According to a new report published by Allied Market Research, titled, " Powder coatings market by Resin Type, Coating Method, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global powder coatings market size is expected to garner $15.0 billion by 2026, registering a CAGR of 5.4% during the period from 2019 to 2026.
Powder coatings in automotive application segment occupied the major powder coatings market share in terms of revenue, 2018 and is expected to maintain its lead throughout the analysis period.
Significant drivers of the powder coatings market include increasing adoption of powder coatings over liquid coatings, supporting environmental regulations, increasing demand for appliances, booming construction industry, and rapid economic growth in emerging countries. However, difficulty in the application of thin coats is expected to impede this growth.
In the year 2018, thermoset powder coatings segment occupied a dominating position as it provides superior finish with excellent durability that reduces the maintenance and prolongs the shelf life of the coated products. Moreover, stringent regulations have led to increased penetration of powder coatings over liquid coatings. Powder coating overspray can be recycled and reused, which means 100% coating material can be utilized. Powder coatings in appliances application segment is expected to witness high growth during forecast period.
Electrostatic spray is the most adopted coating technique as it enables coating of intricate shapes and does not require preheating of components. This segment is expected to continue its dominance throughout the forecast period.
Asia-Pacific accounted for more than half of the total powder coatings market in 2018 and is expected to maintain its lead position throughout the forecast period. This is attributable to the increasing domestic production of automotive, appliances, and growing construction industry. In Asia-Pacific, China is the fastest growing country for the consumption of powder coatings and is expected to continue this dominance during the forecast period in terms of both, volume and revenue.
Key Findings of the Powder Coatings Market :
- The automotive application segment occupied the highest share of 19.0% in 2018 in terms of revenue
- Electrostatic spray technique was the dominant segment in 2018 and is anticipated to maintain its lead in the powder coatings market.
- The thermoset segment occupied the highest share of 92.0% in 2018 in terms of revenue
- China is the leading consumer of powder coatings in the Asia-Pacific region followed by India.
- The appliances application is projected to be the fastest growing segment.
- Top players in operating in the powder coatings market include BASF SE, Akzo Nobel N.V., Kansai Nerolac Paints Limited, Axalta Coating Systems, PPG Industries, Berger Paints, IFS Coatings, Tiger Coatings, The Valspar Corporation, and Sherwin Williams.