The powder coatings market is projected to reach USD 13.49 billion by 2022, at a CAGR of 6.75% from 2017 to 2022. The market is mainly driven by factors such as stringent government regulations, growth in various end-use industries, and technological advancements.
Expansion is the key strategy adopted by industry players to grow in the powder coatings market. This strategy accounted for a share of 34.7%, between 2013 and 2017, of all the growth strategies adopted by the market players. Companies are expanding their manufacturing facilities in emerging regions across the world due to the rising demand for powder coatings.
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Besides expansion, companies are also investing in the strategy of new product launches by expanding their product portfolios to fulfill the growing demand of consumers. This strategy accounted for a share of 30.6% of all the developments witnessed between 2013 and 2017. Companies also focused on acquisitions and partnerships during the last four years. These strategies together accounted for a share of about 35% all the strategic developments.
North America was the most active region from 2013 and 2017, in terms of strategic initiatives. New product launch has been the preferred strategy in this region.
Companies, such as AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Jotun A/S (Norway), and The Valspar Corporation (U.S.) launched several new products in the region to increase their portfolio of powder coating products.
Major manufacturers, such as AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Somar Corporation (Japan), are profiled in this report. These companies have adopted both, organic and inorganic growth strategies.
Axalta Coating Systems is the most active player in the powder coatings market. It accounted for the largest share of all the developmental activities undertaken in the powder coatings market.
In April 2016, Axalta expanded its powder coatings manufacturing facility in Montbrison, France, to substantially improve its manufacturing capabilities. The Montbrison site is one of the largest facilities for the production of Alesta, one of Axalta’s leading powder coating brands. In December 2016, the company introduced two new high temperature, corrosion-resistant internal pipe coatings, Nap-Gard 7-0017HT and 7-0017VHT black beauty FBE (fusion bonded epoxy) thermosetting epoxy powders to its existing portfolio of Nap-Gard functional coatings. These products offer excellent chemical resistance when operating at temperatures up to 200oC (392oF).
Another company that has established a strong foothold in the powder coatings market is AkzoNobel N.V. (Netherlands). The company expanded its powder coatings facility in Chengdu, Western China, in January 2017. The new site will help the company meet the growing demand for powder products from its customers, which include the automotive, construction, furniture, and IT industries.
In March 2015, AkzoNobel launched an ultra-reflective powder coating which can increase the effective output of commercial lighting fixtures by up to 30 percent. The key features of the product include excellent impact resistance and flexibility, as well as good corrosion and UV resistance.