Powder coating is a dry finishing process in which electrostatic spray deposition (ESD) is typically used to achieve the powder coating to a metal substrate. This application method uses a spray gun, which applies an electrostatic charge to the powder particles, which are then attracted to the grounded part.
Powder Coatings Market size is expected to reach USD 15 Billion by 2026, registering a CAGR of 5.4% during the forecast period 2019-2026.
TRENDS INFLUENCING THE POWDER COATINGS MARKET SIZE
- Rising automotive production and increasing demand for medical devices are expected to be a major factor driving the growth of Powder Coatings Market size growth during the forecast period. In addition, the high adoption of powder coatings in the furniture sector will stimulate market expansion due to excellent performance, low operating costs, color availability, and custom properties such as anti-corrosion and antibacterial functions.
- Efficiency and overspray are the main factors that control the economics of the market. Factors such as increased consumer spending, increasing per capita income, changing customer preferences, and technological advancement is also fueling the growth of Powder Coatings Market size.
- The regional government’s socio-economic development along with housing subsidies, would have a positive effect on the architectural and decorative sector and indirectly help the growth of the Powder Coatings Market size.
- Excellent performance properties, along with product availability in a wide variety of colors and textures, will further spur the revenue from the powder coating market during the forecast period. Advantages such as high adoption rates due to ease of use, lower product costs, and environmental performance are further propelling the market growth.
- Growing awareness among consumers about eco-friendly lifestyle is expected to impact the growth of Powder Coatings Market size positively. Powder coatings market first flourished in North America, and the products have now become a convenient replacement for traditional industrial finishing methods.
- Because of its durability and high quality, most companies now opt for the powder coating instead of any other industrial finishing method. Powders used in the process are also available in inexhaustible color and texture dependent numbers. This widespread adoption from organizations is expected to increase the Powder Coatings Market size.
POWDER COATINGS MARKET SHARE ANALYSIS
- Powder coatings market first flourished in North America, and the products have now become a convenient replacement for traditional industrial finishing methods. Due to the widespread use of the Powder Coatings technique, North America is expected to hold the largest market share.
- The Asia Pacific is predicted to show the highest growth rate during the forecast period. The Asia Pacific and MEA region’s growing economies have seen strong growth in non-residential sectors, including consumer goods, IT, telecoms, and retail, resulting in high demand for powder coatings. Rising consumer goods businesses are expected to increase market growth in the near future in India, China, and Singapore. Furthermore, rising automotive production and rising demand for medical devices are expected to be a major factor in market growth in developing countries, including India and China, over the forecast period.
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Source: Valuates Reports
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