According to a new report published by Allied Market Research, titled, "U.S. & Europe Powder Coatings Market by Resin Type, Coating Method, and Application: Opportunity Analysis and Industry Forecast, 2019-2026," the U.S. & Europe powder coatings market was valued at $2,965.7 million in 2018, and is projected to reach $4,292.5 million by 2026, growing at a CAGR of 4.7% from 2019 to 2026.
Increase in adoption of powder coatings across various end-user industries such as automotive, appliances, furniture, and construction, is one of the major factors expected to drive the growth of the U.S. & Europe powder coatings market. This trend is expected to continue as it is solvent-free. In addition, the shift toward the use of powder coating due to low-VOC content of the product is positively affecting the demand for powder coatings in various applications. However, presence of contaminants in wastewater discharge and increase in raw material cost hamper the growth of the market. On the contrary, emergence of new application methods is expected to provide lucrative growth opportunities.
Based on resin type, the U.S. & Europe powder coatings market is segmented into thermoset and thermoplastic. Thermoset is further categorized into epoxy, polyester, epoxy polyester hybrid, and acrylic. Thermoplastic is further classified into polyvinyl chloride (PVC), nylon, polyolefin, and polyvinylidene fluoride (PVDF). Thermoset resin is mostly used in powder coating as it provides surface layer that is decorative and durable. Thermoplastic resin has properties such as resistance to corrosion, UV protection, high flexibility, and operation at low temperature.
Based on coating method, the U.S. & Europe powder coatings market is segmented into electrostatic spray and fluidized bed. Electrostatic spray is used in automotive industry owing to its benefits such as low cost of automation. Fluidized bed is mostly used to coat home appliances as it provides high thickness of coating.
Based on application, the market is divided into appliances, automotive, architectural, furniture, agriculture construction, and earthmoving equipment (ACE), and others. In the appliance industry, powder coating is used owing to its properties such as resistance to abrasion and temperature cycling. In the automotive industry, powder coating is applied on automotive components and parts to increase their shelf life.
Based on region, the market is analyzed across the U.S. and Europe. Increase in demand and production of electric vehicles have led to surge in demand for powder coating in the U.S. and Europe.
Key Findings of the U.S. & Europe Powder Coatings Market:
- The Europe powder coating market is predicted to hold a share of over 51.9% by 2026.
- The U.S. powder coating market is predicted to hold a share of over 48.1% by 2026.
- The electrostatic spray segment is expected to hold a dominant share of the market in terms of revenue, over the projected period.
- The automotive application segment held a share of over 18.9% in 2018 and is projected to grow to 19.4% by 2026.
The market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The key players operating in the U.S. & Europe powder coatings market include Akzonobel N.V., American Powder Coatings Inc., Axalta Coating Systems, BASF SE, IFS Coatings Inc., PPG Industries Inc., Powder Coating USA, Inc., The Sherwin-Williams Company, Tiger Drylac U.S.A., Inc., Jotun, and RPM International Inc.