According to the report published by Allied Market Research, the global powder coatings market was over $9.8 billion in 2018, and is estimated to cross $15.0 billion by 2026, witnessing a CAGR of 5.4% during the forecast period, 2019–2026. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The Asia-Pacific powder coatings market is projected to grow at the highest CAGR in terms of both volume and value, due to its stable economy, increasing disposable income, and improving standards of living in countries such as China, Japan, Singapore, Malaysia, and Vietnam. The powder coatings market is expected to witness rapid growth during the forecast period due to proactive government measures to promote the use of eco-friendly coating systems such as powder coatings. The Chinese metal furniture industry is expected to witness rapid growth during the forecast period, owing to availability of inexpensive raw materials.
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In Asia-Pacific region, the automotive industry is expected to grow, owing to growth in transportation infrastructure, changing lifestyle, and rising disposable income. The green coatings manufacturing companies and research institutions have heavily invested to develop advanced, eco-friendly, and nonhazardous powder coatings. China is the largest producer of refrigeration appliances. In China, the demand for electric home appliances has considerably increased due to rising disposable income and strong growth in the real estate sector.
Based on resin type, the report bifurcates the market into thermoset and thermoplastic. The thermoset segment garnered the major share in 2018, holding 92% of the global powder coatings market. The segment is also expected to dominate during the forecast period.
Based on coating method, the market is categorized into Electrostatic Spray and Fluidized Bed. The electrostatic spray segment held the largest global powder coatings market share in 2018 and is anticipated to retain its top position by the end of 2026.
Based on application, the market is divided into Appliances, Automotive, Architectural, Furniture, Agriculture, Construction, & Earthmoving Equipment (ACE), General Industrial, and Others. The automotive segment accounted for nearly one-fifth of the global powder coatings market share and is projected to rule the roost by 2026.
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Rise in adoption of powder coatings over liquid coatings, supporting environmental regulations, surge in demand for appliances, and booming construction industry drive the growth of the global power coatings market. On the other hand, difficulty in the application of thin coats impedes the growth to some extent. However, rapid economic growth in emerging countries is expected to pave the way for a number of opportunities in the industry.
Key players in the industry-
- Akzo Nobel N.V.
- Tiger Coatings
- Kansai Nerolac Paints Limited
- IFS Coatings
- Sherwin Williams
- Axalta Coating Systems
- BASF SE, Berger Paints
- PPG Industries
- The Valspar Corporation
Key Findings of the Powder Coatings Market :
- The automotive application segment occupied the highest share of 19.0% in 2018 in terms of revenue
- Electrostatic spray technique was the dominant segment in 2018 and is anticipated to maintain its lead in the powder coatings market.
- The thermoset segment occupied the highest share of 92.0% in 2018 in terms of revenue
- China is the leading consumer of powder coatings in the Asia-Pacific region followed by India.
- The appliances application is projected to be the fastest growing segment.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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