May 22, 2019 Off Comments in Business News by
Cleveland Ohio Powder Coating Market: Expand at a CAGR of 6.6% by 2026-end due to Growing Adoption of Eco-friendly Products, Says TMR 

The global powder coatings market has a highly competitive vendor landscape, predicts Transparency Market Research (TMR) during the study period. Akzo Nobel N.V., Axalta Coating Systems, PPG Industries, Inc., The Sherwin-Williams Company, PPG Industries, Inc., BASF SE, Kansai Paint Co., Ltd, and Nippon Paint Holdings Co., Ltd. are some of the key players in the global powder coatings market. These key players are increasingly investing in the production of more safer and green products; the introduction of these products is helping them to gain a profitable edge of the global powder coatings market.

According to TMR, the global powder coatings market is assessed to expand at a CAGR of 6.6% over the forecast period from 2018 to 2026. With this vigorous CAGR, the market is expected to attain a value of US$16,203.14 mn by 2026-end from the revenue collected in 2017 of US$ 9099.66 mn.

Based on the type, the thermoset segment dominated the global powder coatings market in the years 2017 and is likely to remain dominant over the forecast period. On the basis of the coating method, the electrostatic spray segment dominated the global powder coatings market in terms of volume. Regionally, the Asia Pacific led the pack in 2017 and is expected to be the leading region by the end of the forecast period. This growth is ascribed to the rapid industrialization in the region. However, in terms of volume and value, North America is dominant and is estimated to be dominant in the years to come.

Stringent Regulation on VOCs to be Beneficial for the Powder Coatings Market’s Growth

Numerous countries have declared several guidelines over the evaluation, storage, registration, usage, transportation of certain substances, and their handling along with waste treatment, emission, and effluent emission. Additionally, these norms are strict and thus a violation of these regulations results to the legal obligation. Thus, the manufacturers are avoiding the use of harmful or solvent-based coatings, as they are more likely to emit VOCs on a large level. This shift of manufacturers from solvent-based coatings to water-based coatings such as powder coatings and thus, its emission of VOCs is negligible than solvent based-coatings. This is a key factor supporting the growth of the powder coatings market. Additionally, the absence of efficient alternatives is likely to drive market growth in the coming few years.

Read more: Cleveland Ohio Powder Coating Market: Expand at a CAGR of 6.6% by 2026-end due to Growing Adoption of Eco-friendly Products, Says TMR