ROCKVILLE, Md., March 22, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global powder coatings market is expected to grow at a compound annual rate (CAGR) of 6% between 2021 and 2031. The market is expected to reach US$15 billion by the end of 2031.
the application for powder coatings is expected to grow over the forecast period and the market is expected to reach a global market size of US$12 billion by 2020.
The application of powder coatings is done on metal surfaces to provide a high quality finish. Powder coatings have grown in popularity and become one of the most general finishing techniques for automotive and other parts due to their durable finish and smooth corrosion resistant texture.
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The main driver for the growth of powder coating materials has been the search for environmentally friendly substitutes for solvent-laden paints.
Features such as high resistance to abrasion, chipping, corrosion, and wear from excessive operation are added bonuses for sustainable market growth. Market players are gaining competitive edge through product innovation and integration of latest technologically advanced manufacturing processes.
Will the growth of various end-use industries drive the demand for powder coatings?
Powder coatings have a wide range of applications in the automotive, appliance, furniture, architectural, general industrial, and other industries. As such, there is a growth in demand for powder coatings with new applications being developed.
The use of powder coatings for furniture manufacturing will continue to grow steadily over the next few years. Computing and telecommunications are also new markets where the applications of powder coatings are widely explored.
The use of powder coatings for automotive applications is also a new rising trend in the market. Door handles, bumpers, window handles and other auto parts including radiator coil springs, shock absorbers and breakaway parts are also powder coated.
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Key segments covered by the powder coatings industry survey
- Epoxy powder coatings
- Polyester powder coatings
- Epoxy-polyester (hybrid) powder coatings
- Acrylic powder coatings
- Polyurethane powder coatings
- Polyester epoxy powder coatings
- Powder coatings for consumer goods
- Architectural Powder Coatings
- Automotive powder coatings
- Powder coatings for general industries
- Powder coatings for furniture
Leading companies in this powder coating market are also focusing on expanding their production capacities to strengthen their market position. Major manufacturers of powder coating products are also investing in collaborative projects to survive market competition.
Some of the key developments are:
- In March 2019, PPG introduced PPG ENVIROCRON Extreme Protective Edge Coatings, which utilize advanced patent-pending powder coating technology that provides exceptional edge corrosion protection in a single coat. Specially formulated to cover sharp edges created during metal fabrication, this innovative technology provides coverage that outperforms standard one- and two-coat powder systems.
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Powder Coatings Market Key Players
- PPG Industries
- The Sherwin-Williams Company
- Akzo Nobel SA
- Axalta Coating Systems
- Jotun A/S
Key insights from market research
- The global powder coatings market is expected to reach a valuation of US$15 billion by 2031.
- Epoxy-based coatings hold more than 30% total market share when categorized by resins.
- Europe leads the global market with a majority market share of over 30%. The increase in automobile production is cited as the most visible factor in regional growth.
- Consumer goods represent the maximum demand for powder coatings, with a market share of over 23%.
- Increasing application in furniture will expand the segment at a robust CAGR of over 8%.
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