According to the report, global demand for powder coatings was valued at USD 7.5 billion in 2014 and is expected to reach USD 11.0 billion in 2020, growing at a CAGR of 6.8% between 2015 and 2020. In terms of volume, the global powder coatings market stood at 2,045.0 kilotons in 2014. Zion Market Research has published a new report titled “Powder Coatings Market for Automotive, Consumer Goods, General Industry, Architectural, Furniture and Other Applications – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020.”
Powder coating is an innovative technique in coating application which uses powder paint to case the object. In powder coating process, resins such as thermoset and thermoplastic polymers are used as powder paint. The powder paint is in granular form that is sprayed over the object surface and stored under the high temperature. High temperature melts the granules which give the even coat of paints for the proper layer and even texture to the object. Powder coating technology has become popular due to exquisite characteristic it offers and widely used for various end applications.
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Global powder coatings market is mainly driven by increasing demand from automotive industry. Further, rowing support from the EPA and REACHES regulatory bodies for powder coating in spite of conventional coating is expected to boost the growth of the market. Conventional coating emits volatile organic compounds (VOC) which leads to growing preference towards the powder coating technique. It results to them. The powder is a great alternative to make sure that finishers remain in compliance with a part of the specified environmental regulation. Complexities in designing an application base are a likely to impede the growth of the market.
On the basis of applications, powder coatings market has been classified into automotive, consumer goods, general industry, architectural, furniture, and others. Consumer goods application segment dominated the market with 20% share of the total market in 2014.
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In addition, the automotive industry is expected to become fastest growing applications of powder coatings during the forecast period. Increased consumption of powder material such as thermoplastic and thermostat in the automotive industry would propel the powder coating market in the years to come.
Based on regional segmentation, Asia Pacific dominated the global powder coating market and accounted for over 40% share of the total market in 2014. It is also anticipated to be the fastest growing market during the forecast period due to strong demand from emerging economies such as India and China. Asia Pacific is followed by North America and Europe. North America and Europe have matured markets for the powder coatings industry. Hence, these regions are expected to exhibit trivial growth over the forecast period.
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Some of the key players of global powder coatings market include AkzoNobel N.V., BASF, PPG Industries Inc, Valspar Corporation, Sherwin William, Evonik Industries, DuPont, Nippon Paint, Eastman Chemical Company, Arkema and Henkel.