Consumer Appliance Coatings Market: About the Report
Rapid traction of the domestic appliance industry has been a key driving factor for the growth of the global consumer appliance coatings market. While the global market has suffered a set-back with the onset of the COVID-19 pandemic, it is likely to recover steadily by the end of next year. 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 Market Overview
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 billion in 2018, and is forecast to grow exponentially to reach US$ 700 billion 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. Global disposable income has grown by 0.8% in the fiscal year 2020 in India, as per The Economic Times. 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.
Increase in Demand from Refrigeration Segment
With rise in adoption of various refrigeration systems such as mechanical-compression refrigeration systems, absorption refrigeration, evaporative cooling, and others, requirement of consumer appliance coatings is increasing rapidly.
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.
Consumer Appliance Coatings 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 billion 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 billion in 2019, and this is increasing steadily, aiding the growth of the consumer appliance coatings market.
Consumer Appliance Coatings 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.
Regional Outlook of 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 a lucrative 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. The Europe consumer appliance coatings market is 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.
Consumer Appliance Coatings Market: Competitive Landscape
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.
Key companies operating in the consumer appliance coatings market are-
- Akzo Nobel NV
- Axalta Coating Systems
- Jotun A/S
- Nippon Paint Co., Ltd
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Tiger Corporation
- Valspar Corporation
The Analyst’s Viewpoint
“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
As the outbreak of COVID-19 has temporarily declined the growth of the domestic appliance industry, growth of the consumer appliance coatings market too has been hit earlier this year. Furthermore, closing down 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 new paths for market players.
Consumer Appliance Coatings Market - Scope of the Report
A recent study by Fact.MR on the consumer appliance coatings market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of consumer appliance coatings. The study also provides the dynamics that are responsible for influencing the future status of the consumer appliance coatings market over the forecast period.
A detailed assessment of the consumer appliance coatings value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the consumer appliance coatings market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Consumer Appliance Coatings Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the consumer appliance coatings market across the globe.
A comprehensive estimate on the consumer appliance coatings market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Consumer Appliance Coatings Market – Segmentation
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.
Key Questions Answered in Fact.MR’s Consumer Appliance Coatings Market Report
- Which are the most lucrative markets for consumer appliance coatings?
- Which factors will impact consumer appliance coatings market growth?
- How will changing trends impact the strategy of market players?
- How can market players capture the low-hanging opportunities?
- Which companies are leading the consumer appliance coatings market?
- What are the winning strategies of stakeholders in the consumer appliance coatings market?
Consumer Appliance Coatings Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the consumer appliance coatings market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the consumer appliance coatings market during the forecast period.
Country-specific valuation on demand for consumer appliance coatings has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Consumer Appliance Coatings Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the consumer appliance coatings market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the consumer appliance coatings market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the consumer appliance coatings market report as a primary resource.
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