Growth of end-use industries is increasing consumption of low temperature powder coatings.
The low temperature powder coatings market size is expected to grow from USD 3.9 billion in 2018 to USD 5.2 billion by 2023, at a CAGR of 6.0% during the forecast period. The low temperature powder coatings market is driven by increase in energy savings due to reduction in cure temperatures, growing end-use industries, and technological advancements. However, non-suitability for thin film applications and unattractive product in the price competitive market can hinder the growth of the market.
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Increasing use of non-metal substrate is expected to fuel the demand for low temperature powder coatings market.
Non-metal is the faster-growing segment in the overall low temperature powder coatings market. The need for sustainable and innovative products has driven many powder coating manufacturers to develop coatings for substrates which have never been powder coated. New low temperature powder coatings are being developed. These finishing materials are being used on heat sensitive substrates such as wood and medium density fiberboard (MDF), plastics, composites, glass, and preassembled parts.
Polyurethane is projected to be the fastest growing resin chemistry during the forecast period.
Resins used in low temperature powder coatings can be ground into fine particles for spray application and to ensure even film finish. The polyurethane-based low temperature powder coatings segment is projected to grow at a high rate during the forecast period. This resin offers durability, abrasion resistance, low-temperature flexibility, and good aesthetics in furniture, appliances, automotive, architectural, retail, electronics, and medical industries.
Furniture is expected to be the fastest-growing end-use industry during the forecast period.
Low temperature powder coating offers environmental and performance benefits over other coating and laminating systems. Finishing of wood requires careful planning to ensure that the finished piece looks attractive, performs well in service, and meets safety & environmental requirements. Low temperature powder coatings have gained significant importance as the surface protection of choice in the furniture industry. They are used for surface finishing of steel and aluminum, such as garden furniture, site furnishings, and MDF furniture.
APAC is expected to record the highest growth rate during the forecast period.
APAC has emerged as the leading consumer and producer of low temperature powder coatings. The easy availability of low-cost labor and economical & accessible raw materials are driving foreign investments, thereby, increasing the production of low temperature powder coatings in the region. APAC is the largest and the fastest-growing low temperature powder coatings market.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the low temperature powder coatings market.
- By company type: Tier 1 – 42%, Tier 2 – 25%, and Others – 33%
- By designation: C Level – 36%, Director Level – 19%, and Others – 45%
- By region: Europe – 42%, North America – 25%, APAC – 17%, South America – 8%, and Middle East & Africa – 8%
The low temperature powder coatings market comprises major solution providers, such as Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Teknos Group (Finland), Forrest Technical Coatings (US), Platinum Phase Sdn Bhd (Malaysia), Tulip Paints (India), Protech Powder Coatings Inc. (Canada), and CIN Industrial Coatings (Portugal). The study includes in-depth competitive analysis of these key players in the low temperature powder coatings market, with their company profiles, recent developments, and key market strategies.
- The market study covers the low temperature powder coatings market across segments. It aims at estimating the market size and the growth potential of this market, across different segments based on substrate, resin chemistry, end-use industry, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall low temperature powder coatings market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.