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Industry Insights, Market Size, CAGR, High-Level Analysis: Powder Coatings MarketThe global powder coatings market size was valued at USD 11.6 billion in 2019 and is expected to witness moderate growth in future. Growing economies of Asia Pacific and MEA region have witnessed a strong growth in non-residential sectors including consumer goods, IT, telecom, and retail, resulting in high demand for power coatings. Growing consumer goods companies in India, China, and Singapore is expected to augment market growth in the near future. Powder coatings have numerous advantages over other coatings such as lower operating costs, immediate availability, negligible VOC emission, excellent appearance, and uniform thickness. In addition, they are relatively easier to apply in thick layers of coating, which results in smooth and uniform appearance. Rise in production of automobiles and surge in demand for medical devices is expected to be a major factor leading to the growth of the market in developing nations including India, China, Brazil, and Mexico over the forecast period. Moreover, high adoption of powder coatings in the furniture sector on account of excellent performance, low operational costs, color availability, and custom properties such as anti-corrosion and anti-bacterial functions will stimulate market expansion. Powder coatings do not contain any solvents, which results in negligible emission of VOC in the atmosphere and reduced risk in combustion during application and storage. In addition, the powder can be easily washed off when it comes in contact with human skin which reduces health hazards for operators. Raw materials used to manufacture powder coatings include thermoplastic and thermoset resins. Thermoplastic comprise nylon, PVC, polyolefin, ABS, and polycarbonate coatings while thermoset comprise of coatings made of epoxy, polyester, polyurethane, and acrylic coatings. Volatility in raw material prices affects the powder coating raw material pricing and acts as a restraint for the use of architectural coatings in construction applications.
Resin InsightsPolyester resin type accounted for 31.9% of the volume share in 2019 on account of its beneficial properties such as quick-drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection. Surge in product demand in applications including door handles, radiator grills, wheel rims, bumpers, bicycle, and metallic structural component will propel market growth over the forecast period. Epoxy-Polyester (Hybrid) resin type is anticipated to witness fastest growth over the forecast period on account of its properties such as toughness, flexibility, weatherability, and cheap availability as compared to other coatings. This resin type is a mixture of both polyester and epoxy resins and is mainly used for interior applications such as furniture coatings.
Application Insights of Powder Coatings MarketThe consumer goods application segment dominated the global powder coatings market and accounting for 23.6% of the overall revenue share in 2019, and is expected to witness significant demand over the forecast period. Growing purchasing power, high standard of living, and rapid urbanization are expected to drive demand for powder coatings in consumer goods over the forecast period. The use of powder coatings is predominant in consumer goods as these coatings do not contain solvents, exhibit higher flexibility than conventional liquid coatings, and comply with environmental regulations. Moreover, the rising demand for domestic appliances in India, China, Vietnam, Philippines, and Thailand is expected to boost the demand for powder coatings in the coming years. The automotive application segment is expected to witness fastest growth over the forecast period. Growing automobile production in U.S., Mexico, Argentina, Brazil, South Africa, Indonesia, and China is expected to boost the demand for powder coatings in automotive accessories. In addition, growth in demand for automobiles in emerging markets of China, India, Mexico, Brazil, South Africa, and Malaysia is expected to drive automotive sales in these countries.
Regional Insights of Powder Coatings MarketAsia Pacific was the largest market, accounting for 39.0% of global powder coatings market revenue in 2019. The positive outlook towards the construction industry of India, China, South Korea, Japan, Malaysia, Vietnam, and Indonesia is intended to promote the usage of powder coatings. Furthermore, favorable government regulatory with an objective to generate investments from FDI and public-private partnerships will fuel expansion over the forecast period. Europe was the second largest market for global powder coating and held a market share of 28.2%, in terms of volume, in 2019. Surging automobile production in Germany, Hungary, Romania, Austria, and U.K. with strong manufacturing base of companies such as Volkswagen AG, Chevrolet, Daimler-Chrysler, Mercedes-Benz, and Dodge is expected to drive product demand. However, demand for powder coating is expected to be hampered on account of mature market for consumer goods and European Union financial crisis which has prompted consumers to cut-down on their spending in consumer goods.
Market Share Insights of Powder Coatings MarketThe market is fragmented in nature. As of 2019, the top industry players held less than 40% of the market share. Manufacturers are investing heavily in research and development activities and rely on technological developments to achieve competitive advantage through product differentiation and low cost. Moreover, manufacturers are focusing to integrate their operations through supply and distribution channels to expand their reach to the individual consumers. Shortage and fluctuating prices of raw materials are expected to be the major factors restraining market growth, as they result in higher production costs, thereby minimizing the profit. However, high demand for the product owing to its growing use in industries such as automotive, construction, and furniture is anticipated to drive market growth in the future. Mergers and acquisitions are among the popular strategic initiatives adopted by the key players. Jotun; Akzo Nobel N.V.; PPG Industries, Inc.; The Sherwin-Williams Company; Arkema S.A.; and Axalta Coating Systems are some of the leading players in the market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Powder Coatings Market Research ReportThis report forecasts volume and revenue growth at a global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global powder coatings market report on the basis of resin, application, and region:
Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Epoxy-Polyester (Hybrid)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Consumer Goods
- General Industries
Table of Contents Chapter 1 Methodology and Scope 1.1 Information Procurement 1.1.1 Purchased Database 1.1.2 GVR’s Internal Database 1.1.3 Secondary Sources & Third-Party Perspectives 1.1.4 Primary Research 1.2 Information analysis & research methodology 1.2.1 Data Analysis Models & Research AssumptionsChapter 2 Executive Summary 2.1 Segment outlookChapter 3 Powder Coatings Market Variables, Trends & Scope 3.1 Mar | read more...