The metallic powder coating market forecast is expected to experience exponential growth by reaching USD 2.91 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Metallic Powder Coating Market, 2021-2028.”
The report further observes that the global metallic powder coating market forecast stood at USD 1.75 billion in 2020 and is likely to exhibit a CAGR of 6.5% between 2021 and 2028. This is attributable to the increasing demand for advanced metallic coating in powder across the wood industry and the rising residential sector globally.
COVID-19 has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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Market Segmentation:
Based on the resin type, the market is divided into epoxy polyester, polyester, epoxy, polyurethane, and others. On the basis of process, the market is trifurcated into bonding, dry blending, and co-extrusion. On the basis of pigment, the market is classified into aluminum, mica, and others. Furthermore, based on application, the market is segregated into architectural, automotive, appliance, furniture, leisure equipment, and others. Lastly, on the basis of region, the market is categorized into Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. The report further provides insights into the regional analysis covering different regions, contributing to the market growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
DRIVING FACTORS
Increasing Demand from Wood Industry to Promote Growth
There is a growing trend of the application of innovative powder coatings in the wood industry is gaining traction. These coatings are used to improve spraying technology and reduce the curing temperature. Besides, they aid in minimizing water loss and drastic size changes in wood components while ensuring bright color effects and high gloss. The growing adoption of UV-curable coatings owing to their great film flexibility and good adhesion property, coupled with all-round protection against corrosion, is leading to high demand from the wood sector. Moreover, the rising residential sector propels the demand for advanced powder coatings globally. Therefore, these factors are expected to boost the global metallic powder coatings market growth during the foreseeable future.
Further Report Findings:
- Asia Pacific stood at USD 0.90 billion in 2020 and is expected to hold the largest global metallic powder coating market share in the forthcoming years. This is owing to the increasing focus on the development of the commercial and residential sector in countries such as Malaysia,Japan,China,India, and Indonesia.
- The market in North America is anticipated to experience significant growth owing to the increasing focus on facility expansion by automobile manufacturers that will propel the demand for advanced metallic powder coatings to protect the surface from corrosion and abrasion in the region between 2021 and 2028.
- Based on application, the architectural segment is expected to hold a significant market share backed by the increasing adoption of advanced metallic powder coatingsby building contractors to ensure long-term exterior finishes for public works programs and outdoor venues.
COMPETITIVE LANDSCAPE
Product Innovation by Key Players to Amplify Their Market Positions
The market is fragmented by the presence of key players that are striving to establish their footprint by developing innovative metallic powder coating to cater to the growing demand from industrial applications such as automotive, wood, construction, and others. Moreover, other companies are focusing on maintaining their presence by adopting strategies such as collaboration, merger and acquisition, and partnership that will bode well for the growth of the market in the forthcoming years.
Industry Development:
- March 2019 – Sun Chemical Output Pigments introduced Benda Lutz COMPAL PC, a highly concentrated aluminum formulation for powder coatings. The company reports that the product is available in a revolutionary pelletized shape. Besides, it practically removes dusting to ease machine clean-up and improve worker visibility.
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List of the Companies Operating in the Global Market:
- Sun Chemical (New Jersey, U.S.)
- TCI Powder (Georgia, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- AkzoNobel Powder Coatings (Amsterdam, Netherlands)
- Axalta Coating Systems (Pennsylvania, U.S.)
- TIGER Coatings GmbH & Co. KG (Wels, Austria)
- Berger Paints India Limited (West Bengal, India)
- SILBERLINE MANUFACTURING CO., INC. (Pennsylvania, U.S.)
- CTC Powder Coating (Heybridge, UK)
- AVL Metal Powders nv (Belgium, Europe)
- Carl Schlenk AG (Roth, Germany)
- Crescent Bronze Powder Co. (Wisconsin, U.S.)
- Jotun (Sandefjord, Norway)
- Other Key Players
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