LATAM powder coatings market to accrue appreciable gains by 2024, rising product demand from automotive & transportation component manufacturers to expedite the global industry expansion
Publisher : Fractovia | Latest Update: 2019-02-22 | Published Date : 2017-07-05Request Sample
With the global paints & coatings sector experiencing a relatively modest growth, powder coatings market is expected to depict substantial gains over the coming years, subject to the fact that powder coatings form an essential part of the paints & coatings business sphere, alongside water and solvent based formulations. The demand for powder coatings can be attributed to the requirement for products depicting improved functionalities pertaining to scratch resistance, durability, gloss retention, and chalk resistance. These coatings also protect metal when exposed to heat, and when cured at low temperatures, they can be used in heat sensitive substrate applications, such as plastics and wood. Subject to the numerous product benefits, powder coatings industry size is forecast to cross USD 16.5 billion by 2024.
North America Powder Coatings Market, By Application, 2017 & 2024, (USD Million)
The global powder coatings industry is quite competitive, with large corporations and a substantial number of SMBs competing to achieve a chunk of the revenue share. Key players partaking in global powder coatings market share include DuPont, PPG, AkzoNobel, Nippon Paints, Sherwin Williams, BASF, Jotun, and Axalta. Most of these biggies resort to techniques that will improve their product offerings in terms of quality and quantity. It is probable for these companies to dish out products equipped antimicrobial property, improved light reflectivity, and self-cleaning ability in the ensuing years.
A recent instance in this regard is the launch of ENVIROCRON HTE powder coating by PPG Industries. This product was incorporated with a cross-link polymer technology that provides fast built rates and enhances the transfer efficiency rates for applications that are seemingly difficult to coat. Such initiatives by leading players are likely to positively influence powder coatings market.
In terms of applications, it is prudent to mention that the product finds extensive applications in automotive & transportation components. As a matter of fact, powder coatings market size from automotive & transportation components is expected to register a CAGR of 8% over 2018-2024, attributed to the major surge in vehicle production in tandem with the enforcement of stringent regulations subject to massive carbon footprint.
The robust demand for automobiles on account of rising disposable incomes as well as technological advancements in the auto industry are also anticipated to fuel the powder coatings market share from automotive & transportation components.
An insight into the growth of Asia Pacific powder coatings market
The Asia Pacific belt, as per research reports, is one of most lucrative business grounds for powder coatings industry. This can be attributed to the rising automotive, construction, and transportation sectors across the region. Estimates state that this region is currently dominated by India and China, and accounted for 40% of the overall powder coatings market share.
The APAC powder coatings industry is also expected to gain momentum from the numerous government policies that promote the efficient deployment of eco-friendly coatings. The region, being the nerve center of low-cost raw material availability, is bound to attract potential manufacturers, that would help augment APAC powder coatings market share in the ensuing years.
An insight into the growth of Latin America powder coatings industry
Latin America is one of the emerging regions contributing toward the growth of powder coatings industry consumption. The region offers excellent opportunities in the logistics sector, which is of immense help while shipping products to target destinations such as Canada and the United States. Both these countries incur lower overhead costs when compared with other locations, owing to which the number of furniture exports from Mexico and Brazil have been rising significantly.
Mexico especially, is a key producer of furniture, the sector which deploys powder coatings on a large scale. The shifting preferences of manufacturers toward this region pertaining to its close proximity to U.S. and the growing automotive and furniture sectors will drive LATAM powder coatings market size.
Brazil and Mexico together are expected to contribute lucratively toward the growth of this region. With a widespread application scope, LATAM powder coatings industry is anticipated to register a CAGR of 7% over 2018-2024.
Manufacturers have also been striving to develop novel products integrated with special characteristics, such as ultra-reflective coatings. This will subsequently increase the output of commercial light fixtures, augmenting their demand across myriad end-use sectors, thereby propelling global powder coatings market over the coming seven years.
