Powder Coating Market : A Strong Growth Outlook from 2023 to 2035
Research Nester assesses the growth and market size of the global powder coating market which is anticipated to be on account of the growing demand for oil and gas & agricultural machinery.
Research Nester’s recent market research analysis on “Powder Coating Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global powder coating market in terms of market segmentation by resin, coating method, application, and by region.
Growing Constructional Activities to Promote Global Market Share of Powder Coating
The global powder coating market is estimated to grow majorly on account of the rise in new construction. Powder coating shields painted architectural steel from heat, cold, and even corrosion. In addition, powder coating is utilized to provide a stronger finish to wood and steel than ordinary paint. As a result, it is widely utilized in construction to provide strength to architectural structures against abrasion, chemical reaction, and temperature. In the Indian residential market in 2022, around 328 thousand housing units were launched. Furthermore, the overall number of new homes start in Japan in 2021 is expected to be around 870,000 units, a 7% increase over 2020. Furthermore, the development of around 404 thousand detached dwellings in Japan commenced in 2022. In addition to this, based on data from the US Census Bureau and the US Department of Housing and Urban Development, 1,524,000 permits for construction were issued as of February 2023, with 1,45,000 house projects commencing and 1,557,000 house constructions completed.
Besides this, the growing demand for agricultural machinery is also expected to boost market growth. With a total trade value of roughly USD 9 billion, agricultural machinery was the 383rd most traded product in the world. Other Agricultural Machinery exports increased by around 22% between 2020 and 2021, rising from approximately USD 7 billion to approximately USD 9 billion. Furthermore, the sale of agricultural equipment in India in 2020 is expected to be around 810,000 units. This figure is expected to rise by about 4% to roughly 840,000 sales in 2021.
Some of the major growth factors and challenges that are associated with the growth of the global powder coating market are:
Growth Drivers:
- Growing Production of Oil and Gas
- Rising Need for New Construction
Challenges:
The powder coating industry has had to constantly improve operations and the quality of coatings to fulfill legal standards. Moreover, it is difficult to produce thin films with conventional powder coatings. These are some of the major factors anticipated to hamper the global market size of powder coating. The rising prices of raw material and constant fluctuation of these prices is expected to impede market growth. Nylon, PVC, polyolefin, ABS, and polycarbonate are examples of thermoplastic coatings, whereas epoxy, polyester, polyurethane, and acrylic are examples of thermoset coatings. These are the raw materials that are required for the manufacturing of the final products. The volatility of the prices of these raw material makes it difficult for manufacturers for fixing the cost of the final product.
By application, the global powder coating market is segmented into consumer goods, automotive, architectural, furniture, and appliances. The appliances segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increased demand for household appliances can be attributed to the segment’s growth. Powder coatings are becoming more popular for coating appliances. The appliance industry benefits from the use of thermosetting powder coating in applications because it improves the aesthetic of the appliances while also protecting them from temperature changes, harsh water, chemicals, and abrasion. Powder coating is used on a variety of household appliances, including vacuum cleaners, washing machines, microwaves, juicers, toasters, irons, and others. Every year, around 30 million microwave cookers are sold worldwide. Furthermore, washing machine and dryer exports are predicted to reach 170 million units by 2025. Furthermore, the market developed steadily from 2012 to 2021.
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By region, the North American powder coating market is to generate the highest revenue by the end of 2035. The market’s expansion can be ascribed mostly to increased car production and demand. Powder coating is most typically used to coat metals, such as those found in household appliances. Electronic gadgets are insulated and protected by coating powders. In March 2023, new car sales in the United States were about 1 million units, a 19% increase from February 2023 and a nearly 9% increase from March 2022. Furthermore, increased demand for electronic home appliances is likely to drive regional market expansion. In the United States, 40-50 million vacuums are sold each year, with upright vacuums accounting for the vast majority. Furthermore, it was expected in 2018 that approximately 14 million homes in the United States would have robotic vacuum cleaners.
This report also provides the existing competitive scenario of some of the key players of the global powder coating market which includes company profiling of Axalta Coating Systems, The Sherwin-Williams Company, Arkema Group, Valspar Corporation, Eastman Chemical Company, PPG Industries, Inc., Akzo Nobel N.V., Evonik Industries AG, Nippon Paint Holdings Co., Ltd., and Jotun A/S.
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