Global Powder Coatings Market: Trend Analysis and Forecast to 2022.
Powder coatings are type of coating which is applied on metal parts and product to enhance durability of metal parts and products. The powder used in such coatings include thermoplastic or thermoset polymer. Powder coatings are primarily used for providing hard finish to metal products.
[UKPRwire, Thu Feb 16 2017] The value of Powder Coatings Market is projected to grow with a CAGR between 6.0%- 6.5% during the forecast period of 2016 – 2022 and surpass USD 12 billion by 2022. It was worth USD 8.X billion in 2015. Powder coatings are type of coating which is applied on metal parts and product to enhance durability of metal parts and products. The powder used in such coatings include thermoplastic or thermoset polymer. Powder coatings are primarily used for providing hard finish to metal products. It is tougher than conventional paint and also enhances the performance of metal products. Apart from durability, powder coatings offer benefits such as scratch resistance, gloss retention and durable quality finish for metal parts and products. It is mainly used in application on metal parts exposed to extreme weather conditions. Furthermore, it is used in household appliances, aluminum extrusion and automobile & bicycle parts; apart from this it is cost efficient.
High adoption of the technology in the automotive sector on account of excellent performance, low operational costs, wide color availability and custom properties such as anti-corrosion and anti-bacterial functions are considered to be major market drivers for powder coating market. Moreover, rising application of powder coatings in several sectors such as household appliances, industrial and construction is also supporting the growth of this market. However, fluctuating costs of raw material used to manufacture powder coatings is considered to be the key restraining factor of powder coating market.
The report segments the powder coatings market by product type, by application and by region. Market segmentation based on the product type includes water based coatings; Solvent based coatings and powder coatings. On the basis of application market segmented into automotive, steel, architectural, marine, furniture and consumer goods. Moreover, consumer good is the fastest grown segment and accounted more than XX% of market share followed by automotive industry X%.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. As of 2015, APAC was the largest powder coatings market in terms of both value and volume, with a majority market share globally. China is the largest producer of powder coatings and considered to be the key factor driving growth of this market across the region. Following APAC, Europe is the second largest market and projected to grow at a healthy CAGR over the forecast period. Presence of leading automobile manufacturer such as Chevrolet, Daimler-Chrysler, Mercedes-Benz and Dodge in Europe expected to drive the growth of this market over the forecast period. In North America, U.S provides new opportunity for growth as 80% demand for powder coatings coming from U.S owing to increasing architectural applications.
The companies covered in the report include
Asian Paints Limited
Axalta Coating Systems LLC
Kansai Paint Company Limited
The Valspar Corporation
The Sherwin-Williams Company