North American Powder Coatings Market Expected to Reach $3.4 Billion by 2027
The North American powder coatings market is expected to reach $3.4 billion by 2027, according to a recent study by market research firm Graphical research.
The demand for automobiles in the region has increased significantly due to the growing per capita income of the population. More and more middle class families are splurging on luxury cars and bikes. These vehicles require a strong protective coating to prevent scratches and dust and provide an elevated appearance, which will increase the demand for powder coating services.
The North American powder coatings market size is likely to grow at a CAGR of 5.5% from thermoset resins to 2027. Thermosetting resins such as polyesters, epoxies, acrylics, polyurethanes, and epoxy polyesters are used in various powder coating operations as they offer highly durable and attractive surface layers.
These resins are also used to manufacture lightweight industrial components. In addition, they are found in large quantities in the automotive industry for the production of components such as wipers, horns, door handles, rims, radiator grilles, bumpers, and structural metal parts, thereby positively influencing their demand.
In 2020, General Metal Applications gained a share worth USD 840 million in the North American powder coatings industry. Powder coatings are used in a wide range of metals including bronze, brass, aluminum, titanium, copper, and different types of steel such as stainless steel, galvanized, and anodized.
The COVID-19 flu pandemic has adversely affected the forecast for the North American powder coatings industry as the automotive industry has been hit hard in the first half of 2020. The number of vehicle purchases dropped sharply due to the strict government embargo and movement restrictions imposed to control the spread of the virus.
It ultimately had a negative impact on the production and demand for powder coatings. However, as powder coating sales continue to grow in the coming years, powder coating sales will continue to grow.
Metal substrates are expected to reach a share of $3.2 billion in the North American powder coatings market by 2027. Metal substrates are in high demand in several fields such as medical, automotive, agricultural, architectural and construction.
