Consumer Appliance Coatings Market
Consumer Appliance Coatings Market Analysis by Application (Refrigeration, Large Cooking Appliances, Home Laundry), by Resin (Epoxy, Epoxy PE Hybrid), by Region - Global Insights to 2031
Market Outlook for Consumer Appliance Coatings
Revenues in the consumer appliance coatings market are expected to grow at a robust 5.4% CAGR between 2021 and 2031, reaching a value of US$ 1.4 Bn in 2021.
As per Fact.MR’s analysis, key players are relying on innovations, product developments, and sustainability initiatives to gain an edge in the market.
Top 5 players account for nearly 45% share in the market. Globally, the key exporters of consumer appliance coatings include the U.S., China, and Japan.
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Rapid traction of the domestic appliance industry has been a key driving factor for the growth of the global consumer appliance coatings market.
While it has suffered a set-back due to the COVID-19 pandemic, the market is likely to recover steadily by 2021-end.
Fact.MR’s report further elaborates how players can target the refrigeration sector for increased profits, and why epoxy resins are highly sought-after across regions. Market growth will be led by the regions of Asia Pacific, North America, and Europe, through 2030.
Consumer appliance coatings with epoxy resins are anticipated to be highly sought-after due to surge in demand in various applications such as refrigeration and other domestic appliances.
The global domestic appliance industry was valued at over US$ 500 Bn in 2018, and is forecast to grow exponentially to reach US$ 700 Bn by 2025. This is projected to increase demand for consumer appliance coatings steadily in the near future.
Furthermore, increase in global disposable income has resulted in higher sales of domestic appliances catering to growth of the consumer appliance coatings market.
As per Economic Times, income has grown by 0.8% in the fiscal year 2020 in India. According to the United Nations (UN), disposable income growth rate in the United States of America was around 2.1% in both, 2018 and 2019.
Though this rate may fall due to the impact of COVID-19 in the near future, the consumer appliance coatings market size has potential to expand further over the coming years.
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Increase in Demand from Refrigeration Segment
Increasing adoption of various refrigeration systems such as mechanical-compression, absorption refrigeration, evaporative cooling, and others, is spurring the requirement of consumer appliance coatings.
The global refrigeration industry is growing rapidly at a 5% CAGR, owing to factors such as innovation of IoT-enabled refrigeration monitoring solutions, well-developed cold storage infrastructure, and others.
Furthermore, governmental regulations and investments in refrigeration system are working in favor of the consumer appliance coatings market.
Recently the National Centre for Cold Chain Development (NCCD) has been established by the Government of India to support the cold chain development in India.
NCCD is an autonomous center for excellence to work in close collaboration with industry and other stakeholders to promote and develop an integrated cold chain in India.
Also, the Ministry of Food Processing Industries (MFPI) scheme for cold chain has been up-scaled for taking another 75 cold chain projects in India.
These initiatives are bolstering the growth of refrigeration segment, which, in turn, is pushing the demand curve in the consumer appliance coatings market further upward.
Market Insights by Application
The refrigeration segment is presently leading in the consumer appliance coatings market in terms of application.
Efficient refrigeration systems with reduced power consumption are experiencing increased demand from consumers, which is boosting the growth of the consumer appliance coatings market.
Some of the key applications of consumer appliance coatings are large cooking appliances, home laundry, and others.
The global large cooking appliances industry was valued at over US$ 25 Bn in 2018, and is expected to exhibit steady rise at over 6% CAGR through 2025.
Global sales of home and laundry care items were worth over US$ 150 Bn in 2019, and this is increasing steadily, aiding the growth of the consumer appliance coatings market.
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Market Insights by Resin
Currently, epoxy resins are dominating the consumer appliance coatings market, followed by epoxy PE hybrid, and others.
Having a wide range of material characteristics such as low shrinkage during cure, good adhesion to all types of fibers, high mechanical properties, easy processing, and others, epoxy resins are highly preferred in the consumer appliance coatings market.
Demand for epoxy resins is expected to expand at a 7% CAGR through 2030, which is anticipated to catalyze the growth of the consumer appliance coatings market.
Asia Pacific, being the largest market for consumer appliance coatings, is forecast to experience steady growth over the coming years, with the epicenter in countries such as China, India, and others. China will emerge as an important market, exhibiting a 0.8% CAGR throughout the forecast period.
The North America consumer appliance coatings market is the second-largest in the world. Owing to a highly developed consumer appliances industry, North America is expected to sustain its position over the coming years.
The North America home appliances industry is set to expand at over 2% CAGR through 2025. Rise in usage of kitchen and home appliances in countries such as the U.S, Canada, Mexico, and others is aiding market growth in North America.
Europe is another lucrative region in the consumer appliance coatings market, anticipated to progress steadily, owing to growth of the domestic appliance industry at over 1.3% CAGR over the coming years. Countries such as the U.K, Germany, Italy, and others are expected to propel the growth of this regional market.
With the competition getting tougher, key players in the consumer appliance coatings market are emphasizing on improving the quality and quantity of their products to sustain their positions in this space.
- For instance, Tiger Corporation launched its new extensive range of consumer appliance coatings, such as powder coatings, digital printing solutions, and thermoset material for SLS 3D printing, 3D metallic coatings, and others.
- Nippon Paint Co., Ltd launched its new range of consumer appliance coatings with special focus on safety, texture, and finishing, for a wide range of consumer appliances, starting from refrigeration to home laundry.
- Henkel Printed Electronics announced its partnership with Extra Horizon aiming at joint development of advanced healthcare applications in printed electronics.
- AkzoNobel announced the acquisition of Colombia-based paints and coatings company Grupo Orbis in order to expand its long-term position in South and Central America.
“The domestic appliance industry, especially the refrigeration segment, is growing exponentially, which is aiding growth of the consumer appliance coatings market. The global refrigeration industry is set to cross US$ 25 billion by 2030, creating ample of opportunities for key market players. Surge in demand for epoxy resins is anticipated to further spur market growth over the coming years.”
COVID-19 Impact on Consumer Appliance Coatings Market
The outbreak of COVID-19 has temporarily declined the growth of the domestic appliance industry, as production shortfalls were experienced amid mandatory factory closures in the first half of 2020, causing a domino effect on the demand for consumer appliance coatings.
Closure of manufacturing units for a long time during lockdown periods has affected the production capacity of manufacturers. However, with the world adapting to the new environment rapidly, and the process of vaccination on its way, the consumer appliance coatings market is expected to recover steadily by the next year, paving way for new growth frontiers for market players.
Fact.MR’s research study assesses the global consumer appliance coatings market in terms of application, resin, and region.
This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global consumer appliance coatings market.
- Large Cooking Appliances
- Home Laundry
- Other Applications
- Epoxy PE Hybrid
- Other Resins
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
- FAQs -
Consumer appliance coatings market is worth US$ 1.4 Bn in 2021. The market is set to grow at 5.4% CAGR during the forecast period.
Demand for consumer appliance coatings has grown at 4.8% CAGR between 2016 and 2020.
China, US, and Japan are the top exporters of consumer appliance coatings globally.
Leading consumer appliance coatings companies hold nearly 45% of the overall market share
North America consumer appliance coatings market is expected to expand at 4.8% CAGR over the forecast period.
European consumer appliance coatings market is expected to expand at 4% CAGR over the forecast period.
Sales of consumer appliance coatings in South Korea are set to grow at 5.2% CAGR, whereas demand for consumer appliance coatings in Japan will grow at 5.8% CAGR
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