Analyzing the Powder Coatings Market Size: Analysing the USD Value and Forecast for 2023-28
Market Overview: Powder Coatings Market
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Powder Coatings Market Insights 2023-28
The Powder Coatings Market is estimated to grow at a CAGR of around 5.27% during the forecast period 2023-28.
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Driving Innovation: Exploring the Powder Coatings Market and its Key Drivers
Global Powder Coatings Market Key Driver: Transition of the Automotive Industry Towards Sustainability
The global inclination towards the adoption of clean & green solutions in the aftermath of climate change has been resulting in the growth of the electronic vehicle industry worldwide. Different countries, such as Germany, Brazil, India, etc., have been constantly engaged in building up their capabilities to manufacture electric vehicles. These countries are also taking several initiatives, like financial incentives, tax credits, etc., to raise the adoption rate of such vehicles to reduce the carbon footprint of their countries. Hence, this, combined with the rise in the percentage of environmentally responsible consumers, is pushing the growth of the automotive industry.
Further, continuous technological advancements in the automotive industry to explore different technologies such as lithium batteries, ethanol-blended fuel, and others, as well as the integration of such vehicles with other advanced technologies like renewable energy, would lead to the growth of the automotive industry, thus influencing the demand in the market during the forthcoming period.
Top Players in the Powder Coatings Market:
PPG Industries Inc., Akzo Nobel N.V., Axalta Coating System, Sherwin-Williams Company, Jotun Group, RPM International Inc., Arkema S.A., Nippon Paint Holdings, IGP Powder Coatings, 3M, Tiger Coatings GmbH & Co.KG, Kansai Nerolac Paints Ltd., A & I Coatings, Others
Powder Coatings Industry Recent Development:
- 2023: AkzoNobel launched its Interpon D powder coatings for architects & designers in India. This was done to fulfil the rising demand of stone effect finish & terracotta finish in India.
- 2022: PPG Industries Ltd. announced the investment of USD11 million in its plant, which is located in Mexico, to facilitate expansion of its plant. This was done to meet the high demand in the country.
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Segmentation Analysis of Powder Coatings Market
Powder Coatings Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023-28, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
By Resin Type
-Eopxy
-Acrylic
-Polyurethane
-Polyester
-Polyvinyl Chloride
-Others (Epoxy Polyster Hybrid, Fluropolymer, etc.)
By Method of Coating
-Electrostatic Spray Deposition (ESD)
-Fluidized bed
-Others (Flame Spray, Electrostatic bed fluidized process, etc.)
- Among these, Electrostatic Spray Deposition (ESD) acquired a significant portion of the Powder Coatings market.
By Application
-Architectural
-Furniture
-Automotive
-General Industrial (Electrical Power Generation, Machinery, Packaging, etc.)
-Appliances (Consumer Electronics, Home Appliances, etc.)
-Others
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A Comprehensive Geographical Analysis:
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
- Among these, the Asia-Pacific acquired a substantial share of the Global Powder Coating market owing to the large-scale development of various industries, including construction, automotive, manufacturing, etc., in different countries of the region like India & China, among others.
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
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