Powder Coatings Market-Overview
The Powder Coatings Market size is projected to grow from USD 12.1 billion in 2021 to USD 18.1 billion by 2030, at a CAGR of 7.2%
The need for protection from damage, especially for cars, motivates the growth of the Powder Coatings Market share in the coming period. Furthermore, breakthroughs achieved in enhancing the product quality are estimated to bolster the powder coating market expansion in the forthcoming period.
The use of powder coating in the automotive sector has surged significantly and is estimated to continue to do so in the coming period. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period.
Detailed Regional Analysis
The powder coating market's regional evaluation includes Asia Pacific, Europe, North America, and other critical regional markets. The Asia Pacific powder coating market is foreseen to power the powder coatings requirement and offer profitable chances for the manufacturers working in the industry. The APAC powder coating market's regional development of the market can be credited to the augmenting sales and manufacture of passenger and commercial vehicles. The future of powder coating is anticipated to obtain a distinguished market share in the assessment period due to the region's rising automobile manufacture. The North American region's powder coating market is anticipated to collect a momentous market due to the car sector's growth is expected to make a noteworthy input in evolving the regional powder coating market
Segmental Analysis
The segmental study of the powder coating market is conducted on the basis of resin type, coating method, substrate, application, and region. The substrate segment of the powder coating market consists of non-metal and metal. The resin type segment of the powder coating market consists of thermoset and thermoplastic. The powder coating market's application segment consists of consumer goods appliances, automotive transportation, construction equipment, and architecture furniture. The coating method segment of the powder coating market consists of electrostatic fluidized bed process, electrostatic spray coating, fluidized bed coating, and flame spraying. The region segment of the powder coating market comprises of Asia Pacific, Europe, North America and other critical regional markets.
Competitive Analysis
The role of innovation is estimated to become even more important for progress as the market grows. The effect of novelty and effective pricing policies will help the global market return to an optimal functioning level in the forecast period. The market is estimated to profit from the contenders' overall contribution who are having different fortes for growth. The improvement in trade and distribution policies is further anticipated to motivate the market's development in the upcoming period. The expansion of geographical footprint is estimated to tap into undiscovered segments is likely to have a favorable effect on the market developments. The buoyancy in market sentiment will act as a tool for future growth. The investment trend in the market is projected to display a trend of mergers and acquisitions. The role of government bodies is estimated to be essential to the development of the market. The presence of online channels is predicted to enhance the market's advancement in the upcoming years.
The influential contenders in the powder coating market are Axalta Coating Systems Ltd (US), Berger Paints India Limited (India), Nippon Paint Holdings Co., Ltd (Japan), Akzo Nobel N.V. (Netherlands), Asian Paints PPG Pvt. Limited (India), The Sherwin-Williams Company (US), DSM (Netherlands), TCI Powder (US), PPG Industries, Inc. (US), BASF SE (Germany), Jotun (Norway), and Kansai Paint Co., Ltd (Japan).
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Industry Updates:
Apr 2021 Akzo Nobel has invested in coatings application technology from Qlayers. The expertise from Qlayers, opening up new potentials in industrial coatings, has driven Akzo Nobel to obtain a stake in the startup. Qlayers' coating technology presents a fully automated result that is better, more reliable and faster than the physical coating processes used nowadays in the industry. By eradicating overspray, it is deemed as a sustainable solution that saves expenses.
Oct 2020 Stardust Powder Coatings, a producer of powder coatings based in Italy, has confirmed for the first time and with optimistic results an antiviral coating that can constrain the human Coronavirus NL63. These coatings can prevent the viruses existing on the metal surfaces around us, such as furniture and light fittings, thus reducing the danger of the active virus coming into contact with humans due to a dirty surface.
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