The market for powder coatings was valued at US$12.72 billion in 2021 and is projected to expand at a 5.0% year-over-year rate in 2022, reaching US$13.48 billion. Additionally, growth is anticipated to accelerate at a staggering 6.0% CAGR during the 2022–2032 assessment period, reaching US$ 24.15 billion.
Industry executives are switching from liquid-based coatings to powder coatings due of strict sustainability regulations. Because powder coatings contain fewer volatile organic compounds, there is less chance of combustion during application and storage. Additionally, they reduce the likelihood of health risks for industrial workers," according to Fact.MR's most recent research report.
Powder Coatings Market - Key Takeaways
- Epoxy based powder coatings capture over a third of overall market value, owing to their enhanced features.
- Given their high-quality finish and durability, acrylic-based powder coatings are likely to garner huge traction.
- Europe is leading the pack in the global powder coatings market; East Asia and Southeast Asia & Oceania would offer potential growth avenues.
- Consumer goods would be the key application area, while furniture is reflecting increasing application scope.
Powder Coatings Market - Key Driving Factors
- Excellent resilience against chipping, and corrosion, as well as enhanced cost- and time-efficacy are broadening the adoption of powder coatings.
- Increasing usage in automobiles, home-appliances, and industrial machinery & equipment to widen investment opportunities.
- Market players are transforming manufacturing processes with Industry 4.0 technologies - artificial intelligence (AI), and cloud computing.
Powder Coatings Market - Key Restraint
- Volatility in prices of raw materials to hinder adoption, especially in construction projects.
Competitive Landscape
Powder coating manufacturers are investing in R&D and are rolling out innovative offerings and utilizing automation technologies to form collaborations with demanding customers. Key players in powder coatings market include Akzo Nobel N.V., PPG Industries, Inc., BASF SE, Eastman Chemical Company, Nippon Paint Holdings Co., Ltd., Bayer AG (Covestro AG), Eisenmann, Evonik Industries AG, and Sherwin-Williams.
About the Report
Research study offers an extensive analysis of the global powder coatings market, covering historical and forecast data for the predefined timeframe. The report delivers compelling insights on the basis of resins (epoxy, polyester, epoxy-polyester (hybrid), acrylic, polyurethane, and others), application (consumer goods, architectural, automotive, general industries, furniture, and others), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
View Full Report: https://www.accesswire.com/580560/powder-coatings-market-size-to-double-through-2029-stringent-regulatory-framework-to-accelerate-sales-finds-factmr
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