 13, 2018 (GLOBE NEWSWIRE) -- The ability of powder coating to improve product performance and appearance is helping to boost global growth of the industry, according to a report by BCC Research. Powder coating is now offered in an almost unlimited selection of colors, with clearcoats available to provide even more flexibility.
The industry expects to see a compound annual growth rate (CAGR) of 5.4% through 2022, when it is forecast be reach more than $13.6 billion, according to the report Powder Coatings: Materials, Technologies and Applications.
Major players in the market include Akzo Nobel, Belco Industries, Cardinal Paints, DowDuPont, Eastman Chemical, Gema USA, Huntsman Advanced Materials, Jamestown Coating Technologies, MCL Group, Nippon Paint Co., Pioneer Powder, Spraylat, Tiger Drylac and Valspar.
As an update to a previous report, this report provides a more detailed market breakdown by resin type and application technology, as well as a special focus on third-party contract powder coating services.
Research Highlights
- Powder coatings will see a CAGR through 2022 of 5.5% and an estimated value of $10.3 billion. Equipment will see a CAGR through the period of 5.2%, followed by independent coating services, with a CAGR of 5.1%.
- The Asia-Pacific region will lead the market by both growth and size, with a CAGR through 2022 of 6.3% and a value of $6.4 billion.
- By end-user, the automotive industry will see the fastest growth, with a CAGR through 2022 of 7.0% and a value of $4.7 billion. Non-metal will see a CAGR of 6.7%, followed by appliances at 6.0%.
“Powder coatings have become more ubiquitous in recent years and have served as increasingly stronger decorative and functional solutions,” said report author Andrew McWilliams. “The scope of the products finished by powder materials has grown and currently involves many industries. Powder coatings have become highly competitive with liquid coatings.”
Industry Boosted by Favorable Economics
In the last 10 years a number of advancements have helped reduce the cost of powder coating. In particular, powder coating uses less energy that liquid coating—in some cases saving close to 50%. Further, the line process used in powder coating requires minimum operator intervention, and parts can now be racked more closely together on the conveyor, a benefit which allows items to pass through the production line more quickly. With recovery procedures, the powder utilization rate often reaches 98%.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.