LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global powder coatings market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Ajay Adikhari, a lead analyst from Technavio, specializing in research on paints, coatings, and pigments sector, says, “The global powder coatings market is expected to grow at a CAGR of more than 7% due to the growing preference for powder coatings over traditional liquid coatings. Powder coatings are preferred over traditional liquid coatings due to their easier and safe usage. Also, flexibility, durability, and impact resistant characteristics make their performance superior to wet coatings.”
APAC accounted for the largest share of 38% of the global powder coatings market in 2015, and is expected to be the fastest-growing region during the forecast period. This is mainly because of the rapid industrialization and the flourishing automotive industry, especially in countries such as China and India, which will drive the demand for powder coatings in the region.
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The top three emerging trends driving the global powder coatings market according to Technavio chemicals and materials research analysts are:
- Increasing demand from emerging economies
- Growing preference toward powder coatings
- Increase in demand for eco-friendly products
Increasing demand from emerging economies
The powder coatings market will be driven by macroeconomic factors such as rising GDP and high income levels, especially in emerging economies such as China, South Africa, the UAE, Brazil, and India. Infrastructural growth, growing metal industry, and abundant availability of natural resources in these countries will contribute to the growth of several other industries such as construction, automotive, and appliances. This, in turn, increases the overall market for powder coatings. “The infrastructure industry, which has a high requirement for coated steel and aluminum, accounts for large volume consumption of powder coatings,” says Ajay.
Growing preference toward powder coatings
Consumer preference is increasing toward powder coatings due to their excellent performance and durability. Powder coatings are superior to traditional coatings, and they produce more thick and hard coatings, which can increase the life cycle of substrates. Powder coatings are eco-friendly and do not emit any volatile organic compounds, in comparison to wet coatings. Moreover, they provide high resistance against corrosion and impact. They produce highly flexible designs and texture. Above all, powder coatings are cheaper coatings than liquid coatings. The easy production and application process makes them a better option than other coatings. All these properties are increasing the consumer’s preference and demand for powder coatings.
Increase in demand for eco-friendly products
An increase in consumer preference for eco-friendly products is an important trend being witnessed in the global powder coatings market. Increased environmental regulations and restrictions along with the changing consumer preference for sustainable products is urging powder coatings manufacturers to develop eco-friendly products.
In addition to the numerous other attributes of powder coatings such as anti-corrosive and anti-fouling, manufacturers of powder coatings are developing new and eco-friendly coatings which comply with regulations and meet the growing demand for sustainable and harmless products.
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