New Jersey, NJ, Jan. 21, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global powder coatings market is expected to grow from USD 11.92 Billion in 2018 to USD 19.74 Billion by 2026, at a CAGR of 6.51% during the forecast period from 2019-2026. High durability, impact resistance, UV rays protection, moisture & chemical resistance properties of powder coatings along with its widespread utilization in the numerous applications are anticipated to boost demand for the powder coatings.
Powder coating is coating that is applied as dry powder or free flowing. It is completely different from traditional liquid paint, as it requires a solvent for the filler and binder parts to form in a suspending liquid. It is mainly used to coat metals, like aluminum extrusions, household appliances, bicycle and automobile parts and drum hardware. Powder coating is applied through electrostatic means or through fluidized bed and cured by heating to build a skin. There are two basic types of powder coatings: thermoplastics and thermosets. Thermosetting uses a cross linker in its formulation. When baked, it reacts with the existing chemical groups present in the powder in order to undergo polymerization. This enhances the coating's properties and performance. The thermoplastic type involves no extra actions during the process of baking; it just flows into the resulting coating. Thus high durability, impact resistance, UV rays protection, moisture & chemical resistance properties of powder coatings along with its widespread utilization in the numerous applications are anticipated to boost demand for the powder coatings.
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Global Powder Coatings Market Key Findings:
- Rising utilization in various end-use industries as well as technological advancements in application process are driving the global powder coatings market. The difficulty in obtaining thin films and environmental regulations on the powder coatings manufacturing process are expected to restrain the market growth.
- Emerging applications in shipbuilding and pipeline industries and increasing use of powder coating in automotive industry are expected to create new opportunities for the market growth in upcoming years.
- The type segment consists of thermoset and thermoplastic resins. The thermoset resin segment is further divided into polyester, epoxy polyester hybrid, epoxy, polyurethane, acrylic and others. Whereas, the thermoplastic segment subcategorized into nylon, polyolefin, polyvinyl chloride (PVC), and polyvinyl fluoride (PVF). The thermoset resin segment is projected to grow at the highest CAGR of 8.67% over the forecast period. Thermoset have emerged as the preferred resins due to their durability, shock resistance as well as corrosion resistance properties. These resins are widely used for coating automobile parts, industrial equipment, and various household appliances.
- The substrate segment is divided into metal and non-metal. Powder coating is extensively utilized to provide the protection for metal products such as automotive parts, job shops, outdoor furniture, home appliances & consumer goods, oil & gas pipes, and HVAC. Thus, the metal substrate segment led the global powder coatings market with USD 10.30 billion revenue in 2018.
- The coating method segment contains electrostatic spray, fluidized bed, flame spraying and electrostatic fluidized bed process. The electrostatic spray coating method segment is anticipated to grow at an accelerated CAGR of 8.49% over the forecast period. The ease of application and less wastage properties are projected to be the primary factors driving factors for this increased growth rate.
- The application is segmented into consumer goods, automotive, architectural, general industries, furniture and others. The consumer goods segment dominated the global powder coatings market with USD 4.09 billion revenue in 2018.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the powder coatings with a 39.75% share of market revenue in 2018.
- Asia Pacific region has emerged as the global manufacturing hub for the automobiles and consumer goods. Also, the region leads in the consumer demand for the automotive vehicles as well as consumer durables such as washing machines, refrigerators etc. As a result the Asia Pacific region emerged as the leader in the global powder coatings market in 2018.
- The North America region held a considerable share of global powder coatings market owing robust demand from its well-developed automotive and consumer durables manufacturing industry.
- For instance in 2017, AkzoNobel expanded its powder coatings facility in Chengdu, Western China. The new site will help the company to meet growing product demand and also offer a wide range of powder products to its customers from automotive, construction, furniture, and IT industries.
- For instance in 2017, Exalta announced the acquisition of Century Industrial Coatings (US), a leading manufacturer of high performance industrial coatings for structural steel, oil & gas, rail cars, and other OEM applications. This acquisition will enable both the companies to have the opportunity to offer their combined customers an entirely new range of products with best-in-class service.
- Major players in the global powder coatings market are Akzo Nobel N.V., PPG Industries, Inc., Axalta Coating Systems, The Sherwin-Williams Company, BASF SE, PPG Industries, Inc., Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., IGP Pulvertechnik AG, Valspar Corporation, Allnex Italy Srl, TCI Powder Coatings, Evonik Industries, Jotun, Somar Corporation, Bayer, and Arkema among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global powder coatings market on the basis of below mentioned segments:
Global Powder Coatings Market by Resin Type:
- Thermoset
- Polyester
- Epoxy Polyester Hybrid
- Epoxy
- Polyurethane
- Acrylic
- Others
- Thermoplastic
- Nylon
- Polyolefin
- Polyvinyl Chloride (PVC)
- Polyvinyl Fluoride (PVF)
Global Powder Coatings Market by Substrate:
- Metal
- Non-Metal
Global Powder Coatings Market by Coating Method:
- Electrostatic Spray
- Fluidized Bed
- Flame Spraying
- Electrostatic Fluidized Bed Process
Global Powder Coatings Market by Application:
- Consumer Goods
- Automotive
- Architectural
- General Industries
- Furniture
- Others
Global Powder Coatings Market by Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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