The global powdercoatings market size is projected to reach USD 15 billion by the end of2026. The increasing product applications will aid the growth of the market inthe coming years. According to a report published by Fortune Business Insights,titled “Powder Coatings Market Size, Share & Industry Analysis, By Resin(Thermoset (Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, andOthers), and Thermoplastic (Polyvinyl chloride (PVC), Nylon, Polyolefin, andPolyvinyl Fluoride (PVF))), By Coating Method (Electrostatic Spray, FluidizedBed, and Others), By Application, and Regional Forecast, 2019-2026,” the marketwas worth USD 8.98 billion in 2019 and will exhibit a CAGR of 6.8% during theforecast period, 2020-2027.How has the market been segmented and analysed onthe basis of those segments?
Powder coatings are widely used in coatings of metals suchas drum hardware, automobile, household appliances, and aluminum extrusions.They are a solvent-free coating that is normally used to create a hard finishto the surface on which they are used. The increasing investment in theproduction of solvent coatings, driven by the increasing demand for the productacross the world will have a huge impact on the growth of the overall market inthe coming years.
The presence of several large scale companies will emerge infavor of market growth. The ability of powder coatings to reduce the economicand environmental costs will lead to a wider product adoption across the world.The increasing applications of the products are attributable to the increasinginvestments in research and development of the product. The cost-effectivity ofthe product is another factor that has contributed to the growth of the market.
Increasing Number ofProduct Launches Will Have a Direct Impact on Powder Coatings Market Growth
The report encompasses several factors that have contributedto the growth of the market in recent years. Among all factors, the increasingnumber of product launches has made the highest impact on the growth of themarket. Accounting to the increasing product applications, companies arelooking to introduced newer products with improved properties with the aim ofacquiring a wider consumer base. In October 2019, AkzoNobel N.V. announced thelaunch of a new range of powder coatings.
AkzoNobel N.V.launching New Product Line to Boost Huge Demand
In October 2019, AkzoNobel N.V., a leading manufacturer ofpowder coatings, announced its launch of new powder coatings, Interpon Redoxranges. The new powder coating protect the surface from massive corrosion andcan be used as in several types of industrial products such as cable cars,chemical plants, wind turbines, and window frames. Adoption of strategies suchas merger and acquisition, product launches, and partnerships by the companiesto maintain market presence is anticipated to drive the growth of the markettremendously during the forecast period.
Browse Summary of This Research Report with Detailed Tableof Content: https://www.fortunebusinessinsights.com/powder-coatings-market-102139