Portland, OR, Oct. 15, 2019 (GLOBE NEWSWIRE) -- The U.S. & Europe powder coatings market was pegged at $2.96 billion in 2018 and is projected to reach $4.29 million by 2026, registering a CAGR of 4.7% from 2019 to 2026. The report offers a detailed analysis of the key segments including top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
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The rise in automotive production in Europe and stringent regulation against VOC emissions and favorable government initiatives are the two major factors that drive the growth of the U.S. & Europe powder coatings market. However, a surge in raw material cost and the presence of contaminants in wastewater discharge hamper market growth. On the contrary, the emergence of new application methods is expected to create lucrative opportunities in the near future.
The U.S. & Europe powder coatings market is divided on the basis of type, a coating method, application, and region. Based on type, the market is divided into thermoset and thermoplastic. The thermoset segment held the largest share in 2018, contributing to 91% of the total market. Moreover, the segment is projected to register the fastest CAGR of 4.8% during the forecast period.
Based on the coating method, the market is bifurcated into an electrostatic spray and fluidized bed. The electrostatic spray segment dominated the market in 2018, accounting for 96% of the market. However, the fluidized bed segment is projected to register the fastest CAGR of 5.5% through 2026.
Based on the application, the market is divided into appliances, automotive, architectural, furniture, agriculture construction, and earthmoving equipment (ACE), general industrial and others. The automotive segment held the largest share in 2018, contributing to nearly one-fifth of the market. Furthermore, the segment is projected to manifest the fastest CAGR of 5.3% during the forecast period.
The U.S. & Europe powder coatings market is analyzed across regions including the U.S. and Europe. The market across the Europe region held the largest share in 2018, contributing to more than half of the market. However, the U.S. region is projected to register the fastest CAGR of 5.4% during the forecast period.
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The U.S. & Europe powder coatings market report includes an in-depth analysis of the major market players such as Lotte Chemical Corporation, Arkema S.A., Braskem S.A., Celanese Corporation, DOW Inc., Exxon Mobil Corporation, Sinopec Corporation, Hanwha Chemical Co, Ltd., Lyondell Basell Industries N.V. and Formosa Plastics Corporation.
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