Thermosetting polymers are petrochemical derivatives which can be cured with heat through chemical reaction or irradiation. To coat metal surfaces so that they are attractive, the use of thermosetting powder coating is done. Metal surfaces consists of drum hardware, household appliances, automobile parts, and similar components that are used in many industries. Polyester, epoxies acrylic and urethane are some of the most important kinds of thermosetting powder coatings that are available. As per Transparency Market Research (TMR), because of the advancement in technology, there are chances that the coating might be used on different materials with the help of some other method like the medium density fiberboard. These advancements are predicted to offer many chances of growth for the players in this industry along with increase in demand.
Q. What are the factors aiding the growth of the global thermosetting powder coatings market?
The growing demand from the automotive industry is predicted to propel the market of thermosetting powder coating. In order to prevent them from getting damaged because of weather, both external as well as interior metal components need to be coated. Because polyesters perform well in outdoor weathering properties, they are preferred in automotive. Whenever adhesion, impact and corrosion resistance is of utmost importance then epoxies are taken into use for coating. In the emerging economies of Asia Pacific, the automotive industry is thriving because of the change in life styles along with the growth in the disposable incomes of the people. Plus, the growth in need of thermosetting powder coatings in many industries is predicted to bolster the overall growth as well as the demand of this market. Hybrid thermosetting powder coatings are mainly applied while manufacturing industrial parts for achieving better durability since they are even better than using multiple coatings together and this will also push the growth of the market for thermosetting powder coatings. Also,
Q. Why does this market receive support from government and other environmental regulatory bodies?
Powder coating is eco-friendly since they don’t require any solvent like how solvents are used in liquid coating. For reducing the adverse impacts on the environment, the agencies pertaining to the environment like, the registration, evaluation, authorisation and restriction of chemicals, also known as REACH and environmental protection agency (EPA), are actively promoting the usage of powder coating. These favourable government regulations in turn are favouring the growth of the global thermosetting powder coating market.
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Q. Which regional segment is prospering within the thermosetting powder coatings market?
On the basis of consumption as well as production, the biggest thermosetting powder coating market is the Asia Pacific. In terms of the production, China was the biggest contributor. The developing countries in the Asia Pacific region are predicted to be very lucrative as well as have heavy demand in the next few years to come. And on the basis of consumption, Asia-Pacific is followed by Europe, the next biggest market in the list is North America. The market of North America is predicted to grow even further because of the existence of a number of cheap energy suppliers which obviously reduces the costs incurred in the application of powder coating.