According to a new market report published by Credence Research Inc., “Powder Coatings Market by Resin Type (Epoxy, Polyester, Epoxy-Polyester, Acrylic, Polyurethane and Others), by Application Type (Consumer Goods, Automotive, Architectural, General Industries, Furniture and Others)” – Growth, Future Prospects, Competitive Analysis, 2016 – 2023”, the worldwide powder coatings market was valued at US$ 8.70 Bn in 2015. In the same year, in terms of volume the powder coatings market was 2.36 Million tons.
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The global powder coatings market is projected to grow significantly during the forecast period. Rising applications of powder coatings in various sectors such as automotive, furniture and appliances among others is the major factor driving the market growth. Moreover, advantages of powder coatings over traditional wet paints such as high resistance to corrosion, durability, cost-effective, and high-quality finish is another factor contributing towards the market growth. Powder coatings are environment friendly as they are solvent free thus result in negligible emissions of volatile organic compounds (VOC). Therefore, have high support from the government regulatory such as REACH and EPA, thereby fueling demand. However, application and design issues are inhibiting the market growth. High consumption of energy is another factor restraining the market growth over the next six years.
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Emerging economies such as India, China, Malaysia, Brazil, and some GCC countries offers lucrative growth due to strong growth in automotive industry. Growing demand for furniture along with the availability of the product is projected to propel the market growth. Continuous innovation and technological advancements is projected to further expand market opportunities.
The market is moderately fragmented with top ten participants accounted for 45% share of the global market in 2015. AkzoNobel, PPG, Sherwin Williams and Axalta are some of the prominent players present in this market. To increase their foothold in the market companies are focusing on various product innovation. Some of the others key players present in this market are Jotun, BASF and Nippon Paint among others.
- Emerging economies offers huge untapped market potential
- Advancement in technologies provide huge market opportunities
- Rising demand for powder coatings from various end use sectors