iCrowd Newswire – Jul 17, 2020
Polyurethane Powder Coating Market size is forecast to reach $16.45 billion by 2025 after growing at a CAGR of 6% during 2020-2025. Polyurethane powder coatings are surface coatings that have organic units of carbamate (or urethane) links or even thermoplastic polyurethanes. Polyurethane powder coatings have numerous advantages over other coatings such as lower operating costs, immediate availability, excellent appearance, and uniform thickness. Rising demand from the building & construction industry and growing usage of Polyurethane powder coating in the automotive sector are expected to drive the market growth.
By Application- Segment Analysis
The consumer goods application segment held the largest share in the Polyurethane powder coatings market in 2019. Growing purchasing power, high standard of living, and rapid urbanization are expected to drive demand for polyurethane powder coatings in consumer goods over the forecast period. The use of polyurethane powder coatings is predominant in consumer goods as these are protective coating do not contain solvents and exhibit higher flexibility than conventional liquid coatings, and comply with environmental regulations. Electrical segment is the second largest segment in polyurethane powder coatings market. From panel boards, enclosures, light fixtures, street light post, poles, ceiling fans, switch boxes and almost every products from electrical industry is coated on polyurethane powder coatings. Asia Pacific was the largest region in the electrical equipment manufacturing market, accounting for 41% of the market in 2018. Therefore, electrical application segment will drive demand of polyurethane powder coating near future.
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By End Use Industry- Segment Analysis
Automotive sector has been the primary market of polyurethane powder coating in 2019 growing at CAGR of 7.3%. Today automotive industry has become one of the most consuming industries of polyurethane powder coatings. The manufacturers of automotive products like oil filters, bumpers, grills, alloy wheels, chassis, steering, cycles are some of the major consumers of polyurethane powder coatings.
The growth of the polyurethane powder coatings market can be attributed to the rise in production of light commercial vehicle. According to International Organization of Motor Vehicle Manufacturers the total production of automobile (commercial as well as Personal) in Asia-Pacific in the year 2018 was 52,449,078 units compare to 53,395,211 units in 2017. The increase in the global automobile production is a major factor leading to the growth of polyurethane powder coatings in terms of volume across the globe.
Buildings and Construction Sector is the second major market of polyurethane powder coatings in 2019. The polyurethane powder coatings is more durable and aesthetic. Some specific range of products provides with five years durability to somewhat extended to ten years, when the coatings has been done as per the recommendations. These polyurethane powder coatings are highly consumed by aluminum decorators, structural fabricators, and architectural steel design. The growth of polyurethane powder coatings can be taken as directly proportional to the growth of building and construction industry.
Geography – Segment Analysis
APAC dominates the polyurethane powder coatings market with a share of more than 40% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in building & construction, automotive and medical equipment industry. Countries such as China and India has large medical sector. And every year it is increasing. The demand for medical equipment is growing. Therefore, the polyurethane powder coatings is needed to protect the medical equipment from harsh chemical effect. That’s why the market of polyurethane powder coatings is growing in the reason rapidly. The coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business. The current epidemic outbreak has deeply influenced consumers’ daily life and in addition to the impact on construction and automotive sector. South Korea, Italy and Japan are the most affected among the major industrialized economies. Consequently, 80 percent of automotive and related companies report that Coronavirus will have a direct impact on their 2020 revenues. 78 percent of companies do not have enough staff to run a full production line. More than 80 percent of the world’s auto supply chain is connected to China. In January 2020 China’s car sales plunged by 18 percent. The China Passenger Car Association (CPCA) considers that the first two-month sales could decline by 40 percent or more compared to the same period in 2019. Production shortfalls resulting from supply chain disruptions in China will impact global automakers.
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Drivers – Polyurethane Powder Coatings Market
The Growth of the Aerospace Industry
The growth of aerospace industry predominantly in North America and some countries of APAC such as China and India is determined to drive the polyurethane powder coatings market globally. Polyurethane coatings when applied on aircraft implant durability and resistance to the ultraviolet light, weathering, and chemicals that can be detrimental to the body of aircraft. Moreover, the polyurethane powder coatings protects aircraft against corrosion by reducing oxidation and itching of aluminum skin. The enhanced production of aircraft in order to suffice the foreseeable need for transportation will drive the polyurethane coating market near future.
The Application of Polyurethane Coating on Wood
The increase in disposable personal income has enabled people across the globe to afford expensive wood flooring. Polyurethane coatings are used in wooden floorings as they are found to retain the texture of the wood that deteriorates over time due to water-rot. Additionally, wood flooring is also used in some showrooms and shops. The palpable prevalence of wooden floorings and ceilings in the homes and commercial complexes across the globe is further flourishing the polyurethane coating market.
Challenges – Polyurethane Powder coatings market
Smoke created during cure is harmful to the environment
The biggest challenge in front of the vendors in the polyurethane coating market is that despite its durability, toughness, and high gloss, the coating is harmful to the environment as they release volatile organic compounds during application. Furthermore, the vendors are minimizing the use of isocyanides in the polyurethane coatings and re-inclining their manufacturing strategies and making the product eco-friendly.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the polyurethane powder coatings market. Major players in the polyurethane powder coatings market are Axalta Coating Systems, Akzo Nobel N.V., PPG Industries Inc., Jotun, The Sherwin Williams Company and among others.
In May 2019, Axalta Coating Systems, which is a leading supplier of powder and liquid coatings globally, received the Ducks Unlimited Corporate Conservation Achievement Award in the 82nd Annual National Convention which was held in Hawaii. These types of prestigious awards would trigger the company’s recognition.
In April 2018, Axalta Coatings Systems Ltd. has inaugurated new coating manufacturing plant in India. The newly installed plant will tend to double the coating manufacturing capacity Axalta so that it can meet the growing demand in the various industry verticals like automotive etc.
Asia-Pacific dominates the polyurethane powder coatings market owing to increasing demand from growing automotive industry in the region.
Active development of powder-based polyurethane coatings is projected to act as an opportunity for the market’s growth in the future.
Rise in prices of raw materials are likely to hinder the market growth of polyurethane powder coatings.
Coating Additives Market
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