Global Powder Coatings Market 2016-2020
About Powder Coatings
Powder coating is a dry surface finishing process. This is a solvent-free coating process, in which dry powder is applied to coat substrates. In powder coating, binder and filler materials are not required to be in the liquid state. Mainly two types of powder polymers are used in powder coating: thermoset and thermoplastic polymers. The materials used in powder coatings are resins, additives, curing agents, extenders or fillers, and tint pigments.
Technavio’s analysts forecast the global powder coatings market to grow at a CAGR of 7.56% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global powder coatings market for 2016-2020. To calculate the market size, the report considers the revenue generated through the sales of powder coatings to end-users such as appliances, automotive, architectural, furniture, general Industrial sectors, and others.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Powder Coatings Market 2016-2020
Technavio recognizes the following companies as the key players in the global powder coatings market: Akzo Nobel, Axalta Coating Systems, PPG Industries, Sherwin-Williams, and The Valspar Corporation.
Other prominent vendors in the market are: Arkema, Eastman Chemical, Evonik Industries, and Nippon Paints.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is increasing demand from emerging economies. The powder coatings market will be driven by macroeconomic factors such as rising GDP and high income levels, especially in emerging economies such as China, South Africa, the UAE, Brazil, and India. Infrastructural growth, growing metal industry, and abundant availability of natural resources in these countries will contribute to the growth of several other industries such as construction, automotive, and appliances. This, in turn, increases the overall market for powder coatings. The infrastructure industry, which has a high requirement for coated steel and aluminum, accounts for large volume consumption of powder coatings.”
According to the report, one of the primary drivers in the market is growing appliances and automotive end-user industries. The growth of end-user industries is generating the demand for powder coatings. The appliances and automotive industries are the main end-users of powder coatings. These industries are experiencing growth, and these industries account for nearly 49% of the global powder coatings market. The expansion of the appliances and automotive industries and their preference for powder coatings over traditional wet coatings are the key factors for the growth of the market. In the automotive industry, powder coatings are used for applications in both interior automobile frames and exterior finishing. Powder coatings provide superior strength and glossy finish and make an automobile corrosion resistant.
Further, the report states that one major challenge in the market is fluctuations in raw material costs. The fluctuating price of raw materials used for the manufacture of powder coatings is a major challenge for the global powder coatings market. The price of raw materials such as polymers, additives, resins, and related solvents has been fluctuating. Binders, solvents, and resins are petroleum derivatives. Thus, the prices of these materials vary in tandem with the natural gas and crude oil prices.
Akzo Nobel, Axalta Coating Systems, PPG Industries, Sherwin-Williams, The Valspar Corporation, Arkema, Eastman Chemical, Evonik Industries, Nippon Paints.