Energy efficient powder coatings market is estimated to record stellar growth through 2027 subject to the rising applications in automotive, furniture, and consumer electronics industries. Moreover, a considerable increase in disposable incomes across various developed and developing economies is set to offer growth prospects to energy efficient powder coatings industry over the forecast period of 2021 to 2027.
Demand for energy efficient powder coatings is further expected to rise throughout the analysis time frame on account of increasing energy costs and growing environmental sensitivity, as these factors have raised demand for low-temperature powder coating systems.
However, the global market is set to face some unavoidable challenges like short shelf life, levelling characteristics, storage conditions, and limited gloss range. Moreover, increase in overall time and cost due to unsatisfactory filming, is further likely to hinder the market growth between the period of 2021 and 2027.
Based on the product diversification, energy efficient powder coatings market is characterized by thermosetting or thermosets. Thermoset powder coatings require lower curing temperature as compared to thermoplastic resins and are generally derived from different resins like polyesters, epoxies, polyurethanes, and acrylics. Out of these, epoxy powder coatings are estimated to hold a considerable stake in the overall business space in the coming years. The product is known to offer high flexibility, adhesion, and exceptional chemical resistance.
Various manufacturers and producers are now investing heftily in epoxy coatings and resins, which is providing lucrative growth opportunities to global energy efficient powder coatings market. For instance, in June 2021, Aditya Birla Advanced Materials announced its investment in epoxy resins and curing agents business.
The product is being largely used across the electrical and electronics industry. Epoxy powder coatings offer brilliant electrical insulation properties along with thermal stability, corrosion, and moisture resistance. Moreover, the demand for these products is estimated to rise multifold in the years to come owing to the rising disposable incomes and high standards of living. Besides, increasing sales of consumer electronics and electrical instruments across various developing and developed nations is further likely to propel the product demand.
Regionally, North America energy efficient powder coatings market is slated to gain significant market share over the foreseeable time frame, owing to the thriving heavy machinery and manufacturing industry in the region. Moreover, increasing consumer electronic sales in the United States is likely to add to the growth structure of the overall market in the near future.
Asia Pacific, on the other hand, would also accrue substantial gains in the overall energy efficient powder coatings industry largely driven by the surging demand for automobiles, agriculture, and electronics equipment.
Global energy efficient powder coatings industry is highly consolidated and boasts of the presence of prominent companies including BASF SE, AkzoNobel N.V., PPG Industries, Inc., Asian Paints Ltd., IGP, Axalta Coatings Systems, and Kansai Paints, amongst others.
These vendors have been relentlessly working towards the development of novel products in the space, allowing them to gain a competitive edge in the industry.
COVID-19 impact on energy efficient powder coatings market
The coronavirus pandemic outbreak has had a severe impact on chemicals and specialty chemicals industry during 2020, mainly due to the disruption in raw material supply chain. This was accounted for the movement restriction imposed by various governments in the wake of surging coronavirus cases. Dearth in raw materials, thereby brought in a decline in energy efficient powder coatings sales, thus influencing the market growth.