ALBANY, New York, April 25, 2019 /PRNewswire/ -- The global powder coatings market has a highly competitive vendor landscape, predicts Transparency Market Research (TMR) during the study period. Akzo Nobel N.V., Axalta Coating Systems, PPG Industries, Inc., The Sherwin-Williams Company, PPG Industries, Inc., BASF SE, Kansai Paint Co., Ltd, and Nippon Paint Holdings Co., Ltd. are some of the key players in the global powder coatings market. These key players are increasingly investing in the production of more safer and green products; the introduction of these products is helping them to gain a profitable edge of the global powder coatings market.
According to TMR, the global powder coatings market is assessed to expand at a CAGR of 6.6% over the forecast period from 2018 to 2026. With this vigorous CAGR, the market is expected to attain a value of US$16,203.14 mn by 2026-end from the revenue collected in 2017 of US$ 9099.66 mn.
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Based on the type, the thermoset segment dominated the global powder coatings market in the years 2017 and is likely to remain dominant over the forecast period. On the basis of the coating method, the electrostatic spray segment dominated the global powder coatings market in terms of volume. Regionally, the Asia Pacific led the pack in 2017 and is expected to be the leading region by the end of the forecast period. This growth is ascribed to the rapid industrialization in the region. However, in terms of volume and value, North America is dominant and is estimated to be dominant in the years to come.
Stringent Regulation on VOCs to be Beneficial for the Powder Coatings Market's Growth
Numerous countries have declared several guidelines over the evaluation, storage, registration, usage, transportation of certain substances, and their handling along with waste treatment, emission, and effluent emission. Additionally, these norms are strict and thus a violation of these regulations results to the legal obligation. Thus, the manufacturers are avoiding the use of harmful or solvent-based coatings, as they are more likely to emit VOCs on a large level. This shift of manufacturers from solvent-based coatings to water-based coatings such as powder coatings and thus, its emission of VOCs is negligible than solvent based-coatings. This is a key factor supporting the growth of the powder coatings market. Additionally, the absence of efficient alternatives is likely to drive market growth in the coming few years.
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Additionally, powder coatings offer excellent texture and improved metallic color. It also enhances abrasion and scratch protection, which improves the overall look of the material. This use of powder coating is widening across numerous industries such as automotive, mechanical, and construction. Farther, comparing with liquid coatings, the powder coating has high heat transfer efficacy, which is boosting its applications across the other industries such as earthmoving equipment, agriculture, and appliances. This widening application is likely to propel the market's growth in the forthcoming years.
High Investment in R&D to Offer Opportunities for Growth in Future
Advantages of powder coatings such as recycling and especially reusing of the over-sprayed product are enhancing its transfer efficiency and resulting to drive the growth of the powder coatings market. Coating effectiveness is likely to be a key fuelling factor for increasing market size in the forthcoming years.
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However, the requirement of high investment for machinery, energy cost along with demand for large equipment required is challenging growth of the global powder coatings market. This factor is challenging more likely to the manufacturers in the developing or cost-sensitive markets across the Asia Pacific and the Middle East & Africa, which is restraining growth of the global powder coatings market.
Nonetheless, key and well-established players are gaining benefit from this and investing in these regions, which are helping them to expand their business across these regions. Additionally, well-established players present in the regions are investing to improve their production capacity and R&D of green and efficient powder coating. These instances of the high investment are expected to offer opportunities for growth of the global powder coatings market in forthcoming years.
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This information is encompassed in the report by TMR, titled, "Powder Coatings Market (Type - Thermoset (Epoxy, Polyester, Epoxy Polyester Hybrid, Acrylic), Thermoplastics (Polyvinyl Chloride, Nylon, Polyolefin, Polyvinylidene Fluoride); Coating Method - Electrostatic Spray, Fluidized Bed; Application - General Metals, Metal furniture, Agriculture, Construction and Earthmoving Equipment, Automotive, Architectural, Appliances) - Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2018 - 2026."
For the study, the powder coatings market has been segmented as follows:
- Epoxy Polyester Hybrid
- Polyvinyl Chloride (PVC)
- Polyvinylidene Fluoride (PVDF)
- Electrostatic Spray
- Fluidized Bed
- General Metals
- Metal Furniture
- Agriculture, Construction, and Earthmoving Equipment (ACE)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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