Powder coatings are powder paints are that are electrostatically applied over an object then placed in oven at high temperature so that it can flow and form an even layer over the object. Powder coating offer protection from corrosions, abrasion, and reaction with chemicals and other solvents, and increase the durability of objects. Powder coatings do not use solvents and so are more environmentally sustainable than some other industrial finishes.
Global demand for powder coatings was valued at USD 7.5 billion in 2014, and is expected to reach USD 11.0 billion in 2020, growing at a CAGR of 6.8% between 2015 and 2020. In terms of volume, the global powder coatings market stood at 2,045.0 kilo tons in 2014.
Strong growth in the automotive industry is driving demand for powder coatings. The Asia Pacific region is expected to see strong growth due to the rising demand for high end luxury cars. Support for the use of powder coatings over conventional materials by regulatory bodies such as EPA and REACHES is also expected to drive growth. However, application and design complexity remain challenges for powder coating industry. Consumer goods application was the largest segment of the industry, accounting for around 20% share of the market in 2014.
The Asia Pacific was the dominant regional market for powder coatings owing to increasing demand from emerging countries such as China and India. It accounted for more than 40% of the overall market volume consumption in 2014. China accounted for the largest share in volumetric consumption of powder coatings. North America and Europe are estimated to grow at a relatively slow rate over the forecast period.
Some of the key players of global powder coatings market include AkzoNobel N.V., BASF, PPG Industries Inc, Valspar Corporation, Sherwin William, Evonik Industries, DuPont, Nippon Paint, Eastman Chemical Company, Arkema and Henkel.
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