The global powder coatings market size is projected to reach USD 15 billion by the end of 2026. The increasing product applications will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Powder Coatings Market Size, Share & Industry Analysis, By Resin (Thermoset (Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, and Others), and Thermoplastic (Polyvinyl chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF))), By Coating Method (Electrostatic Spray, Fluidized Bed, and Others), By Application, and Regional Forecast, 2019-2026,” the market was worth USD 8.98 billion in 2019 and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.
Powder coatings are widely used in coatings of metals such as drum hardware, automobile, household appliances, and aluminum extrusions. They are a solvent-free coating that is normally used to create a hard finish to the surface on which they are used. The increasing investment in the production of solvent coatings, driven by the increasing demand for the product across the world will have a huge impact on the growth of the overall market in the coming years.
The presence of several large scale companies will emerge in favor of market growth. The ability of powder coatings to reduce the economic and environmental costs will lead to a wider product adoption across the world. The increasing applications of the products are attributable to the increasing investments in research and development of the product. The cost-effectivity of the product is another factor that has contributed to the growth of the market.
Increasing Number of Product Launches Will Have a Direct Impact on Powder Coatings Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made the highest impact on the growth of the market. Accounting to the increasing product applications, companies are looking to introduced newer products with improved properties with the aim of acquiring a wider consumer base. In October 2019, AkzoNobel N.V. announced the launch of a new range of powder coatings.
The company introduced the Interpon Redox range of powder coatings; a product that will offer maximum corrosion protection. The company claims that these coatings can be used along with substances such as cable cars, chemical plants, wind turbines, and window frames. AkzoNobel’s latest range of powder coatings will not just help the company establish a stronghold in the market, but will influence the growth of the overall market in the coming years. The report includes a few of the major industry developments of recent times and highlights their importance on the growth of the market.
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