Powder Coatings Market to Reach USD 18.95 Billion by 2028 | Powder Coatings Industry Exhibit A CAGR of 6.2%
Key companies covered are PPG Industries, The Sherwin-Williams Company, Jotun, Akzo Nobel N.V., Kansai Nerolac Paints Limited, Berger Paints India Limited, TCI Power, BASF SE and more players profiled in a powder coatings market research report.
Pune, Aug. 30, 2022 (GLOBE NEWSWIRE) — The global powder coatings market size was USD 11.58 billion in 2020 and is anticipated to reach USD 18.95 billion by 2028, exhibiting a CAGR of 6.2% from 2021 to 2028. The growth can be credited to the rising product deployment in a range of end users powered by the lower costs of operation and the ease of application in thicker layers.
As cited by Fortune Business Insights™ in its research report, titled “Powder Coatings Market, 2021-2028”, the expansion of the construction industry is one of the major factors driving product demand over the forecast period.
List of Key Players Mentioned in the Report:
- PPG Industries, Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
- Jotun (Norway)
- Akzo Nobel N.V. (Netherlands)
- Kansai Nerolac Paints Limited (India)
- Berger Paints India Limited (India)
- TCI Power (U.S.)
- BASF SE (Germany)
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Powder Coatings Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.2% |
| 2028 Value Projection | USD 18.95 billion |
| Base Year | 2020 |
| Powder Coatings Market Size in 2020 | USD 11.58 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 120 |
| Segments Covered | By Product Type, By Age- Group, By Distribution Channel, By Region |
| Powder Coatings Market Growth Drivers | Increasing Demand from High-income Groups to Favor Growth |
| Rising Number of Wealthy Population to Boost Market Expansion |
Segments:
Electrostatic Spray Segment to Gain Significance Owing to Rising Demand for Thermoset Coatings
The industry value from the electrostatic spray method is slated to witness a notable rise over the coming years. The technique is primarily deployed for thermoset coatings and their surging demand is set to impel business growth over the forthcoming years. Based on region, the market is segmented into Asia Pacific, North America, Europe, and Latin America.
Appliance Segment to Record Substantial Expansion Due to Growing Product Usage for Abrasion Resistance
By application, the appliance segment is projected to register considerable growth through the estimated period. The surge can be attributed to the increased product adoption in solutions that require a combination of appearance and resistance to chemicals, abrasion, and temperature cycling.
Report Coverage:
The report provides an in-depth analysis of the pivotal trends that are slated to augment industry value over the study period. It further gives an insight into the steps taken by key market players for the consolidation of their industry position. The findings have been furnished after extensive research and data collation from credible sources.
Drivers and Restraints:
Low Usage of VOCs to Ensure Safe Storage and Decreased Atmospheric Pollution
The recent years have recorded an increasing inclination toward the reduction of VOC usage in powder coatings. This helps in enabling safe storage and handling, decreasing the risk of fire hazards, and bringing about a reduction in atmospheric pollution. This is because volatile organic compounds (VOCs) vaporize at room temperature and are one of the major causes of ground-level air pollution.
These factors are set to foster powder coatings market growth over the analysis period. However, the difficulties faced in the production of thin films by deploying these solutions are likely to hamper the industry scenario to some extent.
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Regional Insights:
Asia Pacific to Emerge as Leading Region Impelled by Presence of Favorable Government Initiatives
The Asia Pacific region accounted for a remarkable revenue in 2020 driven by the expansion of the agriculture, furniture, architectural, automotive, and general industries. The regional growth can be attributed to the rapid rise of the construction and infrastructure industry in India and China owing to an increase in government investments.
North America powder coatings market share is touted to foresee considerable upsurge through the projected period. The rise can be majorly attributed to the surging demand for EVs and the rapid expansion of the automotive industry in the region.
Competitive Landscape:
Industry Players Undertake Research Activities for Development of Superior Products
Prominent powder coating companies are adopting various strategies for consolidating their market position. These include mergers, partnership agreements, the formation of alliances, acquisitions, and others. Besides, several industry players are also engaging in research activities and trade conferences for enabling the development and rollout of advanced solutions.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Resin Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Powder Coatings Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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Key Industry Development:
June 2021 – AkzoNobel shared plans for its acquisition of Grupo Orbis to strengthen its position in Central and South America. The participants of the deal included Mundial, Andercol and Poliquim, and Pintuco Paints and Coating.
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