Consumer Appliance Coatings Market Analyzing Market Trends...

Consumer Appliance Coatings Market Analyzing Market Trends Post-Covid-19 Impact: Top Companies, Trends, Future Opportunity Outlook by Fact MR

Posted 2024-07-19 13:06:07

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The global consumer appliance coatings market is projected to grow significantly, reaching a valuation of $2.7 billion by 2033 from $1.6 billion in 2023, with a CAGR of 5.5%. The demand for these coatings, essential for household and commercial appliances, is driven by the increasing popularity of smart homes and the need for stylish, durable appliances. Thermoplastic and fluoropolymer coatings, known for their chemical and heat resistance, low friction, and waterproof properties, are seeing high demand due to their contribution to energy and water-efficient electronic devices.

Consumer spending on smart home products is expected to hit $170 billion by 2025, which will further propel the market for consumer appliance coatings. Short-term growth (2023-2026) is fueled by the rising demand for refrigerators in households and small to medium-scale restaurants. Mid-term growth (2026-2029) will see an increase in demand due to improved living standards and a growing number of restaurants, particularly in North America and Asia-Pacific. Long-term growth (2029-2033) is anticipated from advancements in research and development by manufacturing companies and the continued trend towards smart homes.

In the U.S., the market is poised for substantial growth, with the household electronic appliance market valued at over $50 billion in 2022, expected to grow at a CAGR of 2.8% until 2027. The high demand for refrigerators, owned by over 98% of the U.S. population, along with the presence of leading refrigerator manufacturers like Whirlpool and GE, drives the consumer appliance coatings market. The increasing population, disposable income, and technological advancements also contribute significantly to this growth.

China is identified as the fastest-growing market, expected to account for over 60% of the East Asian market. The rising standard of living and purchasing power among Chinese consumers, coupled with the demand for technologically advanced and aesthetically appealing appliances, are key factors driving the market. Large household appliances for laundry, cleaning, and food preservation are particularly in demand due to these socioeconomic changes.

Epoxy resins dominate the consumer appliance coatings market due to their excellent material characteristics such as low shrinkage during curing, good adhesion, high mechanical properties, and ease of processing. Their demand is expected to grow at a CAGR of 7.0% from 2023 to 2033, driven by the need for high-quality aesthetics, good formability, and a high degree of scratch resistance. Refrigerators are anticipated to hold the maximum market share due to the increasing adoption of efficient refrigeration systems with reduced power consumption, driven by consumer demand and the growth of small and medium-scale restaurants in developing countries.

Leading companies in the consumer appliance coatings market include Akzo Nobel N.V., Axalta Coating System, Jotus A/S, Nippon Paint, PPG Industries, Sherwin-William Company, Tiger Corporation, and Valspar Corporation. These companies are focusing on R&D activities to enhance the efficiency and safety of consumer coatings and improve their products' texture and finish. Strategic mergers and acquisitions, like Akzo Nobel’s acquisition of Grupo Orbis in April 2022, are also part of their strategies to increase production capacity and expand market presence.

The market segmentation by resin type includes epoxy, epoxy PE hybrid, and other resins, while application segmentation covers refrigerators, large cooking appliances, home laundry, and other applications. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa. The detailed analysis provided by Fact.MR includes insights into key manufacturers' price points, sales growth, production capacity, and potential technological advancements.

For more detailed information, you can visit the Fact.MR report on the consumer appliance coatings market

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