Powder coatings are in high demand primarily due to its eco-friendly features as very less amount of volatile organic compounds (VOCs) are found in powder coatings and low wastage during production and consumption. Equipment development is a major contributing factor towards opening up various application areas for powder coatings. In case of wet surface treatment there are some newly developed chrome free equipment processes based on zirconium, titanium and silane compounds. This newly developed systems allow the toxic products to get substituted. These techniques also offer simultaneous degreasing and pickling, which significantly reduces processing time. Technological advancements in the field of UV and IR curing facilities is estimated to fuel production speed of powder coating systems. UV and IR curing solutions are used in the powder coatings industry as they enable rapid curing of the coating to a solid state.
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Introduction of fine-tuned products designed for specific applications and penetrating new markets through geographical expansion are key trends observed in powder coatings market. In November 2016, Axalta (supplier of powder and liquid coatings) introduced a semi-matte coatings solution called BK08 20 Gloss. This new powder offers increased durability and enhanced weather resistance capabilities. In November 2016, Axalta announced plans to set up a new production plant for powder coatings in Landshut, Germany, in order to cater to its large customer base in Europe.
The global powder coatings market size is estimated at US$ 9,130.4 million (revenue) and 2,314.6 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 6.2% in terms of revenue and 6.9% in terms of volume during the period 2017 – 2025.
Automotive has emerged as the fastest growing application area for powder coatings
Automotive segment is expected to dominate the powder coatings market over the forecast period and is expected to expand at a CAGR of over 6% in terms of volume as well as revenue. According to a study conducted by Coherent Market Insights, the global automotive market is projected to reach over 82 million units by the end of the calendar year 2017. This rapid growth of automotive industry is expected to boost the growth percentile of automotive application segment in case of global powder coatings market.
Factors such as growing population, increasing disposable income, rampant growth of the automotive industry, in turn is expected to boost growth of the powder coatings market throughout the forecast period.
Growing furniture industry to boost the market growth
Asia Pacific, followed by Europe and North America accounted for major share in the global powder coatings market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 46.9% in terms of volume, followed by Europe (27.6%). The growing demand for furniture in Asia Pacific due to growing population, increased urbanization and growing retail and hospitality sector is expected to drive growth of the global powder coatings market over the forecast period. According to a study conducted by Coherent Market Insights, the global furniture market is expected to witness a CAGR of 5.2% from 2017 to 2025 which is expected to fuel the global powder coatings market.
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Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future.
Major players in the global powder coatings market include Axalta Coating Systems, AkzoNobel N.V., Asia Paints Limited, PPG Industries Inc., Somar Corporation and Beger Paints India Limited among others.
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