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Powder Coatings Market Analysis

Powder Coatings Market Analysis2016.12.13

According to a new report published by Allied Market Research, titled, “World Powder Coatings Market – Opportunities and Forecasts, 2014–2022,” the powder coatings market is expected to generate $12,332 million by 2022. Powder coatings in the appliances application segment occupied the major volume share in 2015 and is expected to maintain its lead throughout the analysis period.

According to Allied Market Research analysts, the demand for powder coatings has increased owing to growing technological advancements and increasing demand from applications, namely, architectural; appliances; automotive; furniture; agriculture, construction, and earthmoving equipment (ACE) and general industrial. This trend is expected to continue as it is a volatile organic compound (VOC) and solvent-free. Strict environmental regulations also boost the growth of this market. The market has witnessed moderate growth during the past few years and is expected to grow at a CAGR of 6.3 percent, in terms of volume, during the analysis period. Significant drivers of the market include increasing adoption of powder coatings over liquid coatings, supporting environmental regulations, increasing demand for appliances, booming construction industry and rapid economic growth in emerging countries. However, difficulty in the application of thin coats is expected to impede this growth, analysts noted. “Globally the market for powder coatings has grown in the mid-single digits in 2016 with the bulk of that growth outside of North America,” said Dan Szczepanik, director of marketing – transportation segments, Sherwin-Williams. “Some segments have grown at higher rates such as office and outdoor metal furniture followed by increased adoption of powder in automotive segments, especially in under body/under hood applications.” “Historically in the global industrial coatings market, powder utilization is slightly north of 10 percent,” Szczepanik added. “That leaves a lot of room to grow and take share from liquid as global environmental regulations start to take hold.”

“The global powder coatings market grew by 3-4 percent in 2016, at a typical rate of +1-2 percent over the global GDP,” said Michael Cash, senior vice president and president, industrial coatings, at Axalta Coating Systems.  “As with the past three years, we found 2016 to be very encouraging in regards to the powder market. Customers continue to seek new and sustainable solutions, and we’ve found opportunities to meet their efficiency, durability and environmental goals by converting liquid applications to powder with innovative technologies like brighter metallic architectural coatings in our Alesta family and more durable, corrosion resistant products for metal parts in the transportation industry.”

According to Allied Market Research, Asia-Pacific accounted for more than half of the total powder coatings market in 2015 and is expected to maintain its lead position throughout the forecast period. This is attributable to the increasing domestic production of automotive, appliances, and growing construction industry. In Asia-Pacific, China is the fastest growing country for the consumption of powder coatings and is expected to continue this dominance during the forecast period in terms of both, volume and revenue.

In North America, the biggest opportunity for growth in powder coatings is the architectural market, where powder coatings technology continues to lag behind other regions in percentage of use for aluminum extrusions.  “Globally, more and more metal parts for automotive, truck, and trailer parts are using powder coatings as their technology of choice due to its durability and efficiency,” Cash noted. “Even within automotive OEM plants, the technology continues to play a role as a durable primer for car chassis.  Beyond these markets, the agricultural, construction and earth-moving equipment markets have historically been strong consumers of powder coatings due to the durability of the coating; and we’ve seen increased product consumption in this segment in recent years.  As brighter metallic colors have been further developed within powder coatings, and the cure temperatures lowered, we’ve also noticed increased powder use by consumer electronics manufacturers.”

Jack Bostock, vice president of sales and marketing at TCI Powder Coatings, noted that all of its core segments offer opportunity for growth. “However, we believe that the next frontier and an emerging segment is that of heat sensitive substrates such as wood, plastics and pultrusions. Raw material suppliers and coatings suppliers are working to drive innovations for these substrates.”

Source:coatingsworld

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