According to the new market research report “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″, The global Powder Coatings market size will grow to USD 14.9 billion by 2025 from USD 11.6 billion in 2020, at a CAGR of 5.2% during 2020-2025 period. APAC is the largest consumer of powder coatings. Growth in various end-use industries, stringent environmental regulations, and technological advancements are the factors driving the powder coatings market.
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The thermoset resin segment is expected to lead the growth during the forecast period. Thermoset powder coatings are used on a wide array of automotive, appliances, and general industrial products. An increasing number of end users demand powder coatings for high quality and durable finish, allowing for maximized production, improved efficiencies, and simplified environmental compliance. Thermoset powder coating systems offer broad formulation flexibility. They are very durable and are widely used in both decorative and functional applications. Thermosetting powders are derived from polyester, epoxy-polyester hybrid, epoxy, acrylic, polyurethane, and other resins.
The appliance industry is projected to be the fastest-growing end-use industry of Powder Coatings. Factors such as increase in per capita income and consumer spending, changing consumer preferences, and growing need for automation and technology advancements, are behind the rapid growth of the powder-coated appliances market. The developing economies of India, Brazil, and Russia are expected to be key consumers during the projected period because of the developing consumer goods market in these countries. China has been the largest revenue generator in the appliances industry.
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The Powder Coatings market is projected to grow from USD 11.6 billion in 2020 to USD 14.9 billion by 2025, at a CAGR of 5.2% between 2020 and 2025. APAC is the largest consumer of powder coatings. Growth in various end-use industries, stringent environmental regulations, and technological advancements are the factors driving the powder coatings market.
The key players operating in the market are PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), and Jotun A/S (Norway). These players have adopted various strategies, such as merger & acquisition, investment & expansion, and new product launch, to grow in the market. Investment & expansion was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies enhance their geographical presence.
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PPG is a US-based company that manufactures and distributes coatings and optical & specialty materials. The company mainly operates through two segments: Performance Coatings and Industrial Coatings. It provides powder coatings under the Industrial Coatings segment. These powder coatings provide great chip and corrosion resistance to extend the life of the substrate and are available in various chemistries, such as epoxy, epoxy polyester hybrids, polyester, polyurethane, acrylics, and fluoropolymer. Envirocron, Duranar, Caroflon, Silversan, and FasTREK are some of the brand names under which PPG manufactures powder coatings. The Performance Coatings segment includes paints and coatings for aerospace, automotive, marine, and architectural applications. In March 2020, PPG completed its acquisition of Alpha Coating Technologies, LLC (“Alpha”). The acquisition provides additional powder manufacturing capacity. This includes small batch and low cure powder manufacturing capabilities for general finishes, light industrial, furniture, and heat-sensitive substrate end uses.
Sherwin-Williams (US) is a diversified paints and coatings company. It is a global leader in the manufacturing, development, distribution, and sale of powder coatings and related products for professional, industrial, commercial, and retail customers. It has a strong customer base and operates in several countries of Europe, North America, and Asia Pacific. The company comprises three business segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. Powder coatings, along with other products, are manufactured under the Performance Coatings segment and are sold in more than 120 countries. In June 2017, Sherwin-Williams acquired the Valspar Corp., a Minneapolis-based global paints & coatings company, for about USD 11.3 billion.
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