The Growing Need For Medical Devices Is One Of The Major Factors That Is Anticipated To Propel The Growth Of The Powder Coatings Market During The Forecast Period
Rockville, Nov. 21, 2022 (GLOBE NEWSWIRE) — The powder coatings market reached a valuation of US$ 13.48 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a 6.0% CAGR, reaching US$ 24.15 Billion. Increased disposable income of consumers coupled with the growing population has resulted in an increasing demand for automobiles, furniture, electronics, industrial and household appliances, agricultural equipment and other products.
Powder is being used to coat various surfaces such as engine parts, pipes and fixtures, metal parts used in household appliances and other products. Thus, an increased demand of finished goods has led to a growing demand for powder coatings in these countries. Increasing demand for automobiles such as cars and commercial vehicles in developing countries such as China, India and Brazil and replacement or spare parts in developed economies such as the UK and U.S. coupled with the increasing application of powder coatings on numerous parts of automobiles is expected to drive the powder coating market over the next few years.
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Demand for powder coatings has increased over the past decade owing to rising application of powder coatings in automotive and appliances and furniture manufacturing industries. Use of powder coatings for consumer goods, namely automobiles, refrigerators, water heaters, dishwashers, microwaves, and industrial machinery has been on the rise. Growing demand on account of increasing purchasing power of consumers in developing economies is cited as the main factor that will influence sales of powder coatings over the coming years. Also, attributable to their versatility and widespread usage, sales of powder coatings will increase in the forthcoming decade.
The market is expanding rapidly due to a reduction in the use of volatile organic compounds (VOCs). These coatings consist of no VOCs, thus reducing atmospheric pollution, safe storage and handling, and low fire hazard. VOCs are chemicals that vaporize at room temperature and are the leading cause of ground-level air pollution. Nitrogen oxides react with VOCs to form smog and can cause nose, throat, eye irritations, headaches, memory impairment, visual disorders, and cancer in humans.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 3.1% was recorded for the Powder Coatings market from 2017-2022
- In FY 2022, the Powder Coatings market reached a valuation of US$ 13.48 Million
- The market is likely to register a Y-o-Y growth rate of 5.0% in 2023
- By Resins, the Epoxy Segment is expected to dominate the market, documenting a 6.0% value CAGR
- As per Fact.MR’s projections, the market for Powder Coatings in the US will likely expand at a 6.6% CAGR
- The Powder Coatings market in Japan is expected to expand at a 5.9% CAGR
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Prominent players in the Powder Coatings Industry are taking advantage of the rapidly increasing demand for the Powder Coatings in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- In April 2022, PPG Industries announced that it had completed the acquisition of the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy.
- In September 2021, Covestro’s Ultra series of coating hardeners was used by BASF’s Coatings division. As a result, BASF was able to improve its refinish coatings portfolio to meet the strict occupational safety regulations for isocyanate usage.
Prominent Powder Coatings Service Players:
- PPG Industries
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- Axalta Coating Systems LLC
- Jotun A/S
Key Segments Covered in the Powder Coatings Industry Survey
By Resin :
- Epoxy-Polyester (Hybrid)
- Epoxy Polyester
By Application :
- Consumer Goods
- General Industries
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Fact.MR, in its new offering, presents an unbiased analysis of the global Powder Coatings market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of resins (epoxy, polyester, epoxy-polyester (hybrid), acrylic, polyurethane, and epoxy polyester), by application (consumer goods, architectural, automotive, general industries, and furniture), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and the Middle East & Africa).
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