Dublin, June 30, 2023 (GLOBE NEWSWIRE) -- The "Global Powder Coatings Market Overview, 2023-28" report has been added to ResearchAndMarkets.com's offering.
Global Powder Coatings Market is expected to reach USD 20.90 Billion by 2028 with a significant CAGR of 6.59 % from USD 14.35 Billion in 2022.
The growth of the global powder coatings market is attributed to factors such as increased consumer expenditure, rising per capita income, shifting consumer preferences, and technological advancements.
Among the primary factors influencing the total product application possibilities is a higher utilisation rate as opposed to liquid forms. The market is quickly expanding as the use of volatile organic compounds (VOCs) decreases. Furthermore, demand for EVs is growing as people become more concerned about climate change, air pollution, and the need to lessen reliance on fossil fuels.
Consumers are becoming more aware of the advantages of electric vehicles, such as lower running costs, higher performance, and decreased environmental impact. The powder coatings industry is being driven by the rise of the EV, automotive, and appliance markets. The growing need for more sustainable solutions, as well as advancements in the construction and industrial industries, are creating new opportunities in the powder coatings sector.
Coating formulators and raw material suppliers are reacting by developing revolutionary powder coating technologies that can be made and applied more efficiently, have improved performance characteristics, and have a wider range of potential end uses. For many years, the powder coatings industry has been and continues to be in a state of growth and revolution throughout several market segments.
These requirements are being driven by the emergence of technologies that address existing manufacturing productivity and cost challenges. Stringent environmental regulations in developed countries are driving the demand for powder coatings. Powder coatings are considered to be more environmentally friendly than traditional liquid coatings. This is because powder coatings do not contain volatile organic compounds (VOCs), which are harmful to the environment.
Demand for powder coating has been increasing in the automobile industry. In line with this, rising environmental concerns have caused governments in various countries to launch green initiatives promoting the use of eco-friendly coating chemicals, such as powder coating, to reduce the occurrence of fire dangers, hence supporting market growth.
Furthermore, ongoing construction activities and the continuous establishment of several commercial and residential buildings have supplemented the deployment of powder coating for polishing or refinishing furniture and consumer electronics, such as refrigerators and door handles, which is acting as another growth-inducing factor.
Aside from that, the increasing use of powder coating in the automobile industry for glazing wheel rims, structural components, radiator grills, bumpers, and horns is fueling market expansion. Other aspects, such as strategic cooperation among significant players and extensive investments in research and development (R&D) activities to introduce high-performance, anti-bacterial powder coatings, are contributing to the market's growth.
Asia Pacific dominated the market and accounted for the highest market share in 2022. Due to its stable economy, increasing disposable income, and improving standards of living in countries such as China, Japan, and India. The region boasts a robust and diverse manufacturing industry that is a significant user of powder coatings.
Competitive Landscape
Company Profiles
- Akzo Nobel N.V
- PPG Industries, Inc.
- The Sherwin-Williams Company
- RPM International Inc
- Jotun Group
- Wacker Chemie AG
- Arkema S.A.
- BASF SE
- Kansai Paint Co.,Ltd.
- Axalta Coating Systems Ltd.
Competitive Dashboard
Business Strategies Adopted by Key Players
Key Players Market Share Insights and Analysis, 2022
Key Players Market Positioning Matrix
Porter's Five Forces
Scope of the Report
Considered in this report
- Geography: Global
- Historic year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
Aspects covered in this report
- Global Powder Coatings market with its value and forecast along with its segments
- Region-wise Powder Coatings market analysis
- Various drivers and challenges
- On-going trends and developments
- Top profiled companies
- Strategic recommendation
By Resin Type
- Thermoset
- Thermoplastic
By Coating Methods
- Electrostatic Spray Coating
- Fluidized Bed Coating
By End- Use Industry
- Appliances
- Automotive
- General Industrial
- Architectural
- Furniture
For more information about this report visit https://www.researchandmarkets.com/r/37wa5j
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