Scienza e Tecnologia
Powder Coatings Market to Exceed US$ 15 Billion by 2031 as Demand for Epoxy-based Coatings to Contribute 30% of Sales
NEW YORK , Sept. 14, 2022 /PRNewswire/ -- The global powder coatings market is expected to reach US$ 15 Billion by 2031, growing at 6% CAGR between 2021-2031. The market is anticipated to grow as a result of superior characteristics of powder coatings over conventional paints, such as their durability, cost-effectiveness, superior finishing, and high resistance to corrosion and chipping and abrasion.
Powder coatings are widely used in the consumer goods industry, and any fluctuation in consumer goods industry massively impacts demand for powder coatings. During the assessment period (2021-2031), the consumer goods industry is likely to grow at a steady pace, which in turn, will augur well for growth in powder coatings market.
Concerns pertaining to environmental conservation are also likely to boost demand for powder coatings, as these are less harmful than other coatings. Powder coatings have above 50% of efficiency in binding themselves to the product. A low binding ratio ensures that pollutants are not emitted to the environment. Due to their eco-friendly nature, end-users are using powder coatings in their manufacturing process, thereby, providing a boost to their demand.
On the back of this, the demand in power coatings market is anticipated to rise by 1.2x in value over the upcoming decade. With robust development of building & construction industry in developing economies such as India and China , application of epoxy-based coatings is predicted to surge at a rapid pace.
Regionally, East Asia is expected to witness healthy growth, followed by North America . As Japan has significant share of raw material suppliers, demand in the country is expected to gain traction over the forecast period. As per Fact.MR, sales in Japan are slated to grow at 4.7% CAGR between 2021 and 2031.
Increasing annual production and partnering with prominent distributors is a key strategy of powder coatings companies. The market has a presence of large number of players, with many smaller players offering powder coatings at low prices.
Therefore, offering high-quality products and educating end-users about the pitfalls of using low-quality products is likely to be the strategy among key players to gain competitive edge.
For instance,
In the latest study, Fact.MR offers a detailed study on global powder coatings market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of powder coatings with unbiased analysis across below segments:
Film Formers Market : The market for film formers has a value of US$ 1.6 billion as of 2022 and is anticipated to grow at a steady CAGR of 4.9%, exceeding US$ 2.5 billion by 2032. Due to their ability to reduce corrosion and improve biocompatibility, film formers are frequently utilized on clinical devices in the medical industry.
Vinyl Acetate Monomers Market : The market for vinyl acetate monomers is predicted to reach US$ 13.9 billion by the end of 2032, with a CAGR of 4.7% between 2022 and 2032. In 2021, polyvinyl acetate has a 42.6% market share, dominating the global market. Polyvinyl alcohol and polyvinyl acetate usage should rise in the textile sector to support market expansion.
Amine Oxides Market : The market for amine oxides is expected to reach US$ 494.8 million by the end of 2032, growing at a CAGR of 4.4% from its estimated value of US$ 320.2 million in 2022. Amine oxides are employed in a variety of industries, including oilfield chemicals, personal care products, and adjuvants for agriculture. The global market presents a wide range of prospects for manufacturers, which can be attributed to the growth in demand for amine oxides in end-use industries.
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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