Demand for powder coatings is expected to reach 10 billion USD in 2023
According to Frost & Sullivan's forecast, the growth rate of these sectors is expected to boost the global market from 7.88 billion USD, reaching 10.61 billion USD in 2023.
Frost & Sullivan’s recent analysis, Global Powder Coatings Market, Forecast to 2023, finds developing markets such as Asia-Pacific (APAC) and Rest-of-the-World (ROW), following the footsteps of developed markets, such as North America and Europe, are increasingly replacing liquid coatings with powder coatings.
End-user markets, including automotive, construction, appliances, and industrial, are shifting to higher-performing powder coatings in these regions due to the rising purchasing power of citizens and the subsequent demand for technologically superior products. The growth of these sectors is expected to steer the $7.88 billion global market toward $10.61 billion by 2023.
The report also showed the growth opportunities for chemistries in powder coatings in the application segments of appliances, automotive, architectural, furniture, industrial, agriculture, construction, mining equipment (ACME), and pipe in the North American, Europe, APAC, and ROW markets.
"An important driver for getting the powder coating market over the $10-billion line is technological advances,” said Soundarya Gowrishankar,Visionary Science Industry Analyst at Frost & Sullivan. "Most of the innovations have been aimed at resolving the challenges in powder coating difficult surfaces like non-conductive molded parts. There has been heated R&D activity in the areas of attractive finishes, low-temperature cure coatings, as well as self-healing, self-cleaning, heat-reflective, and energy-efficient coatings."
Despite the competition from alternate techniques like anodizing and the price sensitivity of customers, this market will enjoy huge growth opportunities created by powder coatings' aesthetic, functional, environmental, and cost advantages over liquid coatings; regulatory trends because powder chemistries' very-low/no-solvent formulations exempt them from volatile organic compound(VOC) emission and hazardous air pollutants (HAP) regulations; Smart coatings that respond to color shifts and the low manufacturing costs across regions and increasing focus on quality in the APAC and ROW markets.
"When looking to make the most of the significant opportunities in the global market, powder coating manufacturers need to offer products with unique functionalities to stand out," noted Gowrishankar.
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