The powder coatings market significantly entails of sales of powder coatings. The Powder coatings is a finishing procedure and keeps the binder and filler parts in a liquid suspension form.
According to the report analysis, ‘Powder Coatings Global Market Report 2020’ states that in the powder coatings global market there are several corporates which presently performing more effectively for leading the highest market growth and registering the great value of market share around the globe during the incoming duration while delivering the better consumer satisfaction, decreasing the linked prices, implementing the profitable strategies, analyzing and studying the strategies an policies of the government and competitors, spreading the awareness related to the applications of such, enhancing the specifications of the production technologies and employing the young work force includes AkzoNobel N.V., PPG Industries, Sherwin Williams , BASF SE, Axalta Coating Systems , Kansai Nerolac Paints Limited , Jotun, IFS Coatings, The Valspar Corporation, Asian Paints and several others.
The worldwide powder coatings market was value USD 24.2 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 11% and reach USD 36.18 billion by 2023. Whereas, the powder coatings market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. However, the Asia Pacific accounts for nearly 55% of the market.
The Powder coating is an energy intensive progression that consumes more energy throughout curing process. The Curing is a chemical process where paint is enabled to dry and harden. The great consumption of energy increases the functioning expenses of manufacturing corporates. For example, across Sweden there are approximately 350 powder coating plants and utilizing more than one metric ton of coating powder that accounts for the total energy utilization of 525 GWh/year, corresponding to 1.5 GWh/year per plant. Thus, great consumption of energy in powder coating limits the growth of the market.
Enterprises are now focusing on the new coating technology for heat sensitive substrates likewise medium density fiberboard (MDF). This technology guzzles low power as the curing procedure is done in lower temperature equaled to the conventional approach. For instance, IGP-RAPID released by IGP are based on new raw materials collective with IGP technology and allows a low-temperature powder coatings at 266 F (130 C) and curing durations of 3 minutes. This technology is ecological, augments product design, and delivers the long-term functional fortification.
The Powder coatings release insignificant amount of the Volatile Organic compounds (VOC) when associated to solvent-based coatings. Whereas, the VOCs are carbon compounds that convert gas at room temperature and become the major reason for air pollution. Governments across the world are exasperating to enforce altered regulatory acts to reduce emission of VOC. For instance, to diminish the emission of VOC, Hong Kong government has instigated a regulation that confines products exceeding the standard emission of VOC in the region. Thus, inadequacy on products that engender high VOCs stimulate the sales of powder coatings thereby influencing the market. Therefore, it is predicted that the market of powder coatings will increase around the globe over the upcoming duration more effectively.
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Ankur Gupta, Head Marketing & Communications