Westford, USA, Aug. 30, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global powder coatings market will reach a value of USD 11.88 billion by 2031, with a CAGR of 5.40% during the forecast period (2024-2031). Powder coatings have progressed as prominent finishing materials for multiple products like consumer goods, industrial machinery, and more. These coatings offer durable finish, sustainability, and versatility for different applications. These attractive benefits are helping the growth of the powder coatings market. Moreover, green building practices and increasing demand from the architectural and construction sectors are anticipated to propel the market.
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Browse in-depth TOC on the "Powder Coatings Market"
- Pages – 184
- Tables – 97
- Figures – 76
Powder Coatings Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.80 billion |
| Estimated Value by 2031 | USD 11.88 billion |
| Growth Rate | Poised to grow at a CAGR of 5.40 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin type, End Use Industry and Coating Method |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Investments in Housing and Rising Infrastructural Development |
| Key Market Drivers | Growing Shift from Traditional Liquid Coatings |
Polyester Segment to Hold Major Market Share Owing to High Suitability in Complex Shapes
By resin, the polyester segment captured the majority share of the powder coatings market in 2023 owing to increased applications in reinforced linings to protect trenches, concrete floors, and foundations from pickling acid corrosion. Moreover, these coatings are highly suitable for complex shapes and more effective in extreme temperatures like chorine-rich environs and coastal buildings. These benefits support the growth of the polyester segment. On the other hand, the epoxy resins segment is expected to lead the market over the forecast period owing to their extensive use in industries like shipbuilding, construction, wastewater treatment, and more. These types of resins hold excellent characteristics like resistance to cracking, strain, blistering, and high temperatures.
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Consumer Goods Segment Leads the Market Due to Broad Applications and Attractive Properties
By application, the consumer goods segment is expected to hold a larger share of the market owing to broad application of powder coatings owing to their durability, versatility, and eco-friendly characteristics. Household appliances is another domain with wide uses of these coatings. Also, their outstanding protection against corrosion, scratches, and wear guarantees durability and aesthetic looks of consumer products. The automotive segment will lead the market over the forecast period owing to mounting applications in coating wheels. Wheels coated with powder coatings offer brilliant durability, protection against street debris and extreme weather conditions, and resistance to scratches. These benefits will help the segment propel over the forecast period.
Development of the Automotive Sector to Lead the Market in North America
Geographically, North America dominated the powder coatings market in the previous years and will lead in the future as well owing to speedy developments in automotive industry. Moreover, growing federal and state infrastructure funding for public works and buildings will propel the market in the region. In the United States, the non-residential construction domain is also notably expanding, driven by strong economic growth and growth of real estate industry.
Europe is expected to grow as the fastest-growing region over the estimated period owing to growth of the automotive sec sector. Characteristics like corrosion-resistant, wear-resistant, scratch-resistant, friction reduction, and higher strength will further drive the product demand in the region. Another reason for the regional growth is the presence of key automakers like Volkswagen, Daimler, BMW, Peugeot, and Renault.
Powder Coatings Market Insight
Drivers:
- Growing Use in Different Domains
- Innovations in Powder Coatings
- Increasing Demand for Eco-Friendly Coatings
Restraints:
- Limited Design Flexibility and Color Options
- Significant Initial Investment and Equipment Price
- Challenges in Producing Thin Films with Powder Coatings
Prominent Players in Powder Coatings Market
The following are the Top Powder Coatings Companies
- Akzo Nobel N.V.
- PPG Industries Inc.
- Sherwin-Williams Company
- Axalta Coating Systems Ltd.
- Jotun Group
- TIGER Coatings GmbH & Co. KG
- Nippon Paint Holdings Co. Ltd.
- RPM International Inc.
- Kansai Paint Co. Ltd.
- KCC Corporation
Key Questions Answered in Global Powder Coatings Market Report
- What is the estimated value of Global Powder Coatings Market by 2031, as per SkyQuest Technology?
- Which is the leading segment in the Powder Coatings Market and why?
- Which region held a larger share in 2023 in the Powder Coatings Market?
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This report provides the following insights:
Analysis of key drivers (environment advantages, performance and durability, wide applications), restraints (complicated application process, cure time, storage and handling challenges), opportunities (advances in technology, expanding use in automotive industry, customization and specialty use areas), and challenges (compatibility issues, competitive pricing and pressure, compliance with emission) influencing the growth of powder coatings market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the powder coatings market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the powder coatings market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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