The market is segmented by Coating Type (Protective Coatings and Other Coating Types), End-user Industry (Aerospace, Automotive, Building & Construction, Furniture, Marine, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
Fastest Growing Market:
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The global polyurethane powder coatings market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. Rising demand from the building & construction industry and growing usage of plastics in the automotive sector are expected to drive the market growth.
Rise in prices of raw materials are likely to hinder the markets growth.
Active development of powder-based polyurethane coatings is projected to act as an opportunity for the market’s growth in the future.
Asia-Pacific holds the major share in the consumption of polyurethane powder coatings. The region is also expected to witness the fastest growth during the forecast period, powered by the growth in construction and transportation applications in the region.
Scope of the report
The global polyurethane powder coatings market report includes:
Other Coating Types
Building and Construction
Other End-user Industries
Australia and New Zealand
Rest of Asia-Pacific
Rest of Europe
Rest of South America
Middle-East and Africa
Rest of Middle-East and Africa
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Key Market Trends
Increasing Demand from Construction Industry
Polyurethane powder coatings are becoming the product of choice among architects, manufacturers, custom coaters, and government agencies, as the benefits of powder coatings, when compared to liquid coatings are better understood. They have also evolved to include more stringent verification processes.
The explosion of green construction practices and globalization have increased the awareness regarding polyurethane powder coatings as a viable option to coat architectural aluminum in the North American market. The expansion of polyester resin technology, namely stable, low-gloss formulas, provided architectural market opportunities that promoted growth for polyurethane powder coatings.
One of the fastest growing markets for polyurethane powder coating is the architectural and building market, primarily due to the durability provided by powder coatings. With the wide variety of colors and finishes available in powder coatings, more and more construction companies are turning to powder coatings, in order to provide long-term exterior finishes for outdoor venues and public works projects.
Globally, Asia-Pacific has the largest construction market, which is led by India, China, and various Southeast Asian countries. Recently, China was suffering a slump in its construction industry. However, it is expected to recover in the next few years. According to the forecast of the Asian Development Bank (ADB), the country needs to spend USD 1.7 trillion, annually, until 2030, to meet its infrastructure needs.
Owing to all the aforementioned factors, the market for polyurethane powder coatings is expected to grow during the forecast period.
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Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share, owing to the growing income levels, and increasing migration in search of jobs is driving the construction activities and demand for industrial goods. This, in turn, is driving the demand for polyurethane powder coatings market in the region.
Growth in construction industry in the countries, such as India, Indonesia, Malaysia, and Thailand are fueled by the growing service industry in the region, leading to an increase in migration, growing population, and shortage of residential houses in the region.
The continuous improvements in economic conditions in the region have enhanced the financial status of the consumers, in turn, boosting the demand for buildings and other infrastructural activities in the country.
China’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
Moreover, restrictions on foreign investment on land development, high-end hotels, office buildings, international exhibition centers, and construction and operation of large theme parks have also been lifted. The growth in infrastructure and transportation sectors is expected to boost the polyurethane powder coatings market in the country, over the forecast period.
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The market for polyurethane powder coatings is partially consolidated in nature. The major players include Akzo Nobel N.V., Axalta Coatings Systems, PPG Industries Inc., The Sherwin Williams Company, and Jotun, among others.