DUBLIN--(BUSINESS WIRE)--The "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The powder coatings market is projected to grow from USD 15.7 billion in 2020 to USD 21.4 billion by 2025, at a CAGR of 6.3% between 2020 and 2025.
The market in APAC is the largest consumer of powder coatings due to various investments done in automotive, appliances, architectural, and furniture industries in the region. However, high energy consumption during application is projected to restrain the market growth during the forecast period.
Automotive is projected to be the largest industry in the powder coatings market.
Automotive was the fastest-growing industry in 2018. Increasing consumer preference is a key factor driving the global automotive powder coatings market. The powder coatings market in the automotive segment is anticipated to witness healthy growth owing to increased competition among players, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. Powder coating is used on oil and fuel filters, battery trays, brake pads, shock absorbers, engine block casings, suspension components, and radiators. Powder coating is also applied to wheels, grills, bumpers, door handles, roof racks, trailer hitches, and exterior & interior trim.
Thermoset resin is the fastest-growing segment of the powder coatings market.
Thermoset resin was the fastest-growing segment in 2018. These powder coatings are mostly derived from different resins: epoxies, polyesters, acrylics, and polyurethanes. They require a lower curing temperature as compared to thermoplastic resins. The most significant development in the thermoset powder coatings is the capacity to engineer resin types with different properties used in different applications. The polyesters and acrylics find major use in the automotive and appliance industries despite the traditional epoxy resin powder coating. Most of the thermoset powder coats provide a high level of corrosion, impact, and temperature resistance.
APAC accounts for the largest powder coatings market amongst other regions.
APAC is projected to be the fastest-growing market, in terms of both volume and value, during the forecast period. The region will witness a significant rise owing to the growth of the electronics and automotive industries in China, Thailand, India, South Korea, and Taiwan. Increasing demand for consumer goods, including washing machines and refrigerators, in India, China, Vietnam, the Philippines, and Thailand, is expected to boost demand for powder coatings in these applications.
- Stringent Government Regulations
- Growth in Various End-Use Industries
- Technological Advancements
- Difficulty in Obtaining Thin Films
- Increasing Use of Powder Coating in Automotive Industry
- Emerging Applications in Shipbuilding and Pipeline Industries
- Fluorine Resin Powder Coating
- Powder Coating Applied to Coil Coating
- Emergence of New Application Methods
- Akzonobel N.V.
- Asian Paints Limited
- Axalta Coating Systems, LLC
- Berger Paints India Limited
- Jotun A/S
- Kansai Paint Company Limited
- PPG Industries, Inc.
- The Sherwin-Williams Company
- The Valspar Corporation
- Somar Corporation
- RPM International
- Dulux Powder & Industrial Coating
- Dupont Coating & Colour Technologies Group
- Protech Oxyplast Powder Coating
- Nippon Paint Co., LTD.
- Cloverdale Paint, Inc.
- Vogel Paint, Inc.
- Hentzen Coating, Inc.
- Evonik Industries
- IFS Coatings
- Tiger Coatings
For more information about this report visit https://www.researchandmarkets.com/r/ue45jy