Surge in adoption of powder coatings across various end-user industries such as automotive, appliances, furniture, and construction propels the growth of the U.S. & Europe powder coatings market
PORTLAND, Oregon, July 23, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. & Europe Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spray and Fluidized Bed), and Application (Appliances, Automotive, Architectural, Furniture, Agriculture, Construction and Earthmoving Equipment (ACE), General Industrial and Others): Opportunity Analysis and Industry Forecast, 2019–2026." The report provides an in-depth analysis of the drivers & opportunities, wavering market trends, competitive market landscape, and market size & estimates. According to the report, the U.S. and Europe powder coatings market was estimated at $2.96 billion in 2018 and is expected to hit $4.29 billion by 2026, registering a CAGR of 4.7% during the study period.
Rise in adoption of powder coatings across various end-user industries such as automotive, appliances, furniture, and construction drives the growth of the U.S. & Europe powder coatings market. On the other hand, the presence of contaminants in wastewater discharge and increase in raw material cost restrains the growth to some extent. However, emergence of new application methods is expected to create lucrative opportunities for the key players in the industry.
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The electrostatic spray segment generated the lion's share in 2018-
Based on coating method, the electrostatic spray segment accounted for 96% of the total market revenue in 2018 is expected to dominate throughout the forecast period. The fact that electrostatic spray creates a better-looking finish in car body panels and bike frames, as the coating is distributed more uniformly spurs the growth of the segment. The fluidized bed segment, on the other hand, is projected to grow at the fastest CAGR of 5.5% through 2019–2026.
The thermoset segment to lead the trail till 2026-
Based on type, the thermoset segment held the major share in 2018, accounting for 91% of the total market and is anticipated to be dominant during the study period. This is attributed to the increase in usage of these coatings in appliances & automotive industry as it provides high level of corrosion, temperature, and impact resistance. The same segment is also predicted to cite the fastest CAGR of 4.8% throughout the forecast period.
The U.S. to retain its top status during 2019–2026-
Based on geography, the U.S. region contributed to more than half of the total market share and would rule the roost during the estimated period. Rapid development in the automotive manufacturing sector in the U.S. and rise in demand for powder coating in numerous applications including door handles, rims, and under hood components of vehicles are expected to spur the growth of the U.S. powder coating market.
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Frontrunners in the industry-
The key market players analyzed in the report include American Powder Coatings Inc., Axalta Coating Systems, Jotun, BASF SE, The Sherwin-Williams Company, Tiger Drylac U.S.A., Inc., IFS Coatings Inc., PPG Industries Inc., Akzonobel N.V., Powder Coating USA, Inc., and RPM International Inc. Incorporating a number of high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to heighten their stand in the industry.
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SOURCE Allied Market Research