Currently, the coatings market is shifting towards use of powder coatings to reduce emissions of volatile organic compounds (VOC). Stringent government regulations regarding VOC content in solvent-based coating is expected to escalate demand for powder coatings, as the market moves from liquid coatings to environmentally-friendly powder coatings due to health and environmental concerns. Powder coatings do not contains VOCs and other toxic compounds such as lead and chromium, which makes them a greener material of choice over other coatings.The [FURL=https://www.industryarc.com/PressRelease/1639/Powder-Coatings-Market-Research.html]Powder Coatings Market[/FURL] is expected to reach $15 billion by 2024, growing at a CAGR of 6%. Increasing adoption due to their ecofriendly properties and supportive government regulations; product and technological advancement; enhanced features as compared to other coatings with regard to durability, low or no VOCs, cost efficiency, recyclability; and exponential growth of the APAC region; all these factors are fueling demand for powder coatings.
Innovation is vital to sustain in the market. The powder coatings market is very dynamic in nature and players are continuously focusing on innovations to improve the performance and production process. For instance, Autonomic Materials Inc. introduced a self-healing coating technology which increased corrosion resistance of epoxy powder coatings. The self-healing coating technology is based on a microcapsule with an AMI-developed core-shell structure that can be repaired when the coating is damaged. Such innovations will drive the market in coming years.
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Powder Coatings Market: Global Competitors
Some of the major competitors in the powder coatings market are AkzoNobel NV, PPG Industries Inc., Jotun Powder Coating, Axalta coating systems LLC, Evonik Industries, Asian Paints Limited, The Sherwin -Williams Company, and Kansai Paints Company Ltd. Most of these companies are innovating in the field of industrial finishing that involves paints, plating, and powder coating. Asian Paints Limited, for example, is a significant player in the Indian industrial finishing market.
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