Automotive sector continues stimulatepowder coatings market

Automotive sector continues to stimulate the powder coatings market

5:24 AM, 13th January 2021
Powder Coatings Market
Growing preference for powder coatings among automotive manufacturers due to the fact that they provide enhanced aesthetic appearance, corrosion resistance, and cost benefits will stimulate market growth.

Rising demand for improved aesthetics and strong texture in high performance cars will stimulate the powder coatings product sales over the years. Also the Powder Coatings Market size is projected to hit $17 billion by 2025, according to a new research report by Global Market Insights Inc.

In terms of application landscape, in 2018 automotive and transportation component applications segment accounted for nearly 16 percent of revenue share and is likely to grow at a substantial rate over the coming years. Growing preference for powder coatings among automotive manufacturers due to the fact that they provide enhanced aesthetic appearance, corrosion resistance, and cost benefits will stimulate market growth. In addition, the need to avoid corrosion in door handles, rims, and under hood components will propel the product application scope.

With ongoing technological advancements, powder coatings will prove to be a top-quality protective and decorative clearcoat for the vehicles, thereby replacing the traditional liquid clearcoats. The product is also helpful in protecting the finish form UV exposure, weather damage, rain deposits, and road debris, with providing a top-class quality to vehicles for a longer time period.

Powder coatings market is fueled by technological advancements, increasing per capita income, and consumer preference towards high performance products. Infrastructural expansion is one of the major factors that is boosting the market demand globally. With increasing number of remodeling activities and housing programs by governments, the demand for powder coatings across infrastructural development will only serve to increase in the years to come.

As per reports, the new product, which has bene made available via the AkzoNobel Design App, is developed to help specifiers and architects find exactly the right product as per their requirement, as it offers the realistic impression of what the actual powder coated finish work would look like in real dimension. Essentially, such measures offer a glimpse of the impending scenario of global Powder coatings market.

Adding to these, an exceptional instance of advancements pushing the limits of product development across the market is of Axalta Coating System’s establishment of Asia-Pacific Technology center in China. It was reported that the leading supplier of powder and liquid coatings had in 2017 declared opening its newest investment in powder coating innovations- the Asia Pacific Technology Center in Shanghai. Boasting a space of 15,500 square meters, the APTC expands resources feasible to Axalta’s global organization of more than 1300 staff, scientists, and engineers engaged in the research and development activities.

Asia Pacific powder coatings market is projected to record a remunerative growth period over the coming years. In 2018, the region dominated the overall powder coatings market due to the well-established construction and automotive sectors in Japan, India, and China. Likewise, the presence of a substantial percentage of skilled labor force and low labor rates would contribute to the regional growth. This further enables the market players to retail their products in the global landscape at competitive prices. Moreover, rising home appliances demand coupled with rising disposable income mainly in urban areas will further foster Powder coatings market expansion in the region.

Browse key industry insights spread across 650 pages with 570 market data tables and 16 figures & charts from the report, “Powder Coating Market size by resin, application and substrate - industry analysis report, regional outlook growth potential, price trends, competitive market share & forecast, 2019 – 2025” in detail along with the table of contents: https://www.gminsights.com/request-sample/detail/379

Citing reports, in 2018, total number of passenger cars sold in the Asia-Pacific (APAC) region was recorded at nearly 39.3 million units. Rising disposable income among the people along with enhanced lifestyles in countries such as China, Japan, India, Singapore, and India have fueled the sale of vehicles across the region. Powder coatings have become essential in the coating of important vehicle components, particularly the wheels.

Environmental concerns have triggered the governments across APAC to adopt stringent regulations. For instance, Government of Japan, introduced “Voluntary Emissions - Reduction Programs” to reduce the VOC emissions in the country. It advised the companies to deploy a method or design a plan that resulted in the reduction of emissions.

Some of the efforts undertaken by the companies included, shift towards VOC-free materials, installation of eco-friendly devices and development of portable VOCs decomposition equipment.

Consistent expansion of global Powder coatings market share can be observed through the rise in research and innovations undertaken by leading market players such as BASF, AkzoNobel NV, Axalta Coating System and Asian Paints among various others. Say for instance, in October 2019, Axalta reportedly acquired a manufacturing site in Turkey specifically to expand its production capabilities to provide faster, reliable and superior quality products to its customers.

PPG Industries Inc, Axalta coating systems LLC, AkzoNobel NV and Jotun among many others are some of the key players operating in the powder coatings market.

© Worldofchemicals News

Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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