Which application segment driving the demand of Powder Coatings Market?

Posted on 2022-11-16 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Nov 16, 2022 — /EPR Network/ —

Powder Coatings Industry Overview

The global Powder Coatings Market size is expected to reach USD 20.8 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period primarily owing to the superior properties of powder coatings over conventional paints including high resistance to corrosion and chipping & abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.

Growing purchasing power, high living standard, and rapid urbanization are expected to drive the consumer goods sector, thereby driving product demand for use in applications, such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.

Powder Coatings Market Segmentation

Grand View Research has segmented the global powder coatings market on the basis of resin, application, and region:

Based on the Resin Insights, the market is segmented into Epoxy, Polyester, Epoxy-polyester (Hybrid), Acrylic, Polyurethane and Others.

The polyester resin type segment accounted for 28.11% of the volume share in 2020 on account of beneficial properties of polyester, such as quick-drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection.
Epoxy-Polyester (Hybrid) resin types are anticipated to witness the fastest CAGR over the forecast period on account of their properties, such as toughness, flexibility, weather ability, and low cost as compared to other coatings. These products are a mixture of both polyester and epoxy resins and are mainly used for interior applications, such as furniture coatings.

Based on the Application Insights, the market is segmented into Consumer Goods, Architectural, Automotive, General Industries, Furniture and Others.

The consumer goods application segment dominated the global market in 2020 accounting for 23.69% of the overall volume share. The segment is expected to witness significant growth over the forecast period.
The automotive application segment is expected to witness the fastest growth over the forecast period. Growing automobile production in the U.S., Mexico, Argentina, Brazil, South Africa, Indonesia, and China is expected to boost the product demand in automotive accessories.

Powder Coatings Regional Outlook

North America
Europe
Asia Pacific
Central and South America
Middle East & Africa (MEA)

Key Companies Profile

The global market is fragmented as the top industry players collectively accounted for 40% of the overall share. Manufacturers invest heavily in research & development activities and rely on technological developments to achieve competitive advantage through product differentiation and low cost.

Some prominent players in the global Powder Coatings market include

Akzo Nobel N.V
The Sherwin-Williams Company
PPG Industries, Inc.
BASF SE
DSM
Valspar
Arkema S.A.
Bayer AG

Order a free sample PDF of the Powder Coatings Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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