The market size for powder coatings 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.
Browse 348
market data Tables and 57 Figures spread through 408 Pages and
in-depth TOC on "Powder Coatings Market by Resin Type (Thermoset and
Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-use
Industry (Appliances, Automotive, General Industrial, Architectural, Furniture)
and Region - Global Forecast to 2026"
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COVID-19 Impact
on the Global Powder Coatings Market
The outbreak of
COVID-19 has disrupted the production of raw materials used in paints and
coatings manufacturing. Asian countries such as India, China, Japan, Singapore,
and Thailand are the hubs for paints and coatings manufacturing and are major
suppliers of these raw materials. The outbreak of the novel coronavirus in APAC
has affected the supply of these raw materials. For instance, China is one of
the major suppliers of resins and exports a million tons of resins in the
global market. The break in the supplies of raw materials has reduced the
production of paints and coatings products.
In April 2020, all
private buildings and construction sites, government constructions, and
refinish automotive businesses were hit drastically. Retailors are also
canceling already placed bulk orders of paint and coatings products due to the
shutdown of the market. End-use consumers are not buying expensive coating
technologies such as polyurea and polyurethanes from distributors and retailers
due to COVID-19. Overall, the sales of paints and coatings products are
hampered at the distributors’ level due to the suspension of construction and
building activities.
PPG is a US-based company that manufactures and
distributes coatings and optical & specialty materials. The company mainly
operates through two segments: Performance Coatings and Industrial Coatings. It
provides powder coatings under the Industrial Coatings segment. These powder
coatings provide great chip and corrosion resistance to extend the life of the
substrate and are available in various chemistries, such as epoxy, epoxy
polyester hybrids, polyester, polyurethane, acrylics, and fluoropolymer.
Envirocron, Duranar, Caroflon, Silversan, and FasTREK are some of the brand
names under which PPG manufactures powder coatings. The Performance Coatings
segment includes paints and coatings for aerospace, automotive, marine, and
architectural applications. In March 2020, PPG completed its acquisition of
Alpha Coating Technologies, LLC (“Alpha”). The acquisition provides additional
powder manufacturing capacity. This includes small batch and low cure powder
manufacturing capabilities for general finishes, light industrial, furniture,
and heat-sensitive substrate end uses.
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Appliance industry is the fastest-growing end-use
industry segment of the Powder Coatings market.
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), and Jotun A/S
(Norway).
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