Powder Coatings Market Future Prospects and Forecast To 2028
The global Powder Coatings Market size was valued at USD 12,362.1 million in 2021. It is growing at a CAGR of 7.4% during the forecast period 2022-2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on the research report “Powder Coatings Market: By Resin Type (Thermoplastic and Thermoset), By Coating Method (Electrostatic Spray and Fluidized Bed), By Application (Appliances, Automotive, Architectural, Furniture, Agriculture Construction& Earthmoving Equipment (ACE), General Industrial and Others) and -Global/Region/Country Forecast to 2028.”
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Growing demand for powder coatings from end-user industries is bolstering the Global Powder Coatings Market:
The powder coating process works best to get thick and smooth coatings and it is tough to produce the same with thin coatings. The limitation results from how powder coatings are applied since it is demanding to control the speed and the amount at which the powder is applied to the substrate. Moreover, thinner coatings tend to display more orange-peeled texture and thicker coatings can easily hide surface imperfections. In the automotive market, powder coatings are well-established as a finishing technique. Such coatings provide advantages like chip resistance and toughness and have come a long way since the early 1970s in automotive applications. Powder coating is used in different ways within the automotive including everything from wheels and hub caps to bumpers, decorative trim and door handles. Powder coating is used for the protection of body of the automobile from corrosion or rust in several cases.
There are a few factors enhancing the growth of market such as the benefits of powder coatings over traditional wet paint systems, flourishing construction industry together with the fast economic growth in emerging economies, adoption of the technology in the automotive sector, growing demand from end-user industries including furniture, architectural, agriculture, appliances and earthmoving equipment (ACE), technological developments, benefits of powder coatings over traditional wet paint systems and strict environmental rules. But, the difficulty in getting thin films and fluctuating raw material prices are the factors constraining the growth of market.
Asia Pacific accounted for significant share in the Powder Coatings Market:
Comprehensive outlook is provided on Powder Coatings here with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific got major revenue share in the global powder coatings market with significant CAGR rate because of the growing disposable income, changing lifestyle and increase in the transportation infrastructure. In addition, china is the leading contributor for the growth of market in the region due to the growing demand for electric home appliances in the country. Moreover, North America witnessed significant market share during future period due to the growing consciousness about the effects of solvent-based coatings.
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Competitive Analysis - Global Powder Coatings Market:
Major players working in the global powder coatings market are AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (US), Berger Paints India Limited (India) and Jotun A/S (Norway).
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