New York
City, 04February 2019: The Global Powder Coatings Market is anticipated to reach USD 16.85
billion by 2026 according to a new study published by Polaris Market Research.
Shifting trend towards usage of powder
coatings in place of PVDF liquid due to higher utilization rates, easy
application and lower impact on environment is expected to boost the global
powder coatings market over the forecast period. Due to the heavy impact of
volatile organic compounds (VOCs) on the environment, various regulatory bodies
and governments have implemented strict regulations on the usage of solvent
based conventional coatings, which in turn having an effect on the rising
demand of powder coatings.
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Various advantages of using powder
coatings including better finishing capabilities and lower thickness of films
is also boosting the demand for powder coating across the globe. The thickness
of films has a significant effect on the production costs, hence the thinner
films cause decreased manufacturing costs for specific application areas
including automotive parts, coils, and cans among others. For example, PPG
industries has launched a product named Envirocron, which increases the
transfer efficiency for applications such as aluminum extrusion and metal
furniture among others.
The major drivers boosting the global
powder coatings market are low negative impact on environment, low film
thickness and booming automotive industry among others. Higher maintenance cost
is acting as one of the major restraints for the growth of the market. The
usage of aluminum extrusions is highly common in North America, specifically in
the architecture segment. According to a study conducted by Polaris Market
Research, the global architectural coatings market was pegged at USD 47.34
billion in 2015, majority of which includes powder coatings. According to The
Asian Development Bank (ADB), 55% of Asian population will be in cities by 2030
and the urban population in Asia has grown by 44 from 2015 to 2017, which is
boosting the demand for furniture, cars as well as architecture, which in turn
is driving the powder coatings market.
Competitive Landscape and Key Vendors:
Asia-Pacific is expected to hold the
largest share in global powder coatings market followed by Europe. North
America is estimated to stay in the third position throughout the forecast
period after Asia-Pacific and Europe both in terms of volume and revenue.
Growing demand for furniture, growing urbanization and subsequently expanding
retail industry is anticipated to be the major driving factors boosting the
Asia-Pacific powder coatings market. As per Polaris Market Research, the
Asia-Pacific furniture market is expected to grow at a CAGR of 5.9% from 2018 to
2026, which is estimated to boost the demand for powder coatings in the region.
Sherwin-Williams had top the company
market share in North America during 2016, followed by PPG Industries. This two
companies combined had a share of almost 60% in North America during 2016.
While, PPG industries captured over 60% company market share in case of
Asia-Pacific during 2016, followed by Nippon. The top players operating in the
Europe market are PPG Industries, AkzoNobel, Tikkurila, Caparol and Materis
among others.
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