CHICAGO, December 13, 2018 /PRNewswire/ --
According to the new research report "Low Temperature Powder Coatings Market by Substrate (Non-metal, Metal), Resin (Polyester & Hybrids, Epoxy & Hybrids, PU, Acrylic), End-use Industry (Furniture, Appliances, Automotive, Architectural, Electronics, Medical), and Region - Forecast to 2023", published by MarketsandMarkets, the Low Temperature Powder Coatings Market is expected to grow from USD 3.9 billion in 2018 to USD 5.2 billion by 2023, at a CAGR of 6.0% during the forecast period. The major factors driving the Low Temperature Powder Coatings Market include the increase in energy savings due to reduction in cure temperatures, growing end-use industries, and technological advancements.
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The non-metal segment is projected to register the higher CAGR in the Low Temperature Powder Coatings Market during the forecast period.
Low temperature powder coatings technology provides practical benefits in the coating of many non-metallic substrates such as wood & MDF, plastics, glass, and composites. The growth of this segment is attributed to the rapidly expanding functional range of powders beyond traditional metal product finishing, into non-metallic substrates such as wood and MDF, plastics, glass, and composites. Low temperature powder coatings technology enables powder coating of non-conductive and non-metallic substrates by using a low-cost surface treatment that does not emit VOCs or other hazardous by-products.
The polyester & polyester hybrids segment is estimated to be the largest resin chemistry during the forecast period.
Resins used in low temperature powder coatings can be ground into fine particles, which is necessary for spray application and to impart even film finish. Polyester & polyester hybrids resins are preferred over other resin types because of their outstanding physical properties that enable them to withstand prolonged outdoor exposure. Polyester powder coatings exhibit good flow properties, wear resistance, and overbake stability. Super-durable polyester formulations retain color and gloss in harsh exterior applications. Polyester powder coatings are especially useful in architectural, container, shopping cart, lawn and garden, and agricultural & construction equipment applications. These factors contribute to the demand for polyester & polyester hybrids.
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APAC is expected to hold the largest share of the Low Temperature Powder Coatings Market during the forecast period.
APAC has emerged as the leading consumer and producer of low temperature powder coatings. The easy availability of low-cost labor and economical & accessible raw materials are driving foreign investments, which is increasing the production of low temperature powder coatings in the region. APAC is also the fastest-growing Low Temperature Powder Coatings Market.
Major vendors in the Low Temperature Powder Coatings Market include Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Teknos Group (Finland), Forrest Technical Coatings (US), Platinum Phase Sdn Bhd (Malaysia), Tulip Paints (India), Protech Powder Coatings Inc. (Canada), and CIN Industrial Coatings (Portugal).
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Related Reports:
Powder Coatings Market by Resin Type (Thermoset, Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and Region - Global Forecast to 2022
Low Temperature Coating (Low Cure Coating) Market by Coating Type (Powder-Based, and Liquid-Based), Resin Type (Polyester, Epoxy, Polyurethane, Acrylic), End-Use Industry (Automotive, Industrial, Heavy-Duty Equipment, Architectural, Furniture), Region - Global Forecast to 2021
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