Powder Coatings Market Study Provides Latest Intelligence on Growth in 2021 and Beyond
Global Powder Coatings supply-demand continues to be impacted by broader developments in the chemicals sector. The new Powder Coatings market research report outlines the key factors that will impact production, supply, and demand during the assessment period (2019-2029).
The study tracks Powder Coatings demand and sales in over 20 countries, highlighting the variance and unique set of conditions that are unique to every market. The study also analyzes the impact of COVID-19 on chemicals industry in general and Powder Coatingsin particular.
How will Powder Coatings Sales Grow in 2021 and Beyond
The Powder Coatings industry report tracks short-term and long-term growth, offering readers analysis they can use immediately to formulate their strategies.
Overall, demand for Powder Coatings will be heavily influenced by broader developments in the chemicals sector. The Chemical Activity Barometer has shown a stable streak, which is indicative of an ascendancy in US chemicals sector. However, the US chemicals sector growth will depend to a large extent on how end-use industries fare.
Traditionally, demand from automotive sector has been key to chemical demand. The US automotive sector is set to recover in 2021 with sales expected to be in the range of 15.5 million to 16 million.
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Housing is another key demand generator for chemicals sector. The record low mortgage rates have led to momentum in the US housing sector, but it will remain to be seen whether an increase subdues the enthusiasm.
The European chemical sector is also set to recover in 2021, after contracting by 2% in 2020. Recovery is likely to be sustained with a growth of 2% also expected in 2022.
Growth of chemicals sector in Asia Pacific will also contribute to overall recovery. The resurgence of a virulent variant in India has taken the sheen away from the recovery made in 2021, but other economies in the region continue to be on the path to recovery.
The chemical sector in Japan and South Korea is also shifting toward use of green chemicals. Regulation, combined with evolving demand of end-users, is creating a market scenario that is conducive to green chemicals.
Europe Leads amid Mushrooming Automotive Manufacturing
Europe exhibits a stronghold in global powder coatings market with 30% of the total market value. Accelerating automotive production in Europe aids this majority market share. North America and East Asia follow the European region with a collective market share of more than 47%. Lucrative growth opportunities can be identified in East Asia which will grow at a meteoric CAGR during the forecast period.
Developing East-Asian economies such as India, and China are witnessing an increase in income levels which further thrusts the demand for powder coated products in this region.
The Fact.MR study profiles the business, product and other key strategies of the leading Powder Coatings companies in detail. The competitive landscape section of the study tracks market leaders, incumbents, and aspirants, laying out a layered information model that readers can use.
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Consumer Awareness Drives Growth
Manufacturers are witnessing multiplying demand for powder coated consumer products. There is an increase in consumer awareness about harmful effects of lead paint and the benefits of powder coating. International organizations such as World Health Organization and the United Nations Environment are propelling the growth of powder coatings by forming global initiatives that aim to eliminate lead painted products. It is the combination of consumer trends and international initiatives that will grow powder coatings market during the forecast period. Another factor that influences growth is increasing buying potential of consumers which leads to an increase in expenditure for powder coated products. Furniture end-use is specially gaining traction as informed consumers look to buy furniture products with enhanced coating that ensures safety and prolongs product lifecycles.
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