According to the report published by Allied Market Research, the global powder coatings market was valued at $9.8 billion in 2018, and is expected to reach $15.0 billion by 2026, growing at a CAGR of 5.4% from 2019 to 2026. The report provides a detailed analysis of changing market trends, top investment pockets, key segments, business performance, and competitive scenario.
Preference for powder coatings over liquid coatings, favorable environmental policies, rise in demand for appliances, and growing construction sector drive the growth of the global powder coatings market. However, issues related to implementation of thin coats hinder the market growth to some extent. On the other hand, potential in emerging countries is estimated to create a number of opportunities in coming years.
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On the basis of resin type, the report sub-segments the market into thermoset and thermoplastic. The thermoset segment held the highest share in terms of revenue in 2018, accounting for more than 90% of the total market share. Moreover, this segment is estimated to maintain its dominant share throughout the forecast period. The thermoplastic segment is expected to register a steady growth.
On the basis of coating method, the market is bifurcated into electrostatic spray and fluidized bed. Among these segments, the electrostatic spray segment accounted for the largest share of the global powder coatings market in 2018, and is expected to maintain its lead position by 2026. Moreover, the fluidized bed segment is estimated to register a significant CAGR by 2026.
Among application segments, the automotive segment contributed to nearly one-fifth of the total market share, and is expected to maintain its dominance throughout the forecast period. The research also analyzes segments including appliances, architectural, furniture, agriculture, construction, & earthmoving equipment (ACE), general industrial, and others.
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Geographically, Asia-Pacific held more than three-fifths of the total market revenue in 2018, and is expected to maintain its highest contribution during the forecast period. This region is also estimated to register the highest CAGR of 5.8% from 2019 to 2026. However, North America is expected to contribute the second-highest market share in terms of revenue by 2026. The report also discusses the regions, Europe and LAMEA.
Leading market players analyzed in the research include BASF SE, Kansai Nerolac Paints Limited, Akzo Nobel N.V., PPG Industries, Axalta Coating Systems, IFS Coatings, Berger Paints, The Valspar Corporation, Tiger Coatings, and Sherwin Williams.