The global polyurethane powder coatings market size is expected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing usage of coatings in construction of the buildings and other architectural, as well as rising demand by aerospace manufactures to protect aircrafts from corrosion and rust.
Companies are implementing smart coatings and high-performance coating technologies to improve the efficiency of coating compounds. This leads to increasing adoption of polyurethane powder coatings.
Polyurea coatings have advantages over other coating systems due to their low VOC emissions and recyclability, making them a favored choice due to their environmentally beneficial qualities. During and after application, most coating materials are known to release volatile organic compounds (VOCs). VOC emissions are toxic to people and can lead to respiratory problems. As a result, growing environmental consciousness is projected to fuel demand for polyurethane coatings.
The improvement of polyester resin technology such as stable low-gloss formulations opened up the architectural industry for polyurethane powder coatings. Moreover, sustainable and green construction practices have improved responsiveness of polyurethane powder coatings as a viable option for painting architectural metal in the market.
Original equipment manufacturers (OEMs) and car refinishers use polyurethane coatings extensively throughout vehicle production and maintenance. Polyurethane-based automobile coatings increase the look of a car while also protecting it from harsh weather conditions and preventing corrosion. Engine elements, such as exhaust manifolds and gaskets, are among the critical components that must be protected with industrial coatings.
As powder coatings are available in a variety of colors and finishes, an increasing number of construction companies are turning to them to provide long-term surface treatments for outdoor venues and infrastructure projects.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for wind turbines drives the market for polyurethane.
- Increasing discretionary personal income enabled purchase luxury wood flooring is anticipated to surge the market.
- Growing environmental concerns, as well as severe regulatory laws, are causing worry about the emission of volatile organic compounds (VOCs) which are expected to boost the market during the forecast period.
- Developments in land and buildings such as high-end buildings, offices, malls are expected to fuel the market during the forecast period.
- Rapid growth of the automotive & transportation sector is key factor fueling the market.
- Fluctuating raw material prices act as a key challenge that can hamper the market growth.
- High sensitivity to moisture and limited pot life are expected to hinder the market.
- Active development of powder-based polyurethane coatings is projected to create lucrative opportunities for the market players.
Scope of Polyrethane Powder Coatings Market Report
The report on the global polyurethane powder coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Polyurethane Powder Coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-User Industries (Automotive, Aerospace, Furniture, Marine, Building & Construction, and Others), Coating Types (Protective Coatings and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Sherwin Williams Company; Jotun; Akzo Nobel N.V.; Axalta Coatings Systems; PPG Industries Inc.
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Polyurethane Powder Coatings Market Segment Insights
The automotive segment is projected to constitute a key market share
Based on end-users, the polyurethane powder coatings market is divided into automotive, aerospace, furniture, marine, building & construction, and others. The automotive segment is expected to account for a key share of the market during the forecast period owing to rising necessity for long-lasting and protective coating in vehicle also growing demand for new generation vehicle.
The protective coatings segment is expected to expand at a rapid pace
In terms of coating types, the polyurethane powder coatings market is segmented into protective coatings and others. The protective coatings segment is expected to hold a key share of the market in the coming years due to increasing use in aircraft implants for durability and resistance, and also it is discovered to keep the texture of the wood.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the polyurethane powder coatings market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Growth of the market is attributed to increasing income and rising architectural and building market, in countries such as India, China, and Japan also rapid growth of automotive industry in the region.
Segments
The global polyurethane powder coatings market has been segmented on the basis of
End-User Industries
- Automotive
- Aerospace
- Furniture
- Marine
- Building & Construction
- Others
Coating Types
- Protective Coatings
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the polyurethane powder coatings market include The Sherwin Williams Company; Jotun; Akzo Nobel N.V.; Axalta Coatings Systems; PPG Industries Inc. Some of these players are coming up with several market/business strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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