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OTTAWA, 5 November 2020 (GLOBE NEWSWIRE) – The global powder coating market the size was valued at $ 12.02 billion in 2019, according to a new study from Precedence Research.
Powder coating involves applying powder coating to metal surfaces to ensure a high quality finish. Powder coating has gained traction and has become one of the most general techniques for finishing automobiles and other parts due to its long lasting and durable finish and its smooth texture which is resistant to corrosion. The main driver in the growth of powder coating materials has been the search for an environmentally friendly substitute for solvent-based paints.
Powder coating is seen as a sustainable preference in many industrial uses. The main drivers for technological development are the growing demand for sustainable solutions and the satisfaction of customer demands for improved performance. With the desire to decrease the environmental effect, companies continuously try to recover process skills such as the good use of coating materials and the elimination of coating phases. A drop in firing temperatures allows for the application of powders to more substrates which results in no VOCs, lower energy consumption, and offers a sustainable substitute for anodizing and liquid coatings.
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Growth factors
The demand for powder coatings has increased substantially due to increasing technological advances and cumulative requirements from application areas such as automotive, furniture, architecture, agriculture, home appliances, earthmoving equipment, construction, general industries among others. Strict environmental regulations are also expected to stimulate the growth of the global powder coatings market in the coming years. Increased demand for products in applications such as radiator grilles, such as door handles, bumpers, wheel rims, metal structural components and bicycles are expected to boost market growth in the near future.
The arrival of powder-on-powder application which includes topcoat and primer application with a cure step has offered new insights into powder coatings. Furthermore, powder coatings have gained wider access in newly developed applications. A better utilization rate than liquid forms are among the fundamental reasons influencing the complete application possibility of the product. Infrastructural development is also a crucial factor in motivating product demand on an international scale. Competence and overspray are among the vital aspects that drive the market economy.
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Highlights of the report
- The progression in the construction sector in nations such as Indonesia, India, Malaysia and Thailand is being driven by the nascent service sector in the region which results in a resumption of migration, an escalation of the population and a shortage of residential families in the region.
- Economic saturation and contraction in Europe and North America is shifting market demand to Asia Pacific
- The growth of the powder coatings market around the world is attributed to aspects such as the escalation of per capita income, the increase in consumer spending and fluctuations in consumer attitudes and the progression of technology.
- The Asia Pacific powder coatings market is expected to record the highest CAGR due to growing disposable income, stable economy and improved living standards in nations such as Singapore, Vietnam, China, Japan and Malaysia.
Regional snapshots
Asia Pacific took the powder coatings industry with the highest market share in 2019 and is expected to show the strongest growth rate over the lifetime of the assessment. This growth is attributable to the optimistic market outlook in Asian economies such as India, China and Japan. Although Southeast Asian countries like Malaysia and Thailand offer great opportunities for local sales, they also offer critical manufacturing advantages over other nations. Furthermore, stable economic growth is driving more investment into this region. Since the previous decade, steel business spending has triggered the expansion of the construction, appliance, electronics and auto sectors in emerging Middle Eastern nations and APAC. Consequently, the growth of these sectors supports the demand for powder coatings in these regions.
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Key players and strategies
As the demand for energy and material consumption, coating quality and productivity increases, companies with in-house painting businesses face the problem of optimizing their processes. The intelligent networking of processes and digitalisation are also becoming more substantial. Inconsistent prices and a shortage of raw materials are expected to be the main factors limiting market growth. As these factors can lead to higher production costs, thus reducing the profit. Nonetheless, great demand for the product due to its budding use in sectors such as construction, automotive and furniture is expected to grow in the powder coatings market in the coming years.
Numerous players operating in this industry include Asian Paints, BASF, Kansai Paints, Axalta Coating System, Nippon Paint Co., Ltd., PPG Industries, AkzoNobel NV, The Sherwin-Williams Company, RPM International, and Dulux Powder & Industrial Coating. Few other market contenders involved in this field are Somar Corporation, Dupont Coating & Color Technologies Group, Marpol, Jotun Powder Coatings, ProtechOxyplast Powder Coating, Cloverdale Paint, Inc., Evonik Industries, and others.
Market segmentation
With resin
- Epoxy-polyester
- Epoxy
- Acrylic
- Polyester
- Polyurethane
- Others
By application
- Automotive sector
- Consumer goods
- Architectural
- Furniture
- Oil and gas
- Piping
- Others
According to Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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About us
Precedence Research is a worldwide market research and consulting organization. We offer an unrivaled nature of offering to our customers across the globe in verticals. Precedence Research is experienced in providing in-depth market information along with market information to our clients spread across various enterprises. We are obligated to serve our diverse customer base in addition to medical services, healthcare, innovation, next-generation technologies, semiconductors, chemicals, automotive and aerospace and defense businesses, among many global initiatives.
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