Powder Coating Market in automotive and transportation components to grow at 8% CAGR till 2024
The market research report “Powder Coatings Market Size By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Application (Architectural, Jobbers, Agriculture & Construction Equipment, Oil & Gas, Appliances, General Metal [Outdoor Furniture & Playground Equipment], Automotive & Transportation Components [Wheels]), By Substrate (Metallic, Non Metallic), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Netherlands, Russia, China, India, Japan, South Korea, Vietnam, Australia, Indonesia, Thailand, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” by Global Market Insights, Inc. says Powder Coating Market to exceed USD 16.5 billion by 2024; driven by increasing demand in the automotive, aerospace and marine industry.
Strong business outlook with versatile applications including architectural, agricultural/construction equipment, decorative, A&T components, and outdoor furniture are among the key factors propelling the powder coating market share. Shifting consumer focus towards the adoption of new green building construction techniques along with surging preferences toward eco-friendly building materials will promulgate overall industry scenario in the projected timeframe.
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The incorporation of new & sustainable solutions and rapid technological advancements to meet the efficiency, durability, and environmental requirements will fuel the powder coating market expansion. Besides, consumer preferences toward powder variants due to the major properties including durability, corrosion resistance, and high luster & shine will further augment product portfolio.
Favorable government policies & regulations pertaining to the reduced usage of materials containing toxic chemicals & high VOCs content will boost the powder coating market growth. For instance, in U.S., as per the industrial surface coating regulation update, Hazardous Air Pollutant (HAP) and Volatile Organic Compound (VOC) content of these materials are respectively supervised at the local, state, and federal levels, thereby maintaining safe level of VOCs and HAP in the environment. However, the procurement of thin films may pose a major threat to product growth trends. Thin finishes are difficult to achieve through thin film coatings owing to the formation of uneven texture by the thickening of polymers, hampering the overall industry expansion.
Thermoset resin is anticipated to surpass USD 15 billion over the forecast period. Rising product demand in the electronics industry due to its major properties such as dielectric properties, high-temperature resistance, lightness, and non-toxic nature will augment segment growth. In addition, key usages including coating of metal surfaces to form an attractive and durable finish in automotive components, household appliances, and outdoor furniture will further propel the overall powder coating market size.
Automotive & transportation components will witness CAGR over 8% in terms of revenue by 2024. An upsurge in the vehicle production coupled with stringent regulations pertaining to high carbon footprint is fueling the demand of powder coatings over automotive wheels and other components, thereby resulting in the significant business expansion. Further, increasing vehicle demand owing to rising disposable incomes and technological advancements in the automotive industry will fuel the powder coating market share. For instance, as per the OICA, the number of vehicles production has increased from 95.05 million in 2016 to 97.30 million in 2017.
Metallic substrate leads the powder coatings market accounting for over 95% of the powder coating industry share in 2017. These can be used in a wide variety of applications such as automotive components, agricultural & construction equipment, outdoor furniture, HVAC, and electrical. Key features including high thermal resistance to along with the advantage of ease in coating application as compared to other non-metallic surfaces will proliferate the business expansion.
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Asia Pacific accounted for over 40% of the overall powder coating market share in 2017. Key factors such as stable economy, rising consumer expenditure level, and rapid infrastructural development in developing countries including India, China, and Indonesia will influence the industry share. Favorable government policies & regulations promoting efficient usage of eco-friendly coatings will support product penetration across the region. In addition, availability of low-cost raw materials will further drive the business share across Asia Pacific.
Latin America powder coatings market will observe CAGR over 7% in terms of revenue over projected time period. The automotive and transportation domain is experiencing several transformative shifts that are majorly driven by the economic and technological disruptions thereby influencing the business size. Besides, strong business outlook owing to rapid digital transformation, incorporation of industry 4.0 model, and numerous disruptive mobility services will further elevate overall market share across the region.
The global powder coating market share is highly competitive with large presence of multinational companies and regional players. AkzoNobel NV, Axalta coating systems LLC, PPG Industries, Inc., and Jotun Powder Coating are among major the manufacturers present in the business. The manufacturers are constantly focusing in the production capacity expansions and mergers & acquisitions to enhance the overall cash deployment plans. For instance, in February 2017, Axalta Coating Systems acquired Century Industrial Coatings, a manufacturer of high-performance industrial coatings for oil & gas, structural steel, and rail cars. This initiative is aimed at enhancing Axalta’s existing sustainable and durable product portfolio.
Browse key industry insights spread across 615 pages with 562 market data tables & 16 charts & figures from the report, “Powder Coatings Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/powder-coating-market
Powder coating market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons & revenue in USD Million from 2013 to 2024, for the following segments:
Powder coating market, By Resin
Thermoplastic
Nylon
Others (PVC, Polyolefin, ABS, Polycarbonate)
Thermoset
Epoxy
Polyester
Polyurethane
Acrylic
Epoxy polyester hybrid
Fusion bonded epoxy
Powder coating market, By Application
Architectural
Jobbers
Agricultural/Construction equipment
Oil & Gas
Appliances
General Metal
Outdoor furniture & playground equipment
Others
Automotive & transportation components
Wheels
Others
Others (HVAC, Electrical)
Powder coating market, By Substrate
Metallic
Non-Metal
The above information is provided on a regional and country basis for the following:
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Russia
Spain
Netherlands
Asia Pacific
China
India
Japan
South Korea
Vietnam
Australia
Indonesia
Thailand
Latin America
Brazil
Argentina
Mexico
Middle East & Africa
Saudi Arabia
UAE
South Africa
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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