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Powder Coatings Market Size, Demand, Growth Analysis, Share, Revenue and Forecast 2027

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Prapti Hinge
Powder Coatings Market Size, Demand, Growth Analysis, Share, Revenue and Forecast 2027

The global powder coatings market size is projected to reach USD 15 billion by the end of 2026. The increasing product applications will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Powder Coatings Market Size, Share & Industry Analysis, By Resin (Thermoset (Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, and Others), and Thermoplastic (Polyvinyl chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF))), By Coating Method (Electrostatic Spray, Fluidized Bed, and Others), By Application, and Regional Forecast, 2019-2026,” the market was worth USD 8.98 billion in 2019 and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.

Powder coatings are widely used in coatings of metals such as drum hardware, automobile, household appliances, and aluminum extrusions. They are a solvent-free coating that is normally used to create a hard finish to the surface on which they are used. The increasing investment in the production of solvent coatings, driven by the increasing demand for the product across the world will have a huge impact on the growth of the overall market in the coming years.

The presence of several large scale companies will emerge in favor of market growth. The ability of powder coatings to reduce the economic and environmental costs will lead to a wider product adoption across the world. The increasing applications of the products are attributable to the increasing investments in research and development of the product. The cost-effectivity of the product is another factor that has contributed to the growth of the market.

Increasing Number of Product Launches Will Have a Direct Impact on Powder Coatings Market Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made the highest impact on the growth of the market. Accounting to the increasing product applications, companies are looking to introduced newer products with improved properties with the aim of acquiring a wider consumer base. In October 2019, AkzoNobel N.V. announced the launch of a new range of powder coatings.

The company introduced the Interpon Redox range of powder coatings; a product that will offer maximum corrosion protection. The company claims that these coatings can be used along with substances such as cable cars, chemical plants, wind turbines, and window frames. AkzoNobel’s latest range of powder coatings will not just help the company establish a stronghold in the market, but will influence the growth of the overall market in the coming years. The report includes a few of the major industry developments of recent times and highlights their importance on the growth of the market.

Asia Pacific to Emerge Dominant; Widespread Consumption of Condiments to Aid Growth

The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is likely to emerge as the dominant region in the coming years. The stability in economy in several countries across this region, driven by the increasing disposable income, will aid the growth of the regional market. The rise of the automotive and electronics industry in emerging countries such as India and Thailand will contribute to the growth of the market in this region. Increasing environmental concerns will lead to a wider adoption of powder coatings in this region. Besides Asia Pacific, the market in North America will also witness considerable growth in the coming years. As of 2019, the market in North America was worth USD 1.75 billion and this value is projected to increase further in the coming years.

Competitive Landscape:

AkzoNobel N.V. launching New Product Line to Boost Huge Demand

In October 2019, AkzoNobel N.V., a leading manufacturer of powder coatings, announced its launch of new powder coatings, Interpon Redox ranges. The new powder coating protect the surface from massive corrosion and can be used as in several types of industrial products such as cable cars, chemical plants, wind turbines, and window frames. Adoption of strategies such as merger and acquisition, product launches, and partnerships by the companies to maintain market presence is anticipated to drive the growth of the market tremendously during the

Browse Summary of This Research Report with Detailed Table of Content:  

https://www.fortunebusinessinsights.com/powder-coatings-market-102139

 

 

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