The demand within the global powder coatings market is slated to grow by leaps and bounds in the years to follow. The need for coating several materials and products with protective layers has played a vital role in the growth of the global powder coatings market. Furthermore, advancements in organic as well as polymer chemistry have paved way for key developments within the market. Several industrial manufacturers acknowledge the need for powder coatings to impart sharpness and proper finish to their products. Growing sophistication across the industrial sector could, therefore, be a launch pad for the growth of the market players.
The use of powder coatings in high-end industries such as automobiles and electronics has transcended as a key driver of demand. The aesthetic appeal of electronic devices can be enhanced with the help of powder coatings. Furthermore, the growing need to protect the surface of these devices with resistant and durable materials has also driven market demand.
Transparency Market Research (TMR) predicts that the global powder coatings market would expand at a decent CAGR of 6.6% over the period between 2018 and 2026. Furthermore, the powder coatings market was valued at a whopping US$ 9.09 bn in 2017, and this figure could multiply over the forecast period.
Need for Increased Agricultural Productivity
The agricultural sector has lately become a prominent consumer of powder coatings. The need for protecting high-yielding varieties of seeds, pesticides, and insecticides has generated huge-scale demand within the global market. Furthermore, farmers have become more dedicated towards increasing their annual produce. It is expected that the global powder coatings market would accumulate a large volume of revenues in the years to follow. The government provides formidable incentives to farmers and agriculturists. These financial incentives are gradually being directed towards improving the quality of fertilisers and anti-infectants used. This is also a key factor from the perspective of gauging market growth.
To obtain all-inclusive information on forecast analysis of market, request a PDF brochure here.
Key Advancements in Constructions Industry
The use of metals and distinct materials in the constructions industry has emerged as a key trend across several regions. The need for enhancing the looks and aesthetics of interior designs, whilst improving the finish of walls and panes has given a thrust to market growth. Furthermore, metal furniture is gradually replacing wooden furniture, and this propensity could increase the demand for powder coatings. Home-appliances are also layered with powder coatings in order to protect their external surface. Therefore, the cumulative revenues within the global powder coatings market are set to reach new values in the years to come.
Some of the prominent vendors operating in the global powder coatings market are BASF SE, PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, Kansai Paint Co, Ltd, and Akzo Nobel N.V.