Seattle, WA -- (SBWIRE) -- 11/20/2019 -- Powder coating refers to dry finishing process used on array of products for improving protective characteristics and visual appeal of the products. The overall process involves polymer resins, levelling agents, flow modifiers, pigments and other additives mixed, melted, cooled and later grounded into uniform form.

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Key Growth Factor:

The global powder coatings market growth is attributed to factors such as increased consumer spending, rising per capita income, varying consumer preferences along with advancement in technology. The infrastructural expansion is also a key factor driving the product demand on a global scale. Efficiency and overspray are among the key factors governing the market economics. Higher utilization rate as compared to liquid forms is among the key factors affecting the overall product application scope.

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); general industrial; and others. This trend is expected to continue as it is a volatile organic compound (VOC) and solvent-free. Strict environmental regulations also boost the powder coatings market growth.

Detailed segmentation-

Based on resin type, the report bifurcates the market into thermoset and thermoplastic. The thermoset segment garnered the major share in 2018. The segment is also expected to dominate during the forecast period.

Based on coating method, the market is categorized into Electrostatic Spray and Fluidized Bed. The electrostatic spray segment held the largest global powder coatings market share in 2018 and is anticipated to retain its top position by the end of 2026.

Based on application, the market is divided into Appliances, Automotive, Architectural, Furniture, Agriculture, Construction, & Earthmoving Equipment (ACE), General Industrial, and Others. The automotive segment accounted for nearly one-fifth of the global powder coatings market share and is projected to rule the roost by 2026.

Regional Analysis:

The Asia-Pacific powder coatings market is expected to grow at the highest CAGR in terms of both volume and value, due to its stable economy, increasing disposable income, and improving standards of living in countries such as China, Japan, Singapore, Malaysia, and Vietnam. The powder coatings market is expected to witness rapid growth during the forecast period due to proactive government measures to promote the use of eco-friendly coating systems such as powder coatings.

Key Players:

Jotun Powder Coating, Axalta coating systems LLC, Evonik Industries, Asian Paints Limited, The Sherwin -Williams Company, and Kansai Paints Company Ltd.

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