Powder Coating Resins: Introduction
- Powder coating resins are polymer compounds that are used as major element in the manufacture of powder coatings. Powder coatings are used to provide protective layers for a wide variety of objects. They offer resistance from corrosion, weather, and stain. Powder coating resins are formulated using water-based or solvent-based techniques. The method chosen to synthesize the coating resin for a particular application depends upon its specifications such as location, base material, and purpose for coating.
Key Drivers of Global Powder Coating Resins Market
- The powder coating resins market is expected to expand at a significant pace during the forecast period. Expansion of the paints & coatings sector is anticipated to drive the demand for powder coating resins in the near future.
- Significant demand for powder coating from diverse industries such as automotive, electronics, and building & construction is estimated to fuel the powder coating resins market during the forecast period
- Resins offer various advantages to powder coating such as reduced drying time, gloss retention, corrosion resistance, weather resistance, and stain resistance. Therefore, powder coating resins are used extensively in various end-use industries such as automotive, aerospace, marine, and building & construction. Powder coating resins are used for heavy and light-duty vehicles along with passenger cars in the automotive industry in order to achieve mechanical strength, adhesion to metals, and heat resistance.
- Powder coating resins are also employed significantly for wooden structures in the furniture industry
Building & Construction End-use Industry Segment to Dominate Global Market
- Based on end-use industry, the building & construction segment accounted for major share of the global powder coating resins market in 2020. Increase in building and infrastructure construction activities, rise in investment in residential construction and renovations, and growth in demand for paints and coatings in the construction sector are key factors that are estimated to drive the demand for powder coating resins during the forecast period.
Acrylic Resin Type Segment to Dominate Global Market
- Based on resin type, the acrylic segment is expected to dominate the powder coating resin market during the forecast period. Acrylic is extensively used as a resin type in powder coatings. Demand for acrylic type of resin is high owing to its low-cost and water resistance and stain protection properties.
Fluctuation in Prices of Raw Materials to Hamper Global Market
- Volatility in prices of various resins is a major factor likely to hamper the market during the forecast period. Resins are petrochemical-based products. Prices of resins vary owing to the supply-demand gap of crude oil. Thus, fluctuation in prices of raw materials is likely to hamper the powder coating resins market.
Covid-19 Impact on Powder Coating Resins Market
- The COVID-19 pandemic has led to interruption of various manufacturing facilities, disruption of the supply chain, and reduced demand for products from construction, automotive, and various other industries. Demand for powder coating resins was low in several end-use industries in 2020.
- Demand for powder coating resins has been declining owing to reduced manufacturing output and delays in expansion projects across the globe owing to the COVID-19 pandemic
- However, demand is anticipated to a rise in 2021 and 2022, owing to recovery of economy and steady progress of various end-use sectors
Asia Pacific to Hold Significant Share of Global Powder Coating Resins Market
- In terms of region, the global powder coating resins market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market for powder coating resins in 2020. The market in the region is estimated to expand significantly during the forecast period, largely driven by increase in investments in the building & construction sector and growth in the industrial sector in developing countries such as China and India.
- Several cities in China are working toward restricting the use of solvent-based coatings. This is likely to boost the powder coating resins market in Asia Pacific in the near future. Manufacturers in China have started using water-based powder coatings as substitute for solvent-based coatings.
- The powder coating resins market in North America and Europe is estimated to expand at a significant pace during the forecast period, mainly due to the large-scale investment in industries such as automotive, consumer goods & appliances, building & construction, and furniture
Key Players Operating in Market
The global powder coating resins market continues to remain consolidated among a few large players, which currently account for nearly 50% share in terms of revenue. Companies are focusing on expanding their regional footprint. Key players operating in the global powder coating resins market include:
- Allnex Netherlands B.V.
- The Sherwin-Williams Company
- Evonik Industries AG
Global Powder Coating Resins Market: Research Scope
Global Powder Coating Resins Market, by Resin Type
Global Powder Coating Resins Market, by End-use Industry
- Building & Construction
- Consumer Goods
Global Powder Coating Resins Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.