The global powder coatings market is estimated to gain sizable growth prospects in the upcoming years owing to rise in the product demand from the automotive industry, notes an assessment by Transparency Market Research (TMR).
The market is estimated to expand at CAGR of 6.6% during the forecast period 2022-2031 and gain a valuation $21 billion by 2031, the TMR report predicts.
Powder coatings find application in metal furniture, general metals, automotive, appliances, architecture, and agriculture, construction, and earthmoving equipment (ACE). The demand for powder coatings is increasing owing to its application in a wide range of end-use industries instead of varied other alternatives owing to their properties such as durable and environmental-friendly in nature in comparison to different traditional liquid coatings.
Hence, rise in the product adoption globally is leading to profitable prospects in the global powder coatings market. Thermoset and thermoplastics are two types of products available in the global powder coatings market.
In the automotive industry, powder coatings are increasingly utilized owing to their ability to offer high-performance and esthetic features. These products are being utilized in the automotive applications owing to their corrosion and abrasion resistance, notes the TMR study. Powder coatings show resistance to ultraviolet rays of the sun, acid rain, and weather and road damage. These products are also used for bumpers, wheels, roof racks, exterior and interior trims, and door handles of vehicles.
Primer powder coatings are now being utilized in different luxury cars in order to resist corrosion and promote adhesion. This aside, they are also utilized on the leading edge of rocker panels and sheet metals in order to protect against chipping. Owing to these advantages, the global powder coatings market is projected to gain sizable demand opportunities from the automotive industry in the forthcoming years.
Focus on R&D
Some of the key vendors in the powder coatings market include Axalta Coating Systems, Akzo Nobel, PPG Industries, The Sherwin-Williams Company, Kansai Paint Co, KAPCI Coatings, The Valspar Corporation, Nippon Paint Holdings, Asian Paints Limited, Berger Paints India Limited, Somar and Kansai Nerolac Paints Limited.
The presence of many players makes the competition landscape of the global powder coatings market highly intense. Hence, companies are using different strategies such as mergers and acquisitions in order to maintain their leading position in the market.
Players operating in the powder coatings market are investing heavily in research and development (R&D) in order to incorporate several properties in their products such as high crosslink density, corrosion resistance and edge coverage, lesser traces of any residual solvents, and low moisture and oxygen transmission rates. Such efforts are estimated to result into rise in the market demand for powder coatings.
Europe, North America, Latin America, Middle East & Africa, and Asia Pacific are some of the key regions of the global powder coatings market. Among all, Asia Pacific is the dominating region. Players are estimated to gain sizable business opportunities in the Asia Pacific region due to many factors including improving spending power of regional consumers, stable economy of many regional nations, and improvement in the standard of living of people from regional nations such as Japan, China, Vietnam, Singapore, and Malaysia.--TradeArabia News Service