According to a new report published by Allied Market Research, titled,"India Powder Coatings Market by Resin Type, Coating Method, and Application: Opportunity Analysis and Industry Forecast, 2018 - 2025,"The India powder coatings market accounted for revenue of $896.7 million in 2017 and is anticipated to generate revenue of $1,508.2 million by 2025. The India powder coatings market is projected to grow at a CAGR of 6.6% from 2018 to 2025.
Powder coatings are gaining increased importance in the automotive, furniture, appliances, and others, as powders are an essential part of a construction that experience damages such as spillage; abrasion; and exposure to dust, chemicals, heavy load, and UV light. Major manufacturers focus on advancement in technology for the development of eco-friendly products. Epoxy powder coating is a major resin type used across all the major industries in the India powder coatings market. The factors that drive the India powder coatings market growth include rise in awareness related to the benefits provided by the powder coatings in industrial, and development of powder coatings in compliance to the environment. The India powder coatings market size is expanding at a significant pace on account of rising foreign direct investments (FDI) due to Make in India scheme.
The use of metallic epoxies for garage and other commercial powder spaces is the latest trend in the commercial powder coatings market, as they provide high-gloss, metallic finish, which enhance the look of the powder. Moreover, these powder coatings exhibit prolonged durability and resist abrasion. Also, they are easy to maintain. Imparting aesthetic appearance to the indoor spaces, which further facilitate their adoption in the India powder coatings market. Such innovation and product development shift the use of traditional powder coatings toward new advanced powder coating solutions.
Rapid urbanization in India leads to upsurge in civil construction activities, which is a key factor that promotes the usage of powder coatings. This is further anticipated to increase the India powder coatings market share in the APAC region.
The India powder coatings market is segmented based on resin type, coating method, application, and region. Based on resin type, it is categorized into thermoset and thermoplastic. By coating method, the market is classified into electrostatic spray, and fluidized bed. By application, it is classified into appliances, automotive, architectural, furniture, agriculture, construction, and earthmoving equipment (ACE), general industrial, and others. By region, the market is studied across North India, South India, East India, and West India.
India powder coatings market analysis covers in depth information of major industry participants. The key players analyzed in India powder coatings market are Akzo Nobel India Ltd., Jotun India Private Limited, Marpol Private Limited, Rapid Engineering Co. Pvt. Ltd., Berger Paints India Limited, and PPG Asian Paints Private Limited., Maharani Paints Pvt. Ltd., Durolac Paints, Inc., Titan Paints & Chemicals Ltd., and Tulip Paints. Other players operating in the market include the Zigma Paints (P) Limited, Paramount Powders Pvt. Ltd., Chanda Paints Pvt. Ltd., and Par-Ferro Coatings Pvt. Ltd.
Key Findings of the India Powder Coatings Market:
- Thermoset in the resin type segment dominated the India powder coatings market with a revenue share of over 95.2% in 2017
- North India is projected to grow at a highest CAGR of nearly 7.0%, in terms of revenue, during the forecast period
- The appliances segment dominated the application segment with 30.2%- share in 2017
- The India powder coatings market trends has been analyzed across the major states of the region.
- The major states in each region have been mapped according to their individual revenue contribution to the regional market.
- The qualitative data in this report aims on the market dynamics, trends, and developments in the India powder coatings industry while the quantitative data provides information of the India powder coatings market size in terms of value as well as volume.