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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