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Powder Coatings Market Will Reach A Valuation Of US$ 15 Bn By 2031

 According to a recently published Fact.MR report, the global Powder Coatings market is projected to grow at a compound annual rate (CAGR) of 6% between 2021 and 2031. The market is expected to reach US$ 15 Bn by the end of 2031.

The demand for Powder Coatings is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 12 Bn by 2020.

The application of powder coatings is done on metallic surfaces to provide high-quality finishing. Powder coatings have gained traction and become one of the most general techniques to finish automotive and other parts on account of their long-lasting, durable finish and smooth texture that is resilient to corrosion.

The Powder Coatings Market has witnessed strong growth owing to superior properties such as high resistance to abrasion, chipping, and corrosion, coupled with efficiency in cost, processing time, and durability. Major driver in the growth of powder coating materials was the quest for ecologically friendly substitutes to solvent-laden paints. Features such as high resistance to abrasion, chipping, corrosion, and wear & tear due to excessive functioning are an added bonus for sustainable market growth. Market players are gaining a competitive edge through product innovation and integration of latest technologically advanced manufacturing processes.

Will Growth of Various End-use Industries Drive Demand for Powder Coatings?
Powder coatings have a wide range of applications in automotive, appliances, furniture, architectural, general industrial, and other industries. As such, there is growth in the demand for powder coatings with new applications being developed.

Use of powder coatings for furniture manufacturing will continue to grow steadily over the coming years. IT and telecom are also new markets where applications of powder coatings are being extensively explored.

Use of powder coatings for automotive application is also a new rising trend in the market. Door handles, bumpers, window handles, and other parts of automobiles, including radiator coil springs, shock absorbers, and breaking parts, are also powder coated.

Key Segments Covered in the Powder Coatings Industry Survey
By Resin

  • Epoxy Powder Coatings
  • Polyester Powder Coatings
  • Epoxy-Polyester (Hybrid) Powder Coatings
  • Acrylic Powder Coatings
  • Polyurethane Powder Coatings
  • Epoxy Polyester Powder Coatings

By Application

  • Powder Coatings for Consumer Goods
  • Architectural Powder Coatings
  • Automotive Powder Coatings
  • Powder Coatings for General Industries
  • Furniture Powder Coatings

Competitive Landscape
Leading companies in this powder coatings market are also focusing on expanding their production capacities to strengthen their market position. Top powder coating product manufacturers are also investing in collaborative projects to survive competition in the market.

Some of the key developments are:

  • In March 2019, PPG launched PPG ENVIROCRON extreme protection edge coatings, which uses a patent-pending, advanced powder coatings technology that delivers exceptional edge corrosion protection in one coat. Specially formulated to cover sharp edges created during metal fabrication, this innovative technology provides coverage that surpasses standard one-coat and two-coat powder systems.

Key players in the Powder Coatings Market

  • PPG Industries
  • The Sherwin-Williams Company
  • Akzo Nobel N.V.
  • Axalta Coating Systems
  • LLC
  • Jotun A/S

Read More Information: https://www.factmr.com/report/4540/powder-coatings-market 

Key Takeaways from the Market Study

  • The global powder coatings market is expected to reach a valuation of US$ 15 Bn by 2031.
  • Epoxy-based coatings hold more than 30% total market share when categorized based on resins.
  • Europe leads the global market with a majority market share of more than 30%. Increasing automotive production is cited as the most visible factor for regional growth.
  • Consumer goods account for maximum demand for powder coatings, with a market share of over 23%.
  • Increasing application in furniture will expand the segment at a robust CAGR of more than 8%.

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