North America Epoxy Powder Coatings Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Coating Type (Protective Coatings and Other Coating Types), End-user Industry (Aerospace, Automotive, Buildings & Construction, Energy, Marine, and Oil & Gas), and Geography (United States, Canada, Mexico, and Rest of North America)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The North America epoxy powder coatings market is estimated to witness a significant growth, at an estimated CAGR of over 2.5%, over the forecast period. Rising demand from the building and construction industry and soaring demand for eco-friendly coatings are expected to drive the market during the forecast period.
Regulations on the usage of Bisphenol A is likely to hinder the market’s growth.
Increasing Applications of Epoxy Powder Coatings is expected to create opportunities to the market’s growth in the future.
United States is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.
Scope of the report
The North America epoxy powder coatings market report includes:
Other Coating Types
Buildings and Construction
Oil and Gas
Rest of North America
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Key Market Trends
Increasing Usage in the Automotive Industry
In the automotive sector, powder coatings are used in interior and exterior parts of vehicles, to add a pleasant appeal to them. They are also used in metallic parts, as well as plastic vehicle components of both interior and exterior types.
Automotive coatings are used as protection against sunlight, material corrosiveness, and environmental effects, such as acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and blowing sand, among others.
Over a period of time, various companies have come up with different and new variants in coatings, such as heat and anti-reflective coating, electro-chromatic and smart coatings for windows, self-cleaning top coats, UV-curable powder coating system, iridescent and color changing base coat, and abrasion-resistant coatings for head lamps, among others.
Automotive coatings can majorly be divided into two types, namely, automotive refinish and automotive OEM coatings.
Automotive refinishing coatings are used to enhance the appearance and recover the damages caused by external factors, like temperature, and damage due to accidents, stones, and other debris, among others.
These coatings are used by the automotive body shops and repair centers for refinishing the vehicles.
All the aforementioned factors are expected to boost the demand for epoxy powder coatings in the region during the forecast period.
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United States to Dominate the Market
In the North America region, United States dominated the epoxy powder coatings market. United States is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
The construction industry in the United States continued to expand, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
The US residential sector’s growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade. The US commercial construction sector is expected to witness growth in the next few years.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircrafts per year due to the existing fleet getting older. Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States are driving the manufacturing activities in the aerospace industry.
Due to all such factors, the market for epoxy powder coatings in the country is expected to have a steady growth during the forecast period.
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The North America epoxy powder coatings market is partially fragmented in nature. Key players in the market include Akzo Nobel N.V., 3M, Jotun, PPG Industries, Inc., and The Sherwin-Williams Company, among others.