The Global Powder Coatings Market- Growth, COVID-19 impact and Forecast (2021-2025)
The powder coatings market is segmented by Resin (Thermoset and Thermoplastic); Application (Consumer goods, Automotive, General Industries, Furniture, Architectural and Others); Geography (APAC, North America, Europe and ROW).
Introduction
Powder coating is a dry finishing process, using finely ground particles of pigment and resin that are electrostatically charged and sprayed onto electrically grounded parts. It provides a more durable finish than liquid paints can offer, while still providing an attractive finish.
It is highly resistant to diminished coating quality, which helps to lessen scratches, corrosion, chipping, fading, and other wear issues. Due to these factors, they are widely used in consumer goods and automotive industries
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the increasing demand for eco-friendly low-VOC and solvent-free coatings by the end-users are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future
Table of Contents
Market Overview
The global powder coatings is expected to grow to $ 31,302.10 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 4.85% CAGR
The demand for powder coatings has been increasing due to rising disposable income, leading to increased demand for consumer products, automobiles, and furniture.
APAC is forecasted to remain as largest consumer for this marGlobal Powder coatings market is ket. This is due to its infrastructural development
Key Trends
Development in nanotechnology in coatings will impact the market positively. This type of coatings provide optimum properties such as appearance and/or corrosion resistance, at a minimum film thickness.
High adoption of powder coatings in the furniture sector due to its excellent performance, low operational costs, color availability, and custom properties such as anti-corrosion and anti-bacterial functions will stimulate market expansion in future.
Key Market Players
The market is dominated by global vendors like The Sherwin Williams Company, Akzo Nobel, PPG Industries, Jotun, Axalta Coating Systems, Arkema.
The key players are rigorously competing and offering custom solutions for high-performance low-cost powder coating requirements.
Market players are focusing on strengthening their positions by adopting strategic initiatives, such as geographical expansion, mergers & acquisitions, and partnerships.
Growth Drivers and Challenges
Increasing necessity to improve the indoor & outdoor air quality considering the health effects of VOC’s, government has formulated regulations to reduce VOC content in coating products. It resulted as supportive driver for powder coatings market grow in the market.
Infrastructural development in the APAC region
Volatility in the prices of raw materials is expected to restrain product demand to some extent.
Difficulty in obtaining thin films with correlation between color and opacity of powder coating pigmentation.
Environmental challenges owing to the growing concerns regarding the wastewater management.