The Global Powder Coatings Market was valued at US$ 9,130.4 Million in 2016, according to a new report published by Coherent Market Insights. The increasing use of powder coatings in various end-use industries such as appliances, automotive, furniture, architecture, and industrial will enhance the market growth in the forecast period. The solvent free content of these coatings results in negligible or low volatile organic compounds (VOC) emissions, which in turn makes these products environment friendly and hence, fuel demand for these coatings globally.
The global powder coatings market has witnessed significant growth in the last five years, owing to its added advantage over liquid coatings and low VOC emissions that helps end-use industries ensure regulatory compliance. Powder coatings helps in maintaining the outer appearance of the substrate on which they are applied and therefore, are extensively used by furniture manufacturers. These coatings are mainly applied on metal substrates as it helps in preventing scratches and provides better gloss appearance to the product as compared to other coatings.
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Thermoset resin is the largest resin type segment that accounts for over 90% market share in the global powder coatings market. These resins are mostly preferred as they help in preventing shock and corrosion to industrial equipment, various appliances, and automobile parts and thereby, helps increase the lifespan of the product. Epoxy polyester hybrid resin segment is projected to witness the fastest growth during the forecast period. These resins are most suitable in heavy duty equipment, appliances, electrical enclosures, and agriculture equipment. Polyesters is expected to be the largest sub-segment in thermoset resin segment during the forecast period. These resins are highly applied in outdoor furniture and automotive parts manufacturing due to its superior performance in sunlight.
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