LONDON--(BUSINESS WIRE)--The powder coatings market size is poised to grow at a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Powder coatings are applied to most household and kitchen appliances as they offer strength, durability, and high-quality finish. They can be easily applied to metals, glass, wood, and plastic. Powder coatings exhibit resistance to water, acids, solvents, chemicals, and weathering. They are preferred for household appliances such as air conditioner systems, washing machines, dryer fans, refrigerators, microwave and ovens, and dishwashers. The consumer appliances market is growing at a significant rate due to several factors such as improving lifestyles, reduced costs, and increasing purchasing power. This is expected to significantly boost the demand for powder coatings during the forecast period.
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As per Technavio, the growing focus on sustainability will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Powder Coatings Market: Growing Focus on Sustainability
Sustainability has become one of the key emerging trends in the global coatings market. Manufacturers are increasingly focusing on sustainability to reduce an adverse environmental impact. Powder coatings are considered to be environmentally safe as they do not require solvents. This has resulted in the increased demand for powder coatings for aluminum extrusion used in windows, doorframes, kitchen appliances, electrical fixtures, and building facades. Thus, the growing focus on sustainability will drive the growth of the powder coatings market.
“Demand for powder coatings from emerging economies along with capacity expansions and new plants will have a significant impact on the growth of the powder coatings market during the forecast period,” says a senior analyst at Technavio.
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Powder Coatings Market: Segmentation Analysis
This market research report segments the powder coatings market by end-user (consumer appliances, automotive, architecture, furniture, general industries, and others) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by EMEA and the Americas, respectively. The growth of the powder coatings market share in APAC can be attributed to the high demand for powder coatings from the decorative, automobile, and construction applications in countries such as India, China, and Brazil.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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