The North America powder coatings market size is expected to reach USD 3.46 billion by 2025 registering a CAGR of 6.8%, according to a new report by Grand View Research, Inc. Rising product demand owing to its superior properties, such as durability, excellent finishing, and high resistance to chipping, corrosion, and abrasion, is the key factor driving the industry. Powder coatings do not contain any solvents, which results in negligible emission of Volatile Organic Compounds (VOC) in the atmosphere and reduced risk in combustion during application and storage. In addition, the powder can be easily washed off when it comes in contact with human skin, which reduces health hazards for operators.
Thus, lower CO2 and VOC emission levels and less wastage are projected to augment the product demand further. It is the most preferred coating method due to technological advantages and simplicity of application. Consumer goods and automotive were some of the largest applications of powder coatings in 2016. These application segments are further expected to witness a significant growth over the forecast years owing to regulatory support and technological advancements for easier product application. General industries are entering the mature phase of development within North America market. Thus, it is expected to witness sluggish growth in coming years. Powder coatings for furniture application is expected to have a high growth potential over the next few years.
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Further key findings from the study suggest:
On the basis of resin type, the epoxy resin segment is projected to ascend at a CAGR of 7.0% over the next few years
General industries application segment led the North America powder coatings market accounting for a share of over 21.9% in 2016
The market in U.S. is anticipated to witness exceed 708.7 kilotons by 2025, due to escalating product demand in the country’s automotive sector
Canadian automobile industry is anticipated to witness significant growth owing to rapid employment growth, accessible financing, and lower gas prices
Presence of key manufacturers, such as General Motors and Chrysler, in the country will further drive the market in Canada
Some of the key companies are BASF SE, PPG Industries, Inc.; Nippon Paint Holdings, Co. Ltd.; AkzoNobel N.V.; Sherwin-Williams Company; Axalta Coating Systems; and Kansai Paint Co., Ltd.
Companies are focused on increasing their market share in the North America industry through constant product innovation
Grand View Research has segmented the North America powder coatings market on the basis of resin type, application, and country:
North America Powder Coatings Resin Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
North America Powder Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
North America Powder Coatings Country Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
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