The Powder Coatings Market is projected to reach USD 13.49 billion by 2022, at a CAGR of 6.75% from 2017 to 2022. The market is mainly driven by factors such as stringent government regulations, growth in various end-use industries, and technological advancements.
Browse 255 market data tables and 69 figures spread through 233 pages and in-depth TOC on "Powder Coatings Market”.
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Expansion is the key strategy adopted by industry players to grow in the powder coatings market. This strategy accounted for a share of 34.7%, between 2013 and 2017, of all the growth strategies adopted by the market players. Companies are expanding their manufacturing facilities in emerging regions across the world due to the rising demand for powder coatings.
Besides expansion, companies are also investing in the strategy of new product launches by expanding their product portfolios to fulfill the growing demand of consumers. This strategy accounted for a share of 30.6% of all the developments witnessed between 2013 and 2017. Companies also focused on acquisitions and partnerships during the last four years. These strategies together accounted for a share of about 35% all the strategic developments.
North America was the most active region from 2013 and 2017, in terms of strategic initiatives. New product launch has been the preferred strategy in this region. Companies, such as AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Jotun A/S (Norway), and The Valspar Corporation (U.S.) launched several new products in the region to increase their portfolio of powder coating products.
Major manufacturers, such as AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Somar Corporation (Japan), are profiled in this report. These companies have adopted both, organic and inorganic growth strategies.
Axalta Coating Systems is the most active player in the powder coatings market. It accounted for the largest share of all the developmental activities undertaken in the powder coatings market.
In April 2016, Axalta expanded its powder coatings manufacturing facility in Montbrison, France, to substantially improve its manufacturing capabilities. The Montbrison site is one of the largest facilities for the production of Alesta, one of Axalta’s leading powder coating brands. In December 2016, the company introduced two new high temperature, corrosion-resistant internal pipe coatings, Nap-Gard 7-0017HT and 7-0017VHT black beauty FBE (fusion bonded epoxy) thermosetting epoxy powders to its existing portfolio of Nap-Gard functional coatings. These products offer excellent chemical resistance when operating at temperatures up to 200oC (392oF).
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Another company that has established a strong foothold in the powder coatings market is AkzoNobel N.V. (Netherlands). The company expanded its powder coatings facility in Chengdu, Western China, in January 2017. The new site will help the company meet the growing demand for powder products from its customers, which include the automotive, construction, furniture, and IT industries. In March 2015, AkzoNobel launched an ultra-reflective powder coating which can increase the effective output of commercial lighting fixtures by up to 30 percent. The key features of the product include excellent impact resistance and flexibility, as well as good corrosion and UV resistance.
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The Powder Coatings Market is projected to reach USD 13.49 Billion by 2022, at a CAGR of 6.75% from 2017 to 2022. In this study, 2016 has been considered as the base year for estimating the market size. The market is mainly driven by factors such as stringent government regulations, growth in various end-use industries, and technological advancements.
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Browse 255 market data tables and 69 figures spread through 233 pages and in-depth TOC on "Powder Coatings Market by Resin Type (Thermoset, Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and Region - Global Forecast to 2022".
Expansion is the key strategy adopted by industry players to grow in the powder coatings market. This strategy accounted for a share of 34.7%, between 2013 and 2017, of all the growth strategies adopted by the market players. Companies are expanding their manufacturing facilities in emerging regions across the world due to the rising demand for powder coatings.
Besides expansion, companies are also investing in the strategy of new product launches by expanding their product portfolios to fulfil the growing demand of consumers. This strategy accounted for a share of 30.6% of all the developments witnessed between 2013 and 2017. Companies also focused on acquisitions and partnerships during the last four years. These strategies together accounted for a share of about 35% all the strategic developments.
North America was the most active region from 2013 and 2017, in terms of strategic initiatives. New product launch has been the preferred strategy in this region.
Companies, such as AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Jotun A/S (Norway), and The Valspar Corporation (U.S.) launched several new products in the region to increase their portfolio of powder coating products.
Major manufacturers, such as AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Somar Corporation (Japan), are profiled in this report. These companies have adopted both, organic and inorganic growth strategies.
Axalta Coating Systems is the most active player in the powder coatings market. It accounted for the largest share of all the developmental activities undertaken in the powder coatings market.
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The powder coatings market in APAC is expected to grow at the highest CAGR during the forecast period. Strong growth can be witnessed in powder coatings market in the Asia-Pacific region, especially in China, India, and South-East Asian countries. Increase in purchasing power parity and demand from the end-use industries specially appliances and automotive drives the powder coatings market.
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Worldwide Market Reports added Latest Research Report titled “Powder Coatings Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis ”to its Large Report database.
The Global Powder Coatings Market was valued at US$ 9,130.4 Million in 2016, according to a new report published by Coherent Market Insights. The increasing use of powder coatings in various end-use industries such as appliances, automotive, furniture, architecture, and industrial will enhance the market growth in the forecast period. The solvent free content of these coatings results in negligible or low volatile organic compounds (VOC) emissions, which in turn makes these products environment friendly and hence, fuel demand for these coatings globally.
The global powder coatings market has witnessed significant growth in the last five years, owing to its added advantage over liquid coatings and low VOC emissions that helps end-use industries ensure regulatory compliance. Powder coatings helps in maintaining the outer appearance of the substrate on which they are applied and therefore, are extensively used by furniture manufacturers. These coatings are mainly applied on metal substrates as it helps in preventing scratches and provides better gloss appearance to the product as compared to other coatings.
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Thermoset resin is the largest resin type segment that accounts for over 90% market share in the global powder coatings market. These resins are mostly preferred as they help in preventing shock and corrosion to industrial equipment, various appliances, and automobile parts and thereby, helps increase the lifespan of the product. Epoxy polyester hybrid resin segment is projected to witness the fastest growth during the forecast period. These resins are most suitable in heavy duty equipment, appliances, electrical enclosures, and agriculture equipment. Polyesters is expected to be the largest sub-segment in thermoset resin segment during the forecast period. These resins are highly applied in outdoor furniture and automotive parts manufacturing due to its superior performance in sunlight.
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Key takeaways of the market:
• Asia-Pacific is projected to be the largest region in global powder coatings market. It accounted for around 42% of overall powder coatings market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing construction, and automotive end-use industries, rising urbanization, growing demand for fully furnished homes are some of the key drivers for the growth of powder coatings in the Asia-Pacific region.
• The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing automotive sales, and construction activities are expected to create lucrative growth opportunities for the players in this region.
• Automotive industry is one of the key industries for the use of powder coatings. A strong automobile sales in Asia-Pacific and Europe is expected to enhance the growth of powder coatings in the forecast period. The automotive applications such as rims, door handles, and under-the-hood components are the key automotive application for the use of powder coatings. In 2013, global automobile production was around 84 million units and has since registered 10% growth every year. Furthermore, growing sales of appliances for domestic and commercial applications such as washing machines, microwave ovens, air conditioner, freezer cabinets are also fueling growth of the market.
• PPG industries, AkzoNobel, Sherwin Williams, BASF, Axalta Group, Nippon Paints, Jotun A/S, Kansai Paint Co., Ltd, E.I. DuPont and The Valspar Corporation are few of the key players in global powder coatings market.
• There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance, PPG Industries launched a new cross-link polymer technology, which is introduced through ENVIROCRON HTE powder coatings. This product maximizes first pass transfer-efficiency rates for difficult-to-coat applications and provide faster built rates than traditional polyester coatings. Commercialization of the same is expected to scale the revenue over the forecast period.
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