Press Release Description
Booming Industrial Development to Flourish the Powder Coatings Market Across the Globe
The Global Powder Coatings market is projected to grow at a CAGR of 5.27% during the forecast period, 2023-28, cites MarkNtel Advisors in the recent research report. This is due to the eco-friendly nature of these coatings which are solvent- & volatile organic compounds (VOC)-free as well as generate less amount of waste as compared to other powder coaters.
Urbanization, surging disposable income, etc., are leading to the growth of different industries, including architecture, industrial products, and transportation, among others, across various regions of the world has also expanded the market for these coatings in the upcoming years. In addition to this, the strength & longevity of these coatings over liquid coatings would spur the demand from a variety of sectors like architecture & other industrial uses.
Furthermore, the boost in demand for customized solutions & different types of finishes created by various industries is pushing inventions in the powder coating industry. Therefore, these inventions, along with the availability of such coatings with several colors, textures, and special effects, would create a continuous demand for these coaters in the forthcoming years, further states the research report, “Global Powder Coatings Market Analysis, 2023.”
Automotive Industry to be the Leading Consumer of Powder Coatings Globally
Based on the application, the market is further bifurcated into, Architectural, Furniture, Automotive, General Industrial (Electrical Power Generation, Machinery, Packaging, etc.), Appliances (Consumer Electronics, Home Appliances, etc.), and Others. Among these, the Automotive Industry is presumed to be the most prominent application to contribute to the booming demand for powder coatings. This is due to the high requirement for durable coatings on automotive industry products to ensure their optimum performance. Moreover, the ability of powder coaters to provide resistance to vehicles from corrosion, UV radiation, chemicals, wear & tear, and the large application of these coatings in a varied number of products & ranges in the automotive industry would fuel the market growth in the upcoming years.
Asia-Pacific to Be a Prominent Market for Powder Coatings During the Forecast Period
Geographically, Asia-Pacific is estimated to account for the majority of the share in the Global Powder Coatings market during the forecast period. This attributes to the high rate of economic development in this region, which is leading to the similar growth & development of different industries, such as automotive, construction, and manufacturing, etc., in various countries of the region, such as India, China, etc. The region is gaining a large number of investments & an increasing number of greenfield projects from multinational corporations owing to the continuous engagement of individual governments of these countries in creating industrial hubs & framing favorable business policies.
Thus, the establishment of such companies in the region is further leading to the upsurge in the rate of construction in the different sectors such as residential, commercial, etc. Along with this, the soaring disposable income of the population & the high rate of urbanization would generate potential demand for this coating in Asia-Pacific for numerous purposes. Hence, the gradual development in the region would result in the creation of a substantial requirement for such coatings during the forthcoming period, 2023-28.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including PPG Industries Inc., Akzo Nobel N.V., Axalta Coating System, Sherwin-Williams Company, Jotun Group, RPM International Inc., Arkema S.A., Nippon Paint Holdings, IGP Powder Coatings, and 3M are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the regions?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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