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April 6, 2020
By: Polaris Market Research
The Global Powder Coatings Market is anticipated to reach $16.85 billion by 2026 according to a new study published by Polaris Market Research. Shifting trend towards usage of powder coatings in place of PVDF liquid due to higher utilization rates, easy application and lower impact on environment is expected to boost the global powder coatings market over the forecast period. Due to the heavy impact of volatile organic compounds (VOCs) on the environment, various regulatory bodies and governments have implemented strict regulations on the usage of solvent-based conventional coatings, which in turn affects the rising demand for powder coatings. Various advantages of using powder coatings including better finishing capabilities and lower thickness of films are also boosting the demand for powder coating across the globe. The thickness of films has a significant effect on the production costs, hence the thinner films cause decreased manufacturing costs for specific application areas including automotive parts, coils, and cans among others. For example, PPG launched a product named Envirocron, which increases the transfer efficiency for applications such as aluminum extrusion and metal furniture among others. Asia-Pacific is expected to hold the largest share in global powder coatings market followed by Europe. North America is estimated to stay in the third position throughout the forecast period after Asia-Pacific and Europe both in terms of volume and revenue. Growing demand for furniture, growing urbanization and subsequently expanding the retail industry are anticipated to be the major driving factors boosting the Asia-Pacific powder coatings market. As per Polaris Market Research, the Asia-Pacific furniture market is expected to grow at a CAGR of 5.9% from 2018 to 2026, which is estimated to boost the demand for powder coatings in the region. The major drivers boosting the global powder coatings market are a low negative impact on the environment, low film thickness and booming automotive industry among others. Higher maintenance cost is acting as one of the major restraints for the growth of the market. The usage of aluminum extrusions is highly common in North America, specifically in the architecture segment. According to a study conducted by Polaris Market Research, the global architectural coatings market was pegged at $47.34 billion in 2015, the majority of which includes powder coatings. According to The Asian Development Bank (ADB), 55% of Asian population will be in cities by 2030 and the urban population in Asia has grown by 44 from 2015 to 2017, which is boosting the demand for furniture, cars as well as architecture, which in turn is driving the powder coatings market.
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