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.” 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 kilo tons in 2014.
Powder coating is applied as a dry powder on the object. In powder coating, the powder paints are electrostatically applied to the object. After that, it is kept in an oven at high temperature so that it can flow and form an even layer of coating. Powder coating offers numerous advantages including protection from corrosions, abrasion, and reaction with chemicals and other solvents. It further increases the durability of the object.
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Powder coatings do not have solvents hence become environmentally sustainable and compliant industrial finishes. Strong growth in the automotive industry is mainly driving demand for powder coatings. Asia Pacific region is expected to exhibit lucrative growth for powder coating industry due to rising demand for high-end luxury cars. High support for the use of powder coatings over conventional materials by regulatory bodies such as EPA and REACHES is expected to drive the market growth over the forecast period. However, application and design complexity are one of the major challenges for the players of powder coating industry. Continuous innovation with powder coatings would further expand market participation opportunities.
Consumer goods application was the largest segment of global powder coating industry and accounted for around 20% share of the entire market in 2014. In addition, powder coating is expected to witness the fastest growth from the automotive application segment. Owing to the changing lifestyle coupled with rising disposable income, the automotive industry is likely to grow at good CAGR in next five years.
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Asia Pacific was dominating the regional market for powder coatings owing to increasing demand from emerging countries such as China and India. It accounts for over 40% share of the overall market volume consumption in 2014. China accounted for the largest share in volumetric consumption of powder coatings. North America and Europe are estimated to grow at a sluggish rate 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.
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