Automotive & transportation component applications accounted for over 16% of revenue share in 2018. Increasing preference among automotive manufacturers owing to cost benefits, corrosion resistance and enhanced aesthetic appearance triggering market growth. Additionally, the necessity to avoid corrosion in rims, door handles and under hood components will spur product application scope. Increasing demand for resilient texture and improved aesthetics in high performance cars is also likely to spur product sales.
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Non-metal substrates accounted for over USD 530 million in 2018. Nonmetal substrate is gaining traction owing to introduction of low weight specialized platforms such as Medium-density-Fiberboard (MDFD). The segment growth will also be driven by functional advancements such as durability, scratch resistance, gloss retention, and chalking resistance. Additionally, products with low curing capabilities has further intensified application scope in heat sensitive and nonmetal substrates which will indirectly support the segment growth.
Asia Pacific dominated the powder coatings market in 2018 owing to significant development of automotive and construction sector in China, India, and Japan. Other factors contributing to regional growth include the low labor rates and abundance of skilled workforce. This enables the industry participants in this region to retail their products in the international market at competitive prices. Growing demand for home appliances with the increasing disposable income specifically in urban areas fueled industry growth.
The powder coatings market is highly competitive in nature with presence of key companies including Jotun, AkzoNobel NV, Axalta coating systems LLC, and PPG Industries Inc. Strategies implemented by key industry players include product launches, production capacity expansion, strategic partnerships & collaborations, and R&D investments. For instance, in April 2015, Jotun announced that it will increase its production capacity in Dammam to meet the growing demand. This initiative will strengthen Jotun's position and will allow the company to further expand its commitment to offer sustainable solutions.
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Housing programs by governments along with increasing remodeling activities will expand the decorative and architectural sector, thus supporting powder coating market growth. Infrastructural expansion is a key factor driving the market demand on a global scale. Powder coatings are valued for its low ecological impact owing to which it is widely used in a variety of applications namely, architectural, appliances, general industry, automotive, ACE, and furniture.
Factors such as rising per capita income, consumer preferences for high performance products along with advancements in technology are responsible for the industry expansion. Formulation and implementation of favorable policies by regional governments to reduce consumption of volatile organic compounds will boost the product demand. For instance, in 2017, national standards were revised by Chinese government to lower VOC emission across automotive industry.
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