NEW YORK , Jan. 26, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Low Temperature Powder Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin (Hybrid, Polyester, Epoxy, and Others); By Substrate; By End-Use; By Region; Segment Forecast, 2023-2032" published by Polaris Market Research in its research repository.
According the recent research study, the global low temperature powder coatings market size & share was valued at USD 100.24 million in 2022 and is expected to reach USD 135.63 Million by 2032, growing at a CAGR of 3.1% during the forecast period. Vacuum Coating Installation
What is Low Temperature Powder Coatings? What is Expected Size & Share of Low Temperature Powder Coatings Market?
Low temperature powder coating is used in various applications, including appliances such as cookers, freezers, radiators, heaters, washing machines, and other similar equipment. The rapidly increasing demand for low temperature powder coatings market can be attributed to the appealing look, and it is being chemical and abrasion resistant. It helps to reduce the exposure and liabilities connected with liquid coating use. The powder coating method distributes a small amount of mixture of resins and pigment onto a substrate.
The emerging economies of Asia Pacific and MEA regions have witnessed robust growth in non-residential sectors, including consumer goods, IT, telecom, and retail resulting in an increase in product demand. The growing number of consumer goods companies in India , China , and Singapore is anticipated to expand market development in the near future. Powder coatings have several benefits over other coatings, such as lower operating costs, instant availability, negligible VOC emission, excellent appearance, and uniform thickness.
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2032 Updated Report Introduction, Overview, and In-depth industry analysis.
115+ Pages Research Report (Inclusion of Updated Research).
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2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
Includes Updated List of table & figures.
Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
Industry drivers, restraints, and opportunities covered in the study.
A neutral perspective on market performance.
Recent industry trends and developments.
Competitive landscape and strategies of key players.
Potential and niche segments and regions exhibiting promising growth covered.
Some of the Top Market Players Are:
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Key factors driving market growth
An upswing in the demand for medical devices to boost the market
A rise in the production of automobiles and an upswing in demand for medical devices are anticipated to be the primary factor driving the market growth in developing nations, including India , China , Brazil , and Mexico . The low temperature powder coatings market demand is on the rise due to high product adoption in the furniture sector because of its outstanding performance, low operational costs, color availability, and custom properties such as anti-corrosion and anti-bacterial functions will stimulate market growth.
Recent trends influencing the market
Obtainability of cheap labour to propel the low temperature powder coatings market growth
Brazil , Russia , China , India , and South Africa are the fastest-growing economies in the world. The obtainability of cheap labour, together with lower infrastructural costs, has encouraged an increasing number of manufacturers to expand their operations in this region.
Growing disposable incomes of consumers, together with the aging population, has resulted in the growing demand for automobiles, furniture, electronics, industrial and household appliances, agricultural equipment, and other products. Thus, increased demand for finished goods has led to a growing demand for powder coatings.
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The polyester segment accounted for the largest market share
Based on resin, the polyester segment accounted for the largest market share. This growth can be attributed to several advantageous properties such as chemical resistance, quick reliance, abrasion resistance, temperature resistance, and better surface protection. Low temperature powder coatings market size is expanding due to a substantial rise in demand for products such as radiator grills, door handles, bicycles, wheel aims, and metallic structural components is pushing the growth of the segment market.
The non-metallic segment held the highest share with a significant holding
Based on substrate, the non-metallic segment held the highest share of the global market with a significant holding. Low temperature powder coatings market sales are soaring due to the rising adoption of low temperature powder coatings in the diversity of non-metallic applications, including furniture and plastics, because of their ability to offer better resistance, high toughness, and longer life span. Additionally, growing consumer spending capacity, along with the rapid rise in population globally, is fuelling the segment market growth.
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Low Temperature Powder Coatings Market: Report Scope
PPG Industries Inc., Sherwin-Williams Company, BASF SE, Arkema S.A., Bayer AG, Valspar, Akzo Nobel N.V., DSM, Axalta Coatings System, Jotun A/S, KAPCI Coatings, Kansai Paint Co. Ltd., Nippon Paint, Berger Paints India Limited, SOMAR, RPM International, DuluxGroup Limited, and Marpol Private Limited.
By Resin, By Substrate, By End-Use, By Region
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Rising production of automobiles to drive the North American market
By geography, the market is segmented into North America , Europe , APAC, South America , the Middle East , and Africa . The report offers actionable insights and estimates of the contribution of all regions to the market's growth.
North America held the largest low temperature powder coatings market share as there is a rising production of automobiles in Mexico and a significant rise in the shift towards using powder coating in the automobile industry. Additionally, the growing adoption of powder coatings in several types of interior products, including furniture products to improvise design and look, the strength together with the increasing consumer focus towards alluring products are propelling the growth of the market.
Asia Pacific dominated the market due to high infrastructure development and the upswing in using powder coatings in architectural applications such as aluminum extrusions used in building facades, kitchen windows, and doorframes. In addition, the high rate of urbanization in emerging nations such as India and China is also expected to contribute positively to the market growth in the region.
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In December 2021 , Allnex, a leading global supplier of specialty chemicals announced the launch of its new Low-bake Powder Coating Resin for the Agriculture & Construction Equipment industry with excellent blooming resistance. It provides better flexibility and good flow and allows the proper cure for both boiling and blooming water resistance.
Polaris Market Research has segmented the low temperature powder coatings market report based on resin, substrate, end-user, and region:
North America (U.S., Canada )
Europe (France , Germany , UK, Italy , Netherlands , Spain , Russia )
Asia Pacific (Japan , China , India , Malaysia , Indonesia . South Korea )
Latin America (Brazil , Mexico , Argentina )
Middle East & Africa (Saudi Arabia , UAE, Israel , South Africa )
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