Demand for Powder Coatings to Surge amid Increasing Consumer-goods Applications, Finds Fact.MR
Published : 19 Feb 2020 Industry: Chemical & Materials
Global shift from lead paint to enhanced coating technology will drive the powder coatings market by 2X over the forecast period (2019-2029). Initiatives such as Global Alliance to eliminate lead paint are central to mass-adoption of powder paint by end-use industries. Developing economies with increasing demand from goods such as automotive, home-appliances, and industrial machinery present remunerative opportunities for manufacturers of powder coatings. Features such as high resistance to abrasion, chipping, corrosion, and wear & tear due to excessive functioning are an added bonus for sustainable growth. Market players are gaining a competitive edge through product innovation and integration of manufacturing processes with industry 4.0 technologies (IoT automation, machine learning, cloud computing, and artificial intelligence).
Key Takeaways of Powder Coatings Market Study
- Epoxy based coatings garner more than 30% of total market share when categorized base on resins. This is attributed to the enhanced features offered by epoxy resin based powder coating.
- Acrylic based powder coatings offer gainful future prospects on the back of high-quality finish and durability offered by acrylic resins.
- Europe leads the market with a majority market share of more than 30%. Increasing automotive production is cited as the most visible factor for this growth.
- East Asia and Southeast Asia & Oceania present the most lucrative opportunities with dexterous CAGR of more than 8% through 2029.
- Consumer goods produce maximum demand for powder coating which gives them a market share of over 23%.
- Increasing applications in furniture coating will grow the furniture application segment at a robust CAGR of more than 8%.
“Automation and product innovations are changing the market landscape. The rapid increase in colors and decreasing time factor will drive the global powder coatings market. Manufacturers stand to gain sustainable growth by adoption of the latest technology and strategic partnerships.” –Says the Fact.MR Analyst
Consumer Awareness Drives Growth
Manufacturers are witnessing multiplying demand for powder coated consumer products. There is an increase in consumer awareness about harmful effects of lead paint and the benefits of powder coating. International organizations such as World Health Organization and the United Nations Environment are propelling the growth of powder coatings by forming global initiatives that aim to eliminate lead painted products. It is the combination of consumer trends and international initiatives that will grow powder coatings market during the forecast period. Another factor that influences growth is increasing buying potential of consumers which leads to an increase in expenditure for powder coated products. Furniture end-use is specially gaining traction as informed consumers look to buy furniture products with enhanced coating that ensures safety and prolongs product lifecycles.
Find More Valuable Insights on Powder Coatings Market
Fact.MR, in its new offering, provides an in-depth analysis of the global powder coatings market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the powder coatings market on the basis of resin (epoxy, polyester, epoxy-polyester, acrylic, polyurethane, and others), variety of application (consumer goods, architectural, automotive, general industries, furniture, and others), and key regions (North America, Latin America, Europe, East Asia, South Asia, and Middle East and Africa).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs across the value chain. With an exhaustive database of over 1,000 reports and 1 million plus data points, the team has analyzed a number of chemicals and materials lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations. For more chemicals domain expertise, visit here.