Global Low Temperature Powder Coatings Market Insights Forecasts to 2032
- The Low Temperature Powder Coatings Market Size was valued at USD 105.6 Million in 2022.
- The Market Size is Growing at a CAGR of 5.4% from 2022 to 2032
- The Worldwide Low Temperature Powder Coatings Market Size is expected to reach USD 140.2 Million by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Low Temperature Powder Coatings Market Size is expected to reach USD 140.2 Million by 2032, at a CAGR of 5.4% during the forecast period 2022 to 2032.
Low temperature powder coatings are a kind of coating substance that may be used on a variety of surfaces at temperatures lower than those for regular powder coatings. Typically, electrostatic spraying or fluidized bed methods are used to apply powder coatings, which are subsequently heated to form a hard, long-lasting, and appealing surface. Low temperature powder coatings, on the other hand, have the benefit of being able to cure at lower temperatures, making them appropriate for substrates that are sensitive to heat.
Impact of COVID-19 On the Global Low Temperature Powder Coatings Market
With the onset of the COVID-19 pandemic, the global low temperature powder coatings market was significantly affected. In fact, the market has witnessed many challenges in the disruption of the supply chain, stoppage of company operation, and procurement of raw materials. The market leaders have made changes in their current working models to face the severity of the pandemic. For instance, according to the COVID-19 response report published by Akzo Nobel in June 2020, the revenue of the company has reduced by -5% during the first quarter owing to the severe effect of the pandemic. Furthermore, the demand of the low temperature powder coatings improved at the end of the year 2020 due to the increasing manufacture of consumer electronics as well as automobiles. The market is further anticipated to foresee significant demand due to the expansion of consumer electronics and automobiles over the upcoming years.
Global Low Temperature Powder Coatings Market Report Coverage
|Market Size in 2022 :||USD 105.6 Million|
|Forecast Period 2022-2032 CAGR:||5.4%|
|2032 Value Projection:||USD 140.2 Million|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Resin, By Substrate, By End-Use, By Region|
|Companies Covered:||Teknos Group, Tulip Paints, Protech Powder Coatings Inc., PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Jotun, Axalta Coating Systems LLC, BASF SE, DuPont, Koninklijke DSM N.V., PRISMATIC POWDERS, Funder America Inc., Keyland Polymer|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Key Market Drivers
The rise in the interest among different end user industries across the temperature powder coatings because it provides various benefits like single coat durable finish, low energy consumption, zero VOC formulas, great efficiency of coating transfer, and better efficiency which is not easily present in the market which acts as a crucial role that drives the growth of the global low temperature powder coatings market. Furthermore, various end users are shifting to low cure powder coatings from traditional coatings systems in a rapid way due to which it can reduce the energy costs to heat the substrate, thus improving productivity. In addition, different developing countries across the world such as India, South Korea, China, and Brazil are implementing various types of legislation to control the VOC emissions in order to reduce the pollution which has resulted in the increasing demand of low temperature powder coatings and is going to boost the growth of the global low temperature powder coatings market over the forecast period.
Key Market Challenges
In such as price competitive market, it is extremely difficult to get in touch with the clients with a new product whose market price is more than the current price. The same market scenario happens for the low temperature powder coatings because these coatings are quite expensive than liquid coatings which are presently available and are dominating the global low temperature powder coatings market. The main issues of end users of low temperature powder coatings are protecting the effectiveness of such coatings in hot environments. Powder adhesion to substrates is being hampered by humid circumstances which inspire clumping.
Polyester segment holds the highest market share over the forecast period
On the basis of resin, the global low temperature powder coatings market is segmented into hybrid, polyester, epoxy, and others. Among these, polyester resin segment holds the highest market share over the forecast period. The growth of this segment is mainly due to its different beneficial properties like quick relying, chemical resistance, temperature resistance, abrasion resistance, and better surface protection. Apart from this, the tremendous increase in the demand for products like radiator grills, door handles, bicycles, wheel aims, and metallic structural components which is driving the overall growth of this segment over the forecast period.
