Cold Chain Upscaling Aiding Consumer Appliance Coatings Market

10:47 AM, 30th January 2021
The increase in global disposable income has resulted in higher sales of domestic appliances catering to growth of the consumer appliance coatings market. (Representative Image © Pixabay GmbH)

Consumer appliance coatings with epoxy resins are anticipated to be highly sought-after due to surge in demand in various applications such as refrigeration and other domestic appliances. The global domestic appliance industry was valued at over $500 billion in 2018, and is forecast to grow exponentially to reach $700 billion by 2025. This is projected to increase demand for consumer appliance coatings steadily in the near future.

Furthermore, increase in global disposable income has resulted in higher sales of domestic appliances catering to growth of the consumer appliance coatings market. Global disposable income has grown by 0.8 percent in the fiscal year 2020 in India, as per The Economic Times. According to the United Nations (UN), disposable income growth rate in the United States of America was around 2.1 percent in both, 2018 and 2019. Though this rate may fall due to the impact of COVID-19 in the near future, the consumer appliance coatings market size has potential to expand further over the coming years.

Increase in Demand from Refrigeration Segment

With rise in adoption of various refrigeration systems such as mechanical-compression refrigeration systems, absorption refrigeration, evaporative cooling, and others, requirement of consumer appliance coatings is increasing rapidly.

The global refrigeration industry is growing rapidly at a 5 percent CAGR, owing to factors such as innovation of IoT-enabled refrigeration monitoring solutions, well-developed cold storage infrastructure, and others. Furthermore, governmental regulations and investments in refrigeration system are working in favor of the consumer appliance coatings market.

Recently the National Centre for Cold Chain Development (NCCD) has been established by the Government of India to support the cold chain development in India. NCCD is an autonomous center for excellence to work in close collaboration with industry and other stakeholders to promote and develop an integrated cold chain in India. Also, the Ministry of Food Processing Industries (MFPI) scheme for cold chain has been up-scaled for taking another 75 cold chain projects in India. These initiatives are bolstering the growth of refrigeration segment, which, in turn, is pushing the demand curve in the consumer appliance coatings market further upward.

Market Insights by Application

The refrigeration segment is presently leading in the consumer appliance coatings market in terms of application. Efficient refrigeration systems with reduced power consumption are experiencing increased demand from consumers, which is boosting the growth of the consumer appliance coatings market.

Some of the key applications of consumer appliance coatings are large cooking appliances, home laundry, and others. The global large cooking appliances industry was valued at over $25 billion in 2018, and is expected to exhibit steady rise at over 6 percent CAGR through 2025.

Global sales of home and laundry care items were worth over $150 billion in 2019, and this is increasing steadily, aiding the growth of the consumer appliance coatings market.

Consumer Appliance Coatings Market Insights by Resin

Currently, epoxy resins are dominating the consumer appliance coatings market, followed by epoxy PE hybrid, and others. Having a wide range of material characteristics such as low shrinkage during cure, good adhesion to all types of fibers, high mechanical properties, easy processing, and others, epoxy resins are highly preferred in the consumer appliance coatings market.

Demand for epoxy resins is expected to expand at a 7 percent CAGR through 2030, which is anticipated to catalyze the growth of the consumer appliance coatings market.

Regional Outlook of Consumer Appliance Coatings Market

Asia Pacific, being the largest market for consumer appliance coatings, is forecast to experience steady growth over the coming years, with the epicenter in countries such as China, India, and others. China will emerge as a lucrative market, exhibiting a 0.8 percent CAGR throughout the forecast period.

The North America consumer appliance coatings market is the second-largest in the world. Owing to a highly developed consumer appliances industry, North America is expected to sustain its position over the coming years. The North America home appliances industry is set to expand at over 2 percent CAGR through 2025. Rise in usage of kitchen and home appliances in countries such as the US, Canada, Mexico and others is aiding market growth in North America.

Europe is another lucrative region in the consumer appliance coatings market. The Europe consumer appliance coatings market is anticipated to progress steadily, owing to growth of the domestic appliance industry at over 1.3 percent CAGR over the coming years. Countries such as the UK, Germany, Italy and others are expected to propel the growth of this regional market.

Consumer Appliance Coatings Market: Competitive Landscape

With the competition getting tougher, key players in the consumer appliance coatings market are emphasizing on improving the quality and quantity of their products to sustain their positions in this space.

For instance, Tiger Corporation launched its new extensive range of consumer appliance coatings, such as powder coatings, digital printing solutions, and thermoset material for SLS 3D printing, 3D metallic coatings and others.

Nippon Paint Co Ltd launched its new range of consumer appliance coatings with special focus on safety, texture and finishing, for a wide range of consumer appliances, starting from refrigeration to home laundry.

Key companies operating in the consumer appliance coatings market are - Akzo Nobel NV, Axalta Coating Systems, Jotun A/S, Nippon Paint Co Ltd, PPG Industries Inc, The Sherwin-Williams Company, Tiger Corporation and Valspar Corporation.

Source:

Fact.MR

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