TAGS: Powder Coatings
Powder coatings market size will grow to USD 16.8 billion by 2026 from USD 13.8 billion in 2021, at a CAGR of 3.9% during the 2021-2026 period. APAC is the largest consumer of powder coatings.
Growth in various end-use industries, stringent environmental regulations, and technological advancements are the factors driving the powder coatings market.
Thermoset Resin to Lead Powder Coatings Market
The thermoset resin segment is expected to lead the growth during the forecast period. Thermoset powder coatings are used on a wide array of automotive, appliances, and general industrial products.
An increasing number of end users demand powder coatings for high quality and durable finish, allowing for maximized production, improved efficiencies, and simplified environmental compliance. Thermoset powder coating systems offer broad formulation flexibility.
They are very durable and are widely used in both decorative and functional applications. Thermosetting powders are derived from polyester, epoxy-polyester hybrid, epoxy, acrylic, polyurethane, and other resins.
Fastest Growing End-use Industry of Powder Coatings
The appliance industry is projected to be the fastest-growing end-use industry of Powder Coatings. Factors such as increase in per capita income and consumer spending, changing consumer preferences, and growing need for automation and technology advancements, are behind the rapid growth of the powder-coated appliances market.
The developing economies of India, Brazil, and Russia are expected to be key consumers during the projected period because of the developing consumer goods market in these countries. China has been the largest revenue generator in the appliances industry.
APAC is the largest Powder Coatings market, globally.
APAC is the leading market for Powder Coatings. Countries such as India, China, and Indonesia are investing heavily in various end-use industries, which is likely to influence the growth of the powder coatings market in these countries.
The market in the APAC region will witness a significant rise owing to the growth of the electronics and automotive industries in China, Thailand, India, South Korea, and Taiwan. Increasing demand for consumer goods, including washing machines and refrigerators, in countries such as India, China, Vietnam, the Philippines, and Thailand, is expected to boost the demand for powder coating in these applications.
The key players profiled in the powder coatings market report are PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), Tiger Coatings GmbH & Co. KG (Austria) and Jotun A/S (Norway).
Source: Markets and Markets (M&M)