PPG Industries Inc., Axalta coating systems LLC, AkzoNobel NV, and Jotun among many others are some of the key players operating in the powder coatings market.
Powder coatings market is fueled by technological advancements, increasing per capita income, and consumer preference towards high performance products. Infrastructural expansion is one of the major factors that is boosting the market demand globally. With increasing number of remodeling activities and housing programs by governments, the demand for powder coatings across infrastructural development will only serve to increase in the years to come.
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Given the rising adoption of product across various applications like furniture, appliances, architectural, automotive, industry players are increasingly focusing on consolidating their market position through numerous tried-and-tested means. For instance, on 27th August 2020, Piston Stream Solutions, Inc., a leading chemical manufacturing company, reportedly announced that its new White Type III Topcoat powder coating has been approved by U.S. DoD (department of Defense).
The product apparently meets the latest United States military specification approval for chemical agent resistant coating (CARC) powder topcoats which is usually applied to numerous military vehicles, equipment transporters, personnel carriers, tanks, and many other military assets and components.
With respect to resin landscape, the thermoset resin segment is expected to witness rapid growth by the end of the analysis timeframe due to excellent durability, superior mechanical properties, and UV resistance. The increasing use of components like radiator grills, metallic structural components, wheel bumpers and rims, wipers, door handles, and horns, in automobiles, will boost the segmental growth over the coming years.
In terms of substrates, in 2018 non-metal substrates segment was valued at approximately $530 million and is likely to showcase tremendous growth over the coming years. The product is gaining traction due to the launch of low weight specialized platforms like MDFD (Medium-density-Fiberboard). Non-metal substrates however, also boast of functional advancements like chalking resistance, gloss retention, scratch resistance, and durability that will further fuel their demand across a widespread application range.
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In terms of application landscape, in 2018 automotive and transportation component applications segment accounted for nearly 16% of revenue share and is likely to grow at a substantial rate over the coming years. Growing preference for powder coatings among automotive manufacturers due to the fact that they provide enhanced aesthetic appearance, corrosion resistance, and cost benefits will stimulate market growth. In addition, the need to avoid corrosion in door handles, rims, and under hood components will propel the product application scope.
Rising demand for improved aesthetics and strong texture in high performance cars will also stimulate the product sales over the years. With ongoing technological advancements, powder coatings will prove to be a top-quality protective and decorative clearcoat for the vehicles, thereby replacing the traditional liquid clearcoats. The product is also helpful in protecting the finish form UV exposure, weather damage, rain deposits, and road debris, with providing a top-class quality to vehicles for a longer time period.
Asia Pacific powder coatings market is projected to record a remunerative growth period over the coming years. In 2018, the region dominated the overall powder coatings market due to the well-established construction and automotive sectors in Japan, India, and China. Likewise, the presence of a substantial percentage of skilled labor force and low labor rates would contribute to the regional growth. This further enables the market players to retail their products in the global landscape at competitive prices. Moreover, rising home appliances demand coupled with rising disposable income mainly in urban areas will further foster market expansion in the region.
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