Increase in the Number of Consumer Goods Companies is Escalating the Growth of the Powder Coatings Industry
27 Apr 2023
Powder coatings are mainly used by diverse industries, including automotive, architectural, furniture, electronic device, heavy equipment etc. These coatings release a very tiny amount of VOC (volatile organic compounds) because of their non-solvent formations. These coatings stand out visually and perform admirably in toughness, gloss retention, and scratch resistance. The popularity of these coatings has increased in various industries due to their ease of application in thick layers and lower costs. With the growth of the construction industry, the demand for these products has also risen.
According to Allied Market Research, the global powder coatings marketis anticipated to register a notable CAGR from 2019 to 2026. The growth of the market can be attributed to the reduction in volatile organic compounds (VOCs)across industries. These coatings have no volatile organic compounds, which reduces air pollution. They also have low fire hazards and allow for secure handling and storage.
Many construction firms are using powder coatings to provide long-lasting outer surface finishes for civil work projects and open-air venues because of the finishes and variety of colors they offer. For example, (OISCA International) The OISCA International College Foundation, and PT Jababeka Morotai, a division of the Jababeka Group, worked together to create the Morotai (Special Economic Zone) KEK in April 2021. This partnership will lead to the creation of a World War II memorial and support the accompanying facilities in KEK, North Maluku, Indonesia.
AkzoNobel Interpon (RTS) Ready to Ship Range of Powder Coatings Launched to the Chinese Market-
AkzoNobel's Interpon (RTS) Ready-to-Ship powder coatings offer high profile and superior quality powder coats and are expected to boon China's constructional and overall production and coating businesses. The new (RTS) Ready-To-Ship range was created for coat workers who require quick delivery of powder coatings in various quantities. To satisfy the most demanding range of industries, they are offered in a variety of colors and hues that were specifically chosen as the most popular across a varied range of industries. The Interpon D powder coatings with a proven, super durable performance are accessible to coat workers of architectural products through the RTS range. It is available in various textures, art finishes, and trending colors, guaranteed to satisfy the most exacting requirements.
The Ready-To-Ship (RTS) range of Interpon 700 and Interpon 600 powder coatings, which are composed of epoxy polyester and polyester respectively, provide superior protection and enhancement for a wide range of materials for both indoor and outdoor use, making them a top-choice across the industrial sector.
At launch, industrial coaters will also have access to nearly 200 different powder coatings ready to ship, while architectural product coaters have access to more than 100.
Major market players are implementing tactics like acquisitions & mergers, and are increasing their production capacity along with, investing in R&D work. For instance, in June 2021, AkzoNobel announced its intent to obtain Grupo Orbis to augment its Central and South American position. This acquisition has already finished by the end of the year 2022, depending on regulatory approvals. The agreement includes Mundial (distribution and services), Poliquim (resins), Andercol, and Pintuco paints and coatings.
Fluoroethylene vinyl ether coatings for architectural metals, PPG introduced the CORAFLON platinum coatings in May 2021. The patented coatings technologies offer improved corrosion resistance and fast transmission efficiency rates of over 20%.
Covid-19 Impact on Powder Coatings Market-
The COVID-19 outbreak caused widespread lockdowns worldwide, giving way to a disrupted performance of private buildings & construction sites, shutdown in car painting companies, distorted supply chains, labor shortages, and so on. As a result of the market closing down, retailers canceled large orders for paints and coatings, which aggravated the scenario even more. However, the condition started recovering after there were relaxed regulations from different government bodies, restoring the powder coatings market growth at a slow and steady pace
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.