Solution providers in the powder coatings market are comingout new curing processes to improve the properties of their formulations, andhence bring cost saving and performance gains for end-use industries. Severalplayers in the powder coatings market are reaping lucrative gains by theirfocus on improving the environmental attractiveness of solventless systems. Tothis end, they have been actively working toward unveiling an array ofbiodegradable powder coating compositions for various substrate applications.
Prominent players in the powder coatings market are Kansai Paint Co.,Ltd, Axalta Coating Systems, Akzo Nobel N.V., The Sherwin-Williams Company, PPGIndustries, and BASF SE.
The global powder coatings market stood at US$9.09 bn in 2017 and isprojected to rise at a CAGR of 6.6% from 2018 to 2026.
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Environmental Friendliness of Solventless CoatingsSystems Propel Demand
The powder coatings market evolved rapidly on the back of the growingpopularity of solventless coatings systems especially for metal substrates forachieving wear-resistant coatings. In contrast to fluid-based coating methods,these are environmentally friendly since they release negligible amounts ofVOC, less hazardous chemicals, and enable a uniform coating throughout thesurface, regardless of the area of the application.
Sizable demands for powder coatings in the automotive and electronicsindustries year-over-year have fueled the growth of powder coatings market. Theend-use industries have witnessed widespread uptake of powder coatings,especially those made with epoxy-polyester hybrids. These meet the requirementof good aesthetic appeal—gloss and wide gamut of colors—and functionalproperties in household appliances.
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Chemical Companies Focus on Improving WeatheringCharacteristics
Among the two types of powder coatings, thermostat has emerged as theleader, with major share in the global powder coating market in 2017. A largepart of the demands have been attributed to the popularity of epoxy-basedpowder coatings. Outstanding adhesion and wide range of curing schedules drivethe popularity of powder coatings. Overall, the higher durability andresistance to UV light has spur the demands for thermostat segment, propelledby the rising applications in coating appliances. Focus of chemical companiesto improve the weathering properties and external durability especially ofhybrid powders is boosting the market.
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The construction industry has been a consistent source of revenuestreams for manufacturers of powder coatings. There has been copious demandsfor powder coatings as protection mechanism for metal furniture. Another markedimpetus to the expanding industrial demands in the powder coatings market comesfrom their application in coating agriculture equipment. Strides made inagricultural product will indirectly bolster the potential demand in the powdercoating market.
Advances in polymer chemistry is a key factor unlocking new potential inthe powder coatings market. Further, advances in new metal pretreatmentprocessed are becoming key enablers for new demand potential in the market.
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The study presented here is based on a report by Transparency MarketResearch (TMR) titled “Powder Coatings Market (Type - Thermoset (Epoxy,Polyester, Epoxy Polyester Hybrid, Acrylic), Thermoplastics (PolyvinylChloride, Nylon, Polyolefin, Polyvinylidene Fluoride); Coating Method -Electrostatic Spray, Fluidized Bed; Application - General Metals, Metalfurniture, Agriculture, Construction and Earthmoving Equipment, Automotive,Architectural, Appliances) - Global Industry Analysis, Value, Share, Growth,Trends, and Forecast, 2018 – 2026.”
Companies in thepowdercoatings market have increasingly shifted gears with wideapplication of digital technology across the continuum, from raw materialsourcing to manufacturing to generation of final output, to warehousing tofinal distribution operations. Among the various affects, the market iswitnessing new growth economics due to thinning of line between specialty andcommodity businesses that are associated with the larger ecosystem. At the sametime, new growth parameters are being vigorously being debated as industrystakeholders put greater emphasis on the circular economy processes.
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