According to a recent study by Global Market Insights, Inc., the powder coatings market is expected to exceed $17 billion by 2025.
Due to environmental performance, cost-effectiveness, high quality, fast coating suitability and ease of use compared to conventional coatings, the C9 Hydrocarbon Petroleum Resin market, the main raw material for powder coatings, is expected to achieve significant growth from 2019 to 2025. Compared to liquid coatings, these coatings contain no solvents and emit very little volatile compounds. It provides durable surface finishes for metal products and parts with excellent gloss retention. Factors such as high corrosion resistance, ease of recycling, and reduced processing time can also affect product demand.
Functional and technical advantages over liquid coatings stimulate demand for powder coatings
The technical advantages of liquid coatings compared to the various technical advantages of liquid coatings and lower VOC emissions will support the market value of powder coatings in the predicted time. The ability to produce coatings that are much thicker than traditional liquid forms without sagging or sagging will support the entire industry. Faster cure times and a wide range of special effects make the product a wide range of applications, including door handles, rims and under-the-hood components, with excellent surface finish and texture.
The growing demand for thick and flexible coatings will drive the demand for thermoplastic coatings for powder coatings
Due to key advantages including better chemical resistance, thicker coatings and lower toxicity, the compound annual growth rate of thermoplastic resin demand is expected to exceed 6.5%. It also provides good resistance to differences between environmental forces and does not require any cross-linking or curing to achieve these characteristics. Thermoplastic resins have been used in many industries such as construction, automotive, outdoor furniture, oil and gas, and aerospace and defense due to their environmentally friendly properties, ease of recycling, and low toxicity.
Consumer preferences for attractive and durable topcoat appliances will support the growth of the powder coatings market
Powder coatings in electrical appliances are commonly used in refrigerator doors, shelves, washing machines, dryers, freezers, water heaters, vacuum cleaners, kitchen appliances, microwave ovens, garbage disposal machines, dishwashers, etc. Electrical appliances require durable surface finishes and vibrant colors to protect against damage from everyday use.
The color of electrical appliances has now become one of the most important factors influencing consumer purchasing decisions. As a result, home appliance manufacturers have introduced products with a combination of stylish colors, surface finishes and textures. Combines decorative colors and coating styles to ensure low wear, better chipping and high chemical resistance.
Powder coatings on metal substrates have witnessed strong growth in agricultural and construction equipment, automotive and oil and gas applications
As chemicals and moisture drive the growth of the market for powder coating materials, N-Vinyl caprolactam C, there is a strong demand for corrosion-resistant metal substrate coatings on steel, copper and aluminum surfaces. The ease of application on metal substrates will also support the range of applications of the product compared to non-metallic substrates. The metal surface can be electrically grounded and coated by an electrostatic spray (ESD) process. This process makes the substrate material uniform and makes the product more attractive to the eyes. Easy to obtain a variety of colors, thicknesses, finishes and textures are expected to drive product sales.
Growth in the Latin American furniture industry highlights product demand
By 2025, the Latin American powder coatings market, led by Brazil and Mexico, is expected to exceed 2.5 million tons. The Mexican furniture industry is expected to achieve strong growth as many companies have moved some of their production operations in the country to Mexico. The country offers outstanding logistics solutions while shipping products to target markets such as the US and Canada, with lower indirect costs compared to other overseas destinations.
Major players in the powder coatings market include BASF, Axalta Coating Systems, Akzo Nobel NV, Asian Coatings and Jotun. Manufacturers continue to focus on raising awareness by uploading catalogues to websites and retailing products through online portals. In addition, major manufacturers are hiring industry experts and investing in capacity expansion to gain a competitive advantage.
Manufacturers attempt to establish direct partnerships with end users to ensure continuous retailing of their products. They also adopt strategies such as expanding product mix and establishing long-term supply chain agreements to increase profit margins and gain market competitive advantage.