- Growing demand for electrical appliances from all across the globe is estimated to boost the sales avenues in electrical appliance coatings market. Thus, market is likely to expand at ~6% CAGR during 2020-2030
- Increasing population in the Asia Pacific region is estimated to fuel promising demand opportunities in regional market
ALBANY, N.Y., June 23, 2021 /PRNewswire/ -- Electrical appliance coatings are widely utilized for coating of diverse electrical appliances. The technique of electrical appliance coatings helps in achieving the combination of durability and exceptional esthetic finishes. The main purpose of developing electrical appliance coatings is the protection and advancement of design of appliances including washing machines, refrigerators, dishwashers, ovens, and dryers. Thus, growing demand for all these products is estimated to boost the sales opportunities in the global electrical appliance coatings market during the assessment period 2020-2030.
The analysts from Transparency Market Research highlight that the global electrical appliance coatings market is likely to account for US$ 10.2 Bn by the end of assessment period 2020-2030. The companies are mainly focused on the development of customized products. At the same time, they are increasing investments toward research activities.
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Electrical Appliance Coatings Market: Key Findings
- Research Activities Help Enterprises Advance Product Efficiency
Over the period of past few years, there is notable growth in the demand for high-performance electrical appliance coatings. One of the key factors supporting this increased demand is the ability of high-performance electrical appliance coatings to assist in protecting and improving the products durability. As a result, several companies are using leading-edge coating technologies to advance application efficiencies in various products. Apart from this, the players in the electrical appliance coatings market are growing interest toward the advancement of the durability, color, functionality, and design of devices.
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- Players Focus on Development of Innovative Anti-viral Technologies
Amid the recent COVID-19 pandemic, major worldwide population is growing preference toward the use of products that offer protection from various viruses. This scenario has pushed enterprises from the global electrical appliance coatings market toward the development of innovative technologies that offer anti-vital properties.
Asia Pacific: Prominent Region for Market Sales
On regional front, the global electrical appliance coatings market is estimated to gather prodigious sales avenues in the forthcoming years. This growth can be on the back of many factors such as increased regional population together with improved disposable income of major populace in the region.
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Electrical Appliance Coatings Market: Growth Boosters
- The incorporation of technical innovations are resulting into a noteworthy change in the electrical appliance coatings market, owing to growing popularity of cutting-edge color styling appliances among major consumer base today.
- The companies engaged in this market are growing interest toward the development of decorative coatings, conductive coatings and inks, and transparent functional coatings. This scenario is helping in the boosting the sales of the global electrical appliance coatings market.
- Several market players are attracting their customer base by providing personalized services. Thus, they are offering product according to the intensity of protection needed for appliances offered at economical prices. This aside, several vendors are shifting focus toward advancing their production capabilities in atomic layer deposition coatings, which assist in protecting Internet of Things (IoT) devices from various unfavorable environmental conditions.
- Companies in the global electrical appliance coatings market are growing concentration toward the development of environmental-friendly as well as bio-degradable plastics in order to generate lesser amount of waste. This strategy is helping in supporting the market growth.
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Electrical Appliance Coatings Market: Well-Established Participants
The report profiles key participants working in the electrical appliance coatings market. This list includes following names:
- Henkel AG & Co. KGaA
- Koninklijke DSM N.V. (Royal DSM)
- Evonik Industries AG
- Elantas GmbH
- Erie Powder Coatings
- Nippon Electric Glass Co., Ltd.
- Axalta Coating Systems Ltd.
- GMM Development Limited
- CEKO Inc.
- AGC Chemicals Europe Ltd.
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