The Powder Coating market is anticipated to grow with a CAGR of 6.5% over the forecast period of 2019-2028. Powder coating is generally used as a dry finishing process on a wide array of products. These are used by various companies to make their products durable, efficient, and improve their quality. Also, powder coatings prove to be of great use for providing protection and enhance the aesthetics of the products. The powder coatings are a mixture of polymer resins, that are combined with other additives to devise an efficient coating. These are generally used to coat metallic and non-metallic surfaces including plastics and medium density fibers. The global powder coating market is widely driven by actors such as growing technological advancements, rising prevalence of automobiles, and increasing applications of medical devices. Furthermore, the rising applications of powder coating in the furniture sector are expected to fuel market growth.
Top Driver: Various applications of Powder Coatings in Medical Devices, Furniture and Automobiles to Drive the Market Extensively in the Forecast Period
The Powder Coatings are ideally used to protect the substrate since these coatings do not contain any solvents. These are fully dry solid coatings that provide anti-corrosive and anti-bacterial coatings due to which they are used in various medical equipment to reduce infection. Though their use is medical equipment is subjected to stringent government regulations considering the health risks due to the components used to prepare these coatings. Furthermore, their anti-corrosive properties have been drawing the attention of various furniture and automobile industries considering their useful application to protect the products from these industries. Also, powder coating is known to be easily removed from the human bodies which help the workers involved in the production of powder coatings to stay safe.
However, stringent government regulations and various fluctuations among costs for raw materials could be some factors that could hamper the market widely.
The Thermoset Segment was Observed to be Holding the Highest Market Share Owing to its Stability on the Substrate
Based on the type, the Powder Coating market is segmented into thermoset and thermoplastic. The thermoset occupied the largest share in the market owing to the lowe molecular weight coatings that are known to be thermally stable. Hence, these types of coatings serve a huge purpose in the decorative and functional sectors. These are durable due to which these are widely applicable in different industries. Furthermore, based on the coating technique the market is segmented into the fluidized bed, electrostatic spray, and others. On the basis of end-use, the market is segmented into automotive, appliances, furniture, general industrial, and others.
Asia Pacific to Occupy the Largest Share in the Market Owing to a Faster Growing Market in the Region
The Asia Pacific held the highest market share in the region due to larger establishments of electronics and automotive. The presence of larger manufacturing plants of these industries extensively fuels market growth in the future. The North American region is expected to witness a huge growth in the industry due to the presence of many key players in the regions. Europe accounts for the third-largest share in the powder coating industry.
Players to Focus on Establishing their Base in Various Regions
The global Powder Coating market is expected to grow with a significant CAGR due to presence of various companies including PPG Industries, Inc., The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems, LLC., Nippon Paint Holdings Co., Ltd., BASF SE, RPM International Inc., Jotun Group, Asian Paints Limited among others.
Akzo Nobel N.V.: Akzo Nobel is known to be the major key player in the market and has established its foothold across 80 countries in almost all the regions. The company is known to have a huge base of loyal customers that further keeps its position strong in the market. Such established organizations could pose a threat for the new entrants into the market.
Scope of the Report
By Coating Technique
Key Reasons to Purchase this Report
Table of Content
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