A recent report published by Infinium Global Research on the powder coatings market provides in-depth analysis of segments and sub-segments in the global as well as regional powder coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional powder coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global powder coatings market. According to the report, the global powder coatings market is projected to reach USD 21.03 billion by 2027 from USD 13.38 billion in 2021, growing at a CAGR of 7.82% over the forecast period of 2021-2027.
Powder coatings are 100% solid coatings that consist of a homogeneous blend of polymers, pigments, and additives that are produced in the form of a fine powder. Powder coating is used for dry finishing as its advantages of high resistance diminish coatings quality helps in reducing the scratches, corrosion, chipping, fading, and other wear and tear issues giving a long-lasting, durable finish and smooth texture to the surfaces. They are available in a wide range of colors and textures. Due to this, they play a vital role in protecting metallic and non-metallic substrates. Powder coating has many other advantages like they are readily available, its operating cost is low, its give us good appearance over the surfaces it has uniform thickness too and moreover, it is less harmful to human.
The rising awareness regarding the benefits of powder coatings among consumers is the major driving factor for the market growth. The demand for powder coatings is increasing substantially due to advanced technologies and increasing requirements from areas such as automotive, furniture, architecture, agriculture, appliances, earthmoving equipment, construction, general industries among others. The use of powder coating is mainly done in consumer goods as they do not contain solvent and are highly flexible than liquid coatings. Powder coating is proven to be durable, corrosion-free, with high-quality esthetics. Due to its low operational cost, good performance, color availability, and custom properties like anti-corrosion and anti-bacterial functions, powder coatings are been highly used in the furniture sector.
Among the regions, Asia Pacific accounted for the largest share in the global Powder Coatings market. With its anti-corrosion and anti-bacterial properties, low operational cost, good performance and there is rapid growth in the automotive and electronics sector, the Powder Coatings market is majorly driven in the Asia Pacific region. However, the European region is anticipated to grow with the highest rate in the global Powder Coatings market over the forecast period as they have a surging automobile industry that has a strong manufacturing base of companies in that region. The growth is attributed to the increasing demand for powder coating in emerging markets. In addition, the entry of well-known global brands is expected to propel this regional market during the forecast period
The report on global powder coatings market covers segments such as type, and application. On the basis of type, the sub-markets include water-based coatings, solvent-based coatings, powder coatings, and others. On the basis of application, the sub-markets include automotive, steel, architectural, marine, furniture, and consumer goods.
The report provides profiles of the companies in the market such as Akzonobel N.V., Asian Paints Limited, Axalta Coating Systems LLC, BASF SE, Jotun A/S, Kansai Paint Company Limited, PPG Industries, The Valspar Corporation, The Sherwin-Williams Company, and Tikkurila OYJ.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of powder coatings market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.