Global Powder Coatings Market: Snapshot
The global powder coatings market is prognosticated to rise steadily in the upcoming years on account of a number of end-use industries demanding the same. Powder coatings offers conservative, durable, and tough quality membrane complete for metal products and components. It provides advantages, for instance, exemplary toughness, scratch resistance, gleam retention, and imperviousness to chalking. It is primarily utilized for applications on metal parts presented to extreme environmental conditions. It complies with the AAMA particulars and is an ecofriendly procedure. Powder coatings are quiet cost-effective, as they don’t contain solvents and volatile organic compounds (or VOCs). Moreover, sprayed-on powder coating has the ability to be recovered and reused for consumption, in this manner reducing expense.
Consumables domineered the worldwide market, in 2015, as coatings help in delivering a reliable, adaptable finished product that opposes peeling and breaking. Moreover, surging demand for residential electronics including washing machines, microwaves, and refrigerators are contributing to the rise of the powder coating industry. This increasing demand for household electronics, China, India, Vietnam, Thailand and Philippines, is expected to offer tremendous market potential throughout the following years.
The global powder coatings market, which was roughly evaluated to be US$6.5 bn in 2011, and expectedly rising at a 7.2% CAGR between 2012 and 2018, is predicted to reach US$10.5 bn by the end of the forecast period.
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End-Use Industries Demand to Bolster Growth Prospects of Powder Coatings Market
On the basis of application, the worldwide powder coatings market is taken up via automotive, general industry, appliances, architecture, furniture and others. The automotive business and apparatuses take up a significant portion of worldwide utilization of powder coatings. The appliances used for cooking and other household appliances represented 20% of the aggregate powder coatings market, while the use of the same within automotive industry is predicted to showcase a vigorous CAGR of 7% through the estimated forecast period. The countries part of BRICS, all have a rapidly flourishing automotive industry and significantly contribute to the automotive industry and consequently the powder coatings market.
Advancing products with extraordinary features like reflective powder coatings which increment the compelling yield of business lighting apparatuses will likewise contribute towards powder covering market development. This enables manufacturers of lighting apparatuses to get all the more light from a predetermined power contribution for any light source. Powder application gear progresses have likewise added to the business development. Use rates are around 90 percent or higher, against 30-80 percent productivity for most other shower covering forms like water paints or electrostatic fluid frameworks.
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Some of the noteworthy participants of the global powder coatings market are Evonik Industries, AkzoNobel, PG Industries, TCI Powder Coatings, Nippon Paint, and Axalta Coating Systems.