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In automotive & transportation applications, wheels accounted for approximately 8% of the revenue share in 2017. The increasing preference for powder coatings among manufacturers due to their substantial cost reductions, corrosion resistance, and aesthetic appearance will trigger the market growth. Automotive industry expansion has resulted inthe high penetration of its components, such as door handles, radiator grills, wheel rims, and bumpers, will eventually drive growth in this segment.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/467671/
Valued for its low ecological impact, powder coatings are widely used in a variety of applications including, architectural, appliances, automobiles, and furniture. Stringent government regulations to control and limit the volatile organic compound emissions will drive the powder coatings demand. For instance, in 2017, the Government of China revised the national standards toward lowering VOC emission levels for the automotive industry.
Housing subsidies along with socioeconomic development programs by the regional government will positively impact the architectural applications in the developing countries. Other factors such as increased consumer spending on home appliances and improving housing interiors will drive the industry growth in various end-use segments.
Asia Pacific powder coatings market dominated the industry and accounted for more than 40% demand in 2017. The large presence of industrial units in China, India, and Japan will positively influence the market growth. Imposition of government regulations with respect to VOC emission will boost the market share. For instance, in January 2015, the China Ministry of Finance imposed 4% additional consumption tax on coating manufacturers over the sale of any product whose spray VOC level surpasses 420g/L.
Thermoset resin is expected to witness over 6.5% growth up to 2024. Polyester and epoxy polyester hybrid are the key contributing resin types in thermoset. Superior mechanical properties, UV resistance, and exceptional durability are among the major benefits makes the product highly popular in various applications.
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Non-metallic substrates were valued over USD 500 million in 2017 and is expected to witness highest gains in revenue terms up to 2024. Introduction of medium-density-fiberboard (MDFD), that has intensified the varnishing of wood-based furniture will drive the product penetration. This demand will be supported by functional advancements such as gloss retention, durability, scratch and chalking resistance. The introduction of products with low-temperature curing capabilities is providing new growth avenues for its applications in the furniture industry.
The powder coatings market share is competitive in nature and majorly occupied by Axalta, AkzoNobel NV, PPG Industries Inc., and Jotun. The key strategies implemented by industry participants include geographical expansions, new product launches, mergers & acquisitions, and R&D investments. For instance, in February 2017, Axalta acquired Century Industrial Coatings, a high-performance powder coatings manufacturer for structural steel, oil & gas, and rail cars. This enables the company to explore untapped market potential in diversified business segment. Industry players resort to effective and long terms supply chain agreements with dealers and distributors to ensure efficient flow and reach of their products.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Powder Coatings Industry Insights
Chapter 4 Powder Coatings Market, By Resin
Chapter 5 Powder Coatings Market, By Application
Chapter 6 Powder Coatings Market, By Substrate
Chapter 7 Powder coatings Market, By Region
Chapter 8 Powder Coatings Market Company Profiles
For more information on this report at: https://www.marketstudyreport.com/reports/powder-coating-market/?utm_source=Marketersmedia-SP
Related Report:
Global Ultraviolet Cured Powder Coatings Market Insights, Forecast to 2025
Ultraviolet cured powder coatings are usually created using resins, including acrylics, amino resins, polyesters, epoxies, polyurethanes, and nitrocellulose. They are used to protect the surfaces of substrates, including wood, metal, plastic, and glass, and enhance their appearance.
The coatings based on epoxy resin are expected to dominate the UV-cured coatings market. Asia-Pacific is estimated to be the fastest growing region for the market due to increasing spending, economic growth, investments, and expansion of the electronics industry in the region.
Increasing stringent environmental regulations are increasing the demand for high-value, eco-friendly coatings. UV-cured coatings are known for their eco-friendly properties, releasing no volatile organic compounds (VOC). Manufacturers are striving in the field of R&D to come up with eco-friendly products. These regulations are to act as a driving factor for the demand for UV-cured coatings during the forecast period.
https://www.marketstudyreport.com/reports/global-ultraviolet-cured-powder-coatings-market-insights-forecast-to-2025?utm_source=RR-SP
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