According to the Graphical Research new growth forecast report titled “APAC Powder Coatings Market Size By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Application Architectural, Jobbers, Agriculture & Construction Equipment, Pipeline, Oil & Gas, Appliances, General Metal [Outdoor Furniture & Playground Equipment], Automotive & Transportation Components [Wheels]), By Substrate (Metallic, Non Metallic)”, Estimated to Exceed USD 8.0 Billion by 2026.
Growing technological advancement in powder coating and increasing demand from various application sectors, such as architectural, agricultural &construction, automotive & transportation, aerospace, and marine industry is likely to drive the product demand for APAC market. The market growth is expected to grow at a CAGR of 4.5%, in terms of revenue, during the forecast period. Furthermore, infrastructural expansion is one of the factors which stimulates the powder coating product demand.
Fusion bonded epoxy segment by resin dominated the APAC powder coatings market in 2019 and is projected to grow at the fastest pace within the forecast period. Fusion bonded epoxy-based powder coating widely used in pipeline construction, concrete reinforcing bars, and petrochemical refineries. It protects from corrosion and decaying, chemical& mechanical resistance from harsh environmental conditions such as high temperature. Also, it provides dimensional stability and strengthens the material. Thus, this will foster market demand in the Asia Pacific region.
The Automotive & transportation components from the application segment accounted for a market share in 2019 which is mainly due to the rapidly growing automotive and transport industry in the Asia Pacific region. Owing to, globalization, expansion of transportation infrastructure, changing lifestyle, and increasing use of powder coating will boost the market growth in the forecast timeframe. Additionally, increasing environmental safety requirements and nonhazardous powder coating should further stimulate APAC powder coatings market growth.
Asia Pacific metallic segment will witness a growth of 8.5% over the forecast period, in terms of revenue. Metallic powder coating consists of aluminum and mica pigments which offer a Metallic appearance and protect from corrosion. The market share for the metallic segment may increase owing to their applications in diverse industries including household appliances, construction, automobiles, and furniture. Metallic powder coating provides luster and finishing which enables better performances.
Rising disposable income, emerging economy, and improving standards of living in countries like China, India, Japan, South Korea, and Indonesia will witness rapid growth during the forecast period. Furthermore, the government promotes eco-friendly, and non-hazardous, and technologically advanced powder coatings system which supports environmental measures this is expected to witness rapid growth during the forecast period. In addition, the increasing population along with job opportunities in industrial sectors has risen industrial goods demands this has considerably increased due to rising disposable income and strong growth in the real estate sector. Hence, with such robust demand for powder coatings from such industries has been increasing in the region simultaneously.
Key players in the APAC powder coatings 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.