The value of powder coatings market is projected to grow with a CAGR of 6.0% during the forecast period of 2017 – 2023 and surpass USD 12 billion by 2023. It was worth USD 8.X billion in 2015. Powder coatings are type of coating which is applied on metal parts and product to enhance durability of metal parts and products. The powder used in such coatings include thermoplastic or thermoset polymer. Powder coatings are primarily used for providing hard finish to metal products. It is tougher than conventional paint and also enhances the performance of metal products. Apart from durability, powder coatings offer benefits such as scratch resistance, gloss retention and durable quality finish for metal parts and products. It is mainly used in application on metal parts exposed to extreme weather conditions. Furthermore, it is used in household appliances, aluminum extrusion and automobile & bicycle parts; apart from this it is cost efficient.
High adoption of the technology in the automotive sector on account of excellent performance, low operational costs, wide color availability and custom properties such as anti-corrosion and anti-bacterial functions are considered to be major market drivers for powder coating market. Moreover, rising application of powder coatings in several sectors such as household appliances, industrial and construction is also supporting the growth of this market. However, fluctuating costs of raw material used to manufacture powder coatings is considered to be the key restraining factor of powder coating market.
Figure: Powder Coatings Market by value 2015-2023
The report segments the powder coatings market by product type, by application and by region. Market segmentation based on the product type includes water based coatings; Solvent based coatings and powder coatings. On the basis of application market segmented into automotive, steel, architectural, marine, furniture and consumer goods. Moreover, consumer good is the fastest grown segment and accounted more than XX% of market share followed by automotive industry X%.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. As of 2015, APAC was the largest powder coatings market in terms of both value and volume, with a majority market share globally. China is the largest producer of powder coatings and considered to be the key factor driving growth of this market across the region. Following APAC, Europe is the second largest market and projected to grow at a healthy CAGR over the forecast period. Presence of leading automobile manufacturer such as Chevrolet, Daimler-Chrysler, Mercedes-Benz and Dodge in Europe expected to drive the growth of this market over the forecast period. In North America, U.S provides new opportunity for growth as 80% demand for powder coatings coming from U.S owing to increasing architectural applications.
The companies covered in the report include, 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, Tikkurila OYJ.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of powder coatings globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on 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 value chain analysis of powder coatings market. Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the powder coatings market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This section also provides crucial information on safety profiles of the chemicals in European Union.
The report also provides in depth analysis of impact of REACH policy (Registration, Evaluation and Authorization of Chemicals) adopted by the European Union on the powder coatings market over the period of 2017 to 2023.This report will help manufacturers, suppliers and distributors in this market to understand the present and future trends in this market and formulate their strategies accordingly.
The report also provides in depth analysis of regulatory framework pertaining to powder coatings market. This will help the companies to understand the regulatory compliances, supports, barriers in the powder coatings market. This section highlights key amendments and their implication on powder coatings market in the short run as well as in the long run.
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