Powder coatings has shown a significant growth from last few years. It is an eco-friendly coating that does not cause any waste during production and consumption, hence making it environment friendly. There is very low or negligible content of volatile organic compounds (VOCs) in powder coatings as compared to liquid coatings, making it a preferred choice across various industries. Powder coating is a ready-to-use product that does not require any mixing procedure or thinner, which rules out any major side-effects to people in contact with it. Rampant growth of various end-use industries such as automotive, architectural, and furniture, among others has in turn fueled growth of the powder coatings market. The increasing technological advancements and stringent environmental regulations, in turn increasing demand for VOC & solvent free products are key growth drivers in the global powder coatings market.
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The global powder coatings market size is estimated at US$ 9,130.4 million (revenue) and 2,314.6 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 6.2% in terms of revenue and 6.9% in terms of volume during the period 2017 – 2025.
Appliance is the largest end-use industry in the global powder coatings market. Powder coatings are widely utilized in appliances used in domestic and commercial applications at homes, hotels, restaurants, corporate offices, and hospitals, among others. Powder coating is a superior coating technology that provides both decoration, and protection to the substrate that it is applied to. These coatings help prevent corrosion, and yellowing, while the appliance industry utilize these coatings on dryer drums, water heaters, freezer cabinets, light fixture, air conditioner cabinets, front & side panels of refrigerators, washer lids & tops, in the cavities of oven & microwave, etc.
Increasing construction activities around the world in turn increases demand for doorframes, windows, kitchen, furniture, building facades, electrical fixtures, and bathroom fixtures. This in turn propels use of powder coatings in the construction industry due to its anti-corrosion & anti-bacterial properties.
The increasing preference of auto manufacturers towards the use of powder coatings due to the considerable cost reductions, low operational costs, excellent performance, wide color availability, and other benefits offered by these products fuels growth of the powder coating market.
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Growing furniture industry to boost the market growth
Asia Pacific, followed by Europe and North America accounted for major share in the global powder coatings market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 46.9% in terms of volume, followed by Europe (27.6%). The growing demand for furniture in Asia Pacific due to growing population, increased urbanization and growing retail and hospitality sector is expected to drive growth of the global powder coatings market over the forecast period. According to a study conducted by Coherent Market Insights, the global furniture market is expected to witness a CAGR of 5.2% from 2017 to 2025 which is expected to fuel the global powder coatings market.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future.
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Major players in the global powder coatings market include Axalta Coating Systems, AkzoNobel N.V., Asia Paints Limited, PPG Industries Inc., Somar Corporation and Beger Paints India Limited among others.
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