U.S. and Europe Powder Coatings Market to Reach $4.29 Bn, by 2026, at 4.7% CAGR: Allied Market Research

Powder Coatings Market in U.S. & Europe was valued at $2.96 billion in 2018 and is projected to hit $4.29 billion by 2026, recording a CAGR of 4.7% throughout the study period.

Increasing adoption of powder coatings in various end-user industries such as automotive, home appliances, furniture and construction will drive the growth of the powder coating market in the US and Europe. On the other hand, the presence of pollutants in the wastewater and the increase in raw material costs will restrain growth to some extent. However, the advent of new application methods will create a favorable opportunity for the industry's major players.

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The key market players analyzed in the report include

·         American Powder Coatings Inc.

·         Axalta Coating Systems

·         Jotun

·         BASF SE

·         The Sherwin-Williams Company

·         Tiger Drylac U.S.A. Inc.

·         IFS Coatings Inc.

·         PPG Industries Inc.

·         Akzonobel N.V.

·         Powder Coating USA Inc.

·         RPM International Inc.

Incorporating a number of high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to heighten their stand in the industry.

Based on coating method, the electrostatic spray segment accounted for 96% of the total market revenue in 2018 is expected to dominate throughout the forecast period. The fact that electrostatic spray creates a better-looking finish in car body panels and bike frames, as the coating is distributed more uniformly spurs the growth of the segment. The fluidized bed segment, on the other hand, is projected to grow at the fastest CAGR of 5.5% through 2019–2026.

Based on type, the thermoset segment held the major share in 2018, accounting for 91% of the total market and is anticipated to be dominant during the study period. This is attributed to the increase in usage of these coatings in appliances & automotive industry as it provides high level of corrosion, temperature, and impact resistance. The same segment is also predicted to cite the fastest CAGR of 4.8% throughout the forecast period.

Based on geography, the U.S. region contributed to more than half of the total market share and would rule the roost during the estimated period. Rapid development in the automotive manufacturing sector in the U.S. and rise in demand for powder coating in numerous applications including door handles, rims, and under hood components of vehicles are expected to spur the growth of the U.S. powder coating market.