Asia Pacific Powder Coatings Market Share was valued at above USD 4.5 billion in 2019 and industry is expected to witness substantial gains at over 8.6% by 2026.
Powder coating is a dry finishing process that provides a high-quality finish and texture to the surface. It offers a more durable finish than paints and provides an attractive finish. Powder coating provides more resistance against moisture, chemicals, ultraviolet light effect, and other extreme weather conditions. It offers the shielding effect to roughest, toughest machinery, and industrial goods against corrosion and damage. This resulted, reduces the risk of scratches, chipping, abrasions, corrosion issues.
Powder coatings are widely used in hospitals to prevent infections, medical devices, food packaging material, home furnishings, automotive, marine &aerospace industry, floor coating, and construction, this is likely to grow the market for powder coating in the Asia Pacific region.
Base on resin, the market is segmented into thermoplastic, thermoset, and fusion bonded epoxy. The thermoset segment from resin accounted for maximum market share during the forecast period and expected to grow in the future. It contains a heat-activated catalyst which is applied to the surface at ambient temperature to provide durability and a decorative layer. It offers an excellent appearance, high mechanical property, dimensional stability, and resistance against high temperature. Thermoset powder coating has several applications in construction, home furnishing, and architectural activities.
Base on the application, the automotive and transport sector registered a CAGR of above 9% during the forecast timeframe. Owing to, tremendous use of powder coating in engines, automotive filters, mirrors, wipers wheels, horn, and other vehicle parts are driving the demand for powder coating market. Additionally, for car varnishing transparent powder coating used in the automotive sector which offers luster and metallic finishing, this factor will boost the Asia pacific market in the coming future.
The rising population in countries such as Indian, China along with the increasing use of powder coating in construction activities will positively affect the market. Furthermore, powder coating provides a protective and decorative finish over the surfaces of home furnishing appliances such as refrigerators, dryer drums, water heaters, dishwater, and microwaves. It can be in the form of plastic, metallic, and concrete which support durability. Thus, this may foster the market demand in the overall powder coating market in the Asia Pacific region.
Key players in the market are DuPont, BASF, Akzo Nobel N.V, Nippon Paint Co. Ltd, Koninklijke DSM N.V, RPM International Inc., Sono-Tek Corporation, Sherwin-Williams Company, Troy Corporation, Lonza Arch and AK Coatings.