Epoxy resin segment, on the other hand is witnessing the fastest market growth over the forecast period. The growth is attributed to its different properties such as toughness, flexibility, low cost than others and weather ability. Furthermore, the increasing adoption of such products for interior applications like furniture coatings in providing an appealing look as well as design is going to drive the growth of the global low temperature coatings market.
Non metallic segment is dominating the market over the forecast period
On the basis of substrate insights, the global low temperature powder coatings market is segmented into metal and non metal. Among these, non metallic segment is dominating the market with the largest market share over the forecast period. The rise in the growth of the market is driven by the increasing adoption of low temperature powder coatings in a different non metallic applications such as plastics and furniture owing to their ability to offer high toughness, better resistance, as well as longer lifespan. Furthermore, rise in the capacity of consumer spending along with the sudden surge in the population across the world is propelling the growth of the global low temperature powder coatings market.
Metal segment, on the other hand is anticipated to witness a significant growth over the forecast period due to the rise in the demand for automobiles like commercial vehicles and cars in developing nations like China, India, Malaysia, and Brazil along with rise in the number of application of powder coatings on various parts of vehicles. In addition, various manufacturers across the world have started coating various parts of automobiles like bumpers, radiators, shock absorbers, engine block, wheels, and mirror frames. All these factors are going to drive the segmental growth of the market.
End Use Insights
Consumer goods segment is dominating the market over the forecast period
Based on end use, the global low temperature powder coatings market is segmented into furniture, automotive, electronics, medical, retail, appliances, consumer goods, and others. Among these, the consumer goods segment is dominating the market with the largest market share over the forecast period. Increasing consumer living standards, rapid urbanization, and rise in the purchasing power of the people are the key factors which are contributing towards the segmental growth. Due to the lack of any form of solvent, ease of compliance with environmental rules, and better flexibility, low temperature power coatings are widely used in a variety of consumer goods. In the near future, increased use of these products is anticipated.
Automotive segment, on the other hand is anticipated to witness the fastest market growth over the forecast period. The growth is attributed to the increasing production of automobiles in the nations like Brazil, Argentine, Mexico, U.S., and China as well as rapid rise in the sale of commercial vehicles.
Asia Pacific is dominating the market with the largest market share over the forecast period
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Asia Pacific is dominating the market with the largest market share over the forecast period. High infrastructure development and a rise in the usage of powder coatings in architectural applications like aluminium extrusions used in doorframes, kitchen windows and building facades are responsible for the regional market's expansion. Additionally, it is projected that the rapid urbanisation of developing nations like China and India would favourably affect the expansion of the regional industry.
North America, on the other hand is anticipated to witness the fastest market growth over the forecast period due to a considerable increase in the usage of powder coating in the automotive sector and an increase in the manufacture of cars in Mexico. Additionally, the growing popularity of appealing items among consumers and the increasing use of powder coatings to improve the design, appearance, and strength of different interior products, including furniture products, are driving the market's expansion.
Recent Market Developments
- In October 2022, Sherwin Williams has made an announcement that it is investing ina 6 lakhs sq. ft. Research and Development Center in Brecksville in Ohio.
- In December 2021, Allnex which is a popular global supplier of specialty chemicals has made an announcement of the launch if its new Low bake Powder Coating Resin for the Agriculture and Construction Equipment Industry having great blooming resistance.
List of Key Companies
- Teknos Group
- Tulip Paints
- Protech Powder Coatings Inc.
- PPG Industries Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Axalta Coating Systems LLC
- BASF SE
- Koninklijke DSM N.V.
- PRISMATIC POWDERS
- Funder America Inc.
- Keyland Polymer
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Stabilizers Market based on the below-mentioned segments:
Low Temperature Powder Coatings Market, Resin Analysis
Low Temperature Powder Coatings Market, Substrate Analysis
- Non Metal
Low Temperature Powder Coatings Market, Application Analysis
Low Temperature Powder Coatings Market, End Use
- Consumer Goods
Low Temperature Powder Coatings Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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