June 16, 2021 08:44 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 16, 2021 (GLOBE NEWSWIRE) -- The global metallic powder coating market size is expected to experience considerable growth by reaching USD 2.91 billion by 2028 while exhibiting a CAGR of 6.5% between 2021 and 2028. Fortune Business Insights in its report, titled “Metallic Powder Coating Market Size, Share & COVID-19 Impact Analysis, By Resin Type (Epoxy Polyester, Polyester, Epoxy, Polyurethane, and Others), By Process (Bonding, Dry Blending, and Co-Extrusion), By Pigment (Aluminum, Mica, and Others), By Application (Architectural, Automotive, Appliance, Furniture, Leisure Equipment, and Others), and Regional Forecast, 2021-2028.”, mentions that the market stood at USD 1.75 billion in 2020. The increasing demand for eco-friendly powder coatings worldwide is expected to propel the market’s growth in the forthcoming years.
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. The lockdown imposed by the government agencies has led to several industries facing halted industrial operations. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Based on the resin type, the market is classified into epoxy polyester, polyester, epoxy, polyurethane, and others.
On the basis of resin type, the epoxy polyester segment is anticipated to hold significant global metallic powder coatings market share in the forthcoming years. This is owing to the several benefits of epoxy polyester such as high chemical and corrosion tolerance to ant powder and wide availability of the product worldwide.
Based on the process, the market is trifurcated into bonding, dry blending, and co-extrusion. On the basis of pigment, the market is divided into aluminum, mica, and others. Furthermore, based on application, the market is segmented into architectural, automotive, appliance, furniture, leisure equipment, and others. Lastly, on the basis of region, the market is segregated into Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa.
What does the Report Provide?
The global market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Eco-friendly Coatings to Augment Growth
According to the American Lung Association, volatile organic compounds (VOCs) that are present in coatings, paints, adhesives, etc., can lead to adverse health effects such as nausea, difficulty to breathe, irritation of eyes, throat, and nose, among others. Moreover, ozone pollution due to excessive adoption of such compounds is leading to air pollution worldwide. Therefore, to reduce the harmful effect of solvent-based coatings, there is a high demand for eco-friendly coatings across several industrial applications. These coatings are manufactured without using petroleum solvents and do not emit toxic VOCs. Moreover, they comply with environmental standards and their growing adoption is expected to contribute to the global metallic powder coating market growth in the forthcoming years.
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Asia-Pacific to Remain Dominant; Rising Automotive Sector to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is attributable to the rising automotive and electronics industries in countries such as Thailand, China, South Korea, India, and Taiwan. According to Reuters, the overall vehicle sales in China in December 2020 reached around 2.83 million vehicles, a gradual rise of over 6.4% compared to the same period last year. Asia Pacific stood at USD 0.90 billion in 2020.
The market in North America is expected to showcase considerable growth backed by the growing awareness regarding the adverse effects of solvent-based coatings that is expected to boost the adoption of eco-friendly metallic powder coatings in the region between 2021 and 2028.
Contract Signing by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue
The market comprises small, medium, and large companies striving to maintain their presence by signing strategic contracts with government agencies and private companies to expand their metallic powder coatings product portfolio. Moreover, other key players are adopting strategies such as merger and acquisition, the introduction of new products, partnership, and facility expansion that will favor the growth of the market in the forthcoming years.
List of the Companies Operating in the Global Market for Metallic Powder Coatings:
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