Powder Coating Market Size to hit $17bn by 2025
Published Date: October 15, 2019 Authors: Kunal Ahuja, Amit Rawat
Powder Coating Market size is expected to surpass USD 17 billion by 2025; according to a new research report by Global Market Insights, Inc.
The powder coating market is expected to witness significant growth from 2019 to 2025 owing to environment-friendly properties, cost effectiveness, high quality, swift paint applicability, and easy usability over conventional paints. These coats are solvent-free and have minimal volatile compounds emissions compared to liquid paints. It provides a long-lasting and durable finish for metal products & parts and also exhibits superior gloss retention. Factors such as high corrosion resistance, easy recycling and reduced processing time will also influence product demand.
Functional & technological advantages over liquid coatings to spur powder coating demand
Various technical advantages over liquid paintings coupled with low VOCs emissions will support the powder coating market value over the forecast timeframe. Ability to produce much thicker coatings than conventional liquid form without sagging or running will support the application scope across various industries. Faster curing time and wide range of specialty effects have proliferated the product scope across numerous applications including door handles, rims, and under hood components in light of superior finish and texture.
Growing demand for thick & resilient coats will drive thermoplastic resins demand for powder coating formulations
Thermoplastic resin demand is anticipated to witness CAGR over 6.5% owing to key benefits including better chemical resistance, thicker coating, and low toxicity. It also offers a good amount of resistance to disparity amongst the environmental forces and does not require any cross-linking or curing to achieve these properties. Thermoplastic resins owing to eco-friendly properties, easy recyclability and low toxic nature finds application in several industries including construction, automotive, outdoor furniture, oil & gas, and aerospace & defense.
Browse key industry insights spread across 650 pages with 570 market data tables and 16 figures & charts from the report, “Powder Coating Market Size By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Application (Architectural, Jobbers, Agriculture & Construction Equipment, Pipeline, Oil & Gas, Appliances, General Metal [Outdoor Furniture & Playground Equipment], Automotive & Transportation Components [Wheels]), By Substrate (Metallic, Non Metallic), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Netherlands, Russia, China, India, Japan, South Korea, Vietnam, Australia, Indonesia, Thailand, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Consumer preference towards attractive & durable finish home appliances will support powder coating market growth
Powder coats in the appliances are generally used in refrigerator doors, shelves, washing machines, dryers, freezers, water heaters, vacuum cleaners, kitchen appliances, microwave ovens, garbage disposals, dishwashers, etc. Appliances require a durable finish and dynamic colors to protect against the damages owing to the everyday use.
The color of the appliance has now become one of the most important factors that influence the purchasing decisions among consumer. As a result, appliances manufacturer to launch products in stylish colors, finishes, and texture combinations. Decorative color and coating styles incorporated ensures low abrasion, better chipping and high chemical resistance.
Powder coats on metallic substrate to witness strong growth from agricultural & construction equipment, automotive and oil & gas applications
Strong demand for metallic substrate coats to protect steel, copper and aluminum surfaces form corrosion due to chemicals and moisture fueling powder coating market revenue. Easy applicability on metallic substrate compared to the non-metallic substrate will also support product application scope. The metallic surfaces can be electrically grounded and coated via an Electrostatic Spray Deposition (ESD) process. This process enables uniformity over the substrate material which makes the products more appealing to the eye. Easy availability of wide range of colors, thicknesses, finishes, and textures is anticipated to fuel product sales.
Furniture industry growth in Latin America to accentuate the product demand
Latin America powder coating market led by Brazil and Mexico is projected to exceed 250 kilo tons by 2025. Mexico is expected to witness strong growth in furniture industry, as numerous companies have shifted certain segments of their production operations in the country. The country offers superior logistical solutions while shipping products to target markets such as U.S & Canada and suffer low overhead cost as compared to other overseas destinations.
Key powder coating market players include BASF, Axalta Coating System, AkzoNobel N.V., Asian Paints and Jotun. Manufacturers are continuously focusing on enhancing their visibility by uploading their catalogs on the website and retailing their products through online portals. Also, key manufacturers are hiring industry specialists and investing in capacity expansion to gain a competitive edge.
The manufacturers try to establish direct partnerships with end users to ensure the continuous retail of their products. They also incorporate strategies, such as expanding product portfolio and establishing long term supply chain agreements, to enhance profit margin and gain competitive edge in the market.
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