Pune, Maharashtra, India, September 3, 2020 (Wiredrelease) Global Market Insights Research Pvt. Ltd -: The powder coatings market is being driven by widespread metal coating applications across various industries. The product has several environmentally friendly advantages in terms of its solvent-free chemical base, which results in minimal VOC emissions compared to liquid paints. In addition, it is inexpensive and creates high quality finishes on metal surfaces, which is fueling product demand.
The advantages of high corrosion resistance at a lower price, excellent gloss retention and ease of use compared to conventional paints will drive the market growth for powder coatings in the forecast period. According to a new research report from Global Market Insights, Inc., Powder coatings market The size is expected to reach $ 17 billion by the end of 2025. Some of the trends that will be responsible for the growth of this market are listed below.
Growing demand for household appliances
Most household appliances are large machines made of metal and are therefore extremely susceptible to corrosion from moisture, chemicals, and water. For example, appliances such as washing machines, dishwashers and refrigerators are constantly exposed to water, which makes it necessary to secure the metal body. Powder coatings are widely used in the manufacture of household appliances such as vacuum cleaners, microwave ovens, refrigerators, dishwashers, water heaters, etc.
Household appliances play an important role in households as they add comfort and convenience to one’s life. Increasing purchasing power combined with an improved standard of living has changed lifestyle needs and driven the demand for household appliances. Household appliances do several daily tasks like cooking, cleaning, washing, cleaning, preserving food, etc. They not only make the tasks easier but also enrich the aesthetics of home decor.
Powder coatings give the devices a permanent finish and enable them to bear the damage from daily use. When applied, the product forms an evenly thick layer on the metal surface so that it can be painted with dynamic colors to achieve the desired gloss finish and a superior appearance.
Nowadays, the color of the device is a major influencing factor for consumers in their purchasing decisions. As a result, device manufacturers have focused on enhancing the exterior of the product by introducing various options with stylish colors, finishes, and combinations of textures.
The latest technologies and innovations to make household appliances more user-friendly to make everyday tasks as easy as possible will fuel demand for household appliances and subsequently increase the market share of powder coatings over the forecast period.
Strict government regulations to minimize VOC emissions
Volatile Organic Compounds (VOC) are mainly emitted by solvent-based coatings, paints and other chemicals used in various industries. Rapid urbanization trends have encouraged the implementation of these solvent-based products, including paints, varnishes, and cleaning solutions, causing VOCs to rise above threshold.
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Studies have shown that concentrations of many VOCs found indoors are up to ten times higher than outdoors. Long-term exposure to VOCs can lead to adverse health effects and require a reduction in VOC emissions in residential areas. Since powder coatings release small amounts of VOC, strict government regulation to control VOC emissions will likely fuel product acceptance and thus accelerate the market prospects for powder coatings over the forecast period.
Numerous functional and technological advantages over liquid coatings
Powder coatings offer several advantages over conventional liquid coatings, in particular their high durability and ease of use will continue to support product acceptance in various industries during the forecast period. Powder paints can create a much thicker layer of coatings compared to solvent-based counterparts, which maintain the problems of sagging or sagging of liquid layers and affecting the paintwork.
In addition, a faster curing time and the ability to create a wide range of special effects further expand the scope. The product is used indispensably in the entire automotive industry for coating chassis and body parts to protect them from corrosion. Increasing car sales combined with rapid urbanization will stimulate market trends for powder coatings in the forecast period.
Top key player:
Major key players in the market are AkzoNobel NV, Asian Paints, BASF, Kansai Paints, Axalta Coating System, PPG Industries, RPM International, Valspar Corporation, Sherwin-Williams Company, Dulux Powder & Industrial Coating, Dupont Coating & Color Technologies Group, Jotun Powder Coatings, Somar Corporation, Marpol, Protech Oxyplast Powder Coating, Nippon Paint Co., Ltd., Cloverdale Paint, Inc., Vogel Paint, Inc., Hentzen Coating, Inc. and Evonik Industries.
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Global Market Insights, Inc., headquartered in Delaware, USA, is a global market research and consulting service provider. Global Market Insights, Inc. provides syndicated and custom research reports, growth consulting, and business intelligence services, and aims to provide clients with deep insights and actionable market data to aid in strategic decision-making.
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