The global powder coatings market size is estimated to arrive at USD 20.8 billion by 2028. It is projected to develop by 7.2% CAGR from 2021 to 2028.
Mainly, due to the better possessions of powder coatings above the usual paints, together with abridged processing period, price efficiency, greater resistance to scratch, chipping & oxidization, outstanding finishing, and toughness, the market for powder coatings is likely to see significant enlargement, during the forecast period.
Speedy urban development, rising capability of purchasing, elevated standards of living are the factors, estimated to impel the expansion of the consumer goods section, thus, pushing the demand for the product, to use it in the various applications like freezer cabinets, dishwashers, water heaters, washer lids as well as tops, cavities of microwave oven, range housings, and refrigerators.
In terms of revenue, Asia Pacific is likely to record the highest 8.0% CAGR, during the forecast period. Growing demand for end user goods, for example, refrigerators and washing machines, in developing nations similar to, Thailand, Vietnam, India, the Philippines and China, is anticipated to increase the expansion of the local market. Increasing demand for the automobiles in emergent nations of Asia Pacific, in addition to encouraging FDI standards by the governments, is estimated to make easy investments, within the region.
In terms of the revenue, North America was the third major local market, in 2020. The fast growth of the automobile manufacturing in the U.S. along with apprehensions about VOC discharges from the coverings, utilized in the manufacturing of vehicles, are anticipated to increase the demand for powder coatings.
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Further key findings from the report suggest:
• The major companies are struggling to obtain a greater share of the market by way of progressions in the manufacturing technology as well as the development of the new-fangled product. But, the cost configuration of the market contestants is almost the similar, at present, there is a small amount of dissimilarity in quality of the product.
• As a result of excessive demand for the household machines in rising nations, like Thailand, Vietnam, India, the Philippines and China, consumer goods led the application sector, in 2020.
• In terms of revenue, the leading companies jointly held, more than 40.0% share of the general trade, in 2020. The global powder coating market is split in nature.
• Epoxy-Polyester (Hybrid) is estimated to be the speedily developing resin category sector, throughout the forecast period.
Million Insights segmented the global powder coatings market based on Application, Resin, and Region.
Powder Coatings Resin Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
• Epoxy-polyester (Hybrid)
Powder Coatings Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
• Consumer Goods
• General Industries
Powder Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)
• North America
• Russia & CIS countries
• Czech Republic (CZ)
• Asia Pacific
• Central and South America
• Middle East and Africa
• Saudi Arabia
• South Africa
Various companies for powder coatings market are:
• Arkema S.A.
• PPG Industries, Inc.
• Akzo Nobel N.V
• Bayer AG
• BASF SE
• The Sherwin-Williams Company