Powder Coatings Market Projected To Reach A Worth Of USD 12.48 Billion By 2020
Grand View Research has announced the addition of " Powder Coatings Market Analysis And Segment Forecasts To 2020" Market Research report to their Database.
The global powder coatings market is an emerging market in paint industry and projected to reach a worth of USD 12.48 billion by 2020. The term powder coating is associated with the application of coating in the form of dry powder. The production process of powder coatings includes the method of grinding mixtures of pigments, curatives, and raisins in powder form and then coating a surface by with it by spraying method.
Application of powder coatings on surface is followed by the melting process with the use of oven for even distribution of melted powder, which makes the surface super smooth. There are various methodologies used in application of powder coatings, such as, powder curing method, electrostatic spray method, fluidized bed method, and electrostatic fluidized bed method.
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On the basis of usage, the powder coatings are divided into thermoplastics and thermosets powder coatings. Powder coatings have an edge over conventional paints with advantages like super quality finishing, abrasion-free surface, chipping-free area, protection from leakage, heat, and chemicals. There are many organizations like EPA promoting high usage of powder coatings over conventional liquids due to their environmental-friendly properties.
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Further key findings from the study suggest:
· High demand of powder coatings is driven by growing need for superior quality items in consumer goods, furniture, automotive, architecture and general industry. The consumer goods lead the powder coatings market and attributed 22.1% of the total market volume in 2013.
· Automotive sector is also projected to grow at a CAGR of 7.7% by 2020 with more focus on enhancing appearance of luxury-cars. High disposable income in Asia Pacific region has resulted in augmented demand for luxury cars and also accelerated the demand for powder coatings in the market.
· The usage of powder coatings in furniture industry is still unexplored due to peeling up of thinner coatings from wooden surface. It is also forecasted to witness a higher growth in the future due to its multiple advantageous applications.
· With growing automobile and electronic industries, Asia Pacific is expected to become the largest consumer of powder coatings in the future with a CAGR of 8.5% by 2020. China is the largest producer of automobiles with highest consumption-power of powder coatings in the global market. Developing countries like India, Brazil and Russia are also expected to become key consumers of powder coatings in the future. The North American and European market have reached the maturity stage and expected to grow at slow rate in the future.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco.
Jun 28, 2016