Powder coatings are finding immense use in diverse applications as they are easily applied in greater thicknesses and require lesser time to dry as compared to traditional liquid coatings.
ROCKVILLE, MD / ACCESSWIRE / March 13, 2020 / Exhibiting a healthy CAGR, the global revenue pool of powder coatings market will expand nearly 2X during the forecast period, 2019-2029. Upsurge in automobile production and demand for medical equipment would be the key growth drivers. In addition, regulations against volatile organic compounds (VOC) emissions are enabling broader application of powder coatings across various end-use sectors.
“Driven by uptight sustainability norms, industry executives are moving from liquid-based coatings to powder coatings. Powder coatings have low VOC content and thus reduce the risk of combustion during storage and application. Further, they curb the possibilities of health hazards to industrial workers,” opines Fact.MR in its new research study.
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Powder Coatings Market – Key Takeaways
- Epoxy based powder coatings capture over a third of overall market value, owing to their enhanced features.
- Given their high-quality finish and durability, acrylic-based powder coatings are likely to garner huge traction.
- Europe is leading the pack in the global powder coatings market; East Asia and Southeast Asia & Oceania would offer potential growth avenues.
- Consumer goods would be the key application area, while furniture is reflecting increasing application scope.
Powder Coatings Market – Key Driving Factors
- Excellent resilience against chipping, and corrosion, as well as enhanced cost- and time-efficacy are broadening the adoption of powder coatings.
- Increasing usage in automobiles, home-appliances, and industrial machinery & equipment to widen investment opportunities.
- Market players are transforming manufacturing processes with Industry 4.0 technologies – artificial intelligence (AI), and cloud computing.
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Powder Coatings Market – Key Restraint
- Volatility in prices of raw materials to hinder adoption, especially in construction projects.
Powder coating manufacturers are investing in R&D and are rolling out innovative offerings and utilizing automation technologies to form collaborations with demanding customers. Key players in powder coatings market include Akzo Nobel N.V., PPG Industries, Inc., BASF SE, Eastman Chemical Company, Nippon Paint Holdings Co., Ltd., Bayer AG (Covestro AG), Eisenmann, Evonik Industries AG, and Sherwin-Williams.
About the Report
This 170-page research study offers an extensive analysis of the global powder coatings market, covering historical and forecast data for the predefined timeframe. The report delivers compelling insights on the basis of resins (epoxy, polyester, epoxy-polyester (hybrid), acrylic, polyurethane, and others), application (consumer goods, architectural, automotive, general industries, furniture, and others), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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