Global Consumer Appliance Coatings Market - Segmented by Resin-type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Asia-Pacific is expected to remain the largest market in the coming years, owing to an increasing demand from key countries, such as China and India, through the forecast period (2018 - 2023). China is estimated to be the major consumer of consumer appliance coatings, owing to the increase in the production of smartphones.
Growing Home-appliance Industry
The home-appliance industry in Asia-Pacific is expanding at a rapid rate primarily in major economies, such as China, India, and ASEAN countries. Growth in the home-appliance industry is majorly due to the increase in population and the rise in disposable incomes. In recent years, the increasing usage of refrigerators is propelling the market growth in several countries, such as China and India. Due to the consistent economic growth in the Asia-Pacific countries, the demand for home appliances is growing at a significant rate. Furthermore, the technological advancements in smartphone features, such as easy access to the Internet, are boosting the demand for consumer appliance coatings industry.
Epoxy Polyesters (PE) Coatings Dominates the Market
Polyesters are used for both internal and exterior products, but the exact specification is tailored to the particular application. PE coatings are the basis of most internal applications of pre-painted metal. Often the coatings can be the same as the basic exterior polyesters, but many variations are used. Several indoor applications are subject to greater scrutiny than exterior applications, therefore, high-quality aesthetics are important, and are often coupled with good formability, for forming into specific parts, and a high degree of scratch resistance. All of these properties can be available in polyester coatings, which are used in highly decorative applications, such as the front panels of electronic appliances, and functional applications, such as ducting, thereby, propelling the demand for epoxy polyester coatings.
China Dominates the Global Market
China is the world’s largest market for consumer appliances and the domestic manufacturers dominate in the region. Rapidly rising living standards and a large number of new households have resulted in an increase in the consumption of consumer appliances coatings. Furthermore, the newer applications of consumer appliance coatings, such as fluoropolymer coatings, will offer numerous opportunities for the growth of the global consumer appliance coatings market. A growing interest in energy and water efficiency appliances will drive the market for consumer appliances coatings in the forecast period.
Major Players: Akzonobel, Axalta Coatings System, PPG Industries, and Valspar (Sherwin-Williams), amongst others.
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