Energy Efficient Powder Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1992
Energy Efficient Powder Coatings Market size will witness a steady growth owing to its increased application in automobile, transportation, electrical and furniture industry. It lowers the baking temperature of oven, thereby reducing the energy consumption. Less energy utilization for finishing on heat sensitive substrates are expected to propel energy efficient powder coatings market.
Growing furniture industry has propelled energy efficient powder coatings market. These are mostly used when component range is quite heterogeneous. If component range varies, there is a risk of discolouration due to high peak temperature. This risk can be reduced with their use as it reduces peak temperature.
The product increases the line speed, thus decreasing the throughput time. Further, it is used in for metallic substrates, timber derivatives and plastic components that cannot be exposed to high temperature that in turn is anticipated to propel energy efficient powder coatings market during forecast period.
Energy efficient powder coatings are low temperature or low cure coatings. These do not require solvent for application that resolves the problem of sagging. They are used in automobile wheels, aerospace, garden equipment, furniture and job painting industry for timber derivatives and facades. Additionally, it provides resistance from corrosion, chemical, impact and UV rays.
Restriction for energy efficient powder coatings market is short shelf life, limited gloss range, levelling characteristics and storage conditions. It requires climate controlled storage condition that increases the overall cost. Sometimes there is risk of operation with empty hangers as with changes in colour and type of powder coating, changes in oven settings is required that are not cost effective.
The curing temperature is very specific and if curing temperature is lower than requirement, it may lead to unsatisfactory film and hence rejection. After rejection, it needs to be processed again that increases the overall cost and time.
Energy efficient powder coatings is manufactured from various products including, polyester, epoxy and epoxy-polyester (hybrid). Epoxy has good flexibility, adhesion and durability. These have moderate share with their application in electrical industry as dielectric insulators for copper and aluminium conductors.
Epoxy-polyester has its application in electrical, agricultural, automobile and heavy-duty equipment and has substantial market share owing to its shock resistant and corrosion resistant properties. Polyester has a moderate share in energy efficient powder coatings market with use in furniture and auto parts industry owing to good colour, weather resistance and gloss retention on outdoor exposure.
The product is used in various segments including, furniture, automobile & transportation, electrical, agricultural, aerospace, household and consumer goods. Automobile and transportation holds major market share with its usage in auto parts, gearboxes, frame rim and chassis. Electrical segment has substantial share owing to its application for insulators.
Furniture has a moderate share in energy efficient powder coatings market owing to scratch resistant, weather resistance and gloss properties. These find application in household appliances to increase resistance against food acids, chemicals, corrosion, wear & tear, water and sewage. In consumer goods segment, these find application in doors, air conditioning and refrigerator cabinets.
Asia Pacific, led by China and India has substantial share in energy efficient powder coatings market. It is expected to show considerable growth due to increasing demand for electronics, automobiles and agriculture equipment.
North America energy efficient powder coatings market has a significant share with growing heavy machinery and manufacturing industry. Europe has shown growth in powder coating with prevalent construction industry. Further, their application has enhanced due to environmental regulations against volatile organic compounds. Latin America shall be witnessing growth with growing furniture and automobile industry.
Energy efficient powder coatingse market is consolidated with the presence of few big companies holding a large industry share. Major players are AkzoNobel, Jotun, BASF, IGP, PPG Industries, TCI, Kansai Paints, Axalta, Asian Paints, Berger Paints. Companies are heavily investing in research & development activities, mergers, acquisitions and new product launch to increase their share in industry. for instance, AkzoNobel is planning to increase its industry share by separating its two business focussed on speciality chemicals and paints. This would help in reducing their uncertainties & risks and become more focussed.
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