Market Trends of Low Temperature Powder Coating Industry
This section covers the major market trends shaping the Low Temperature Powder Coating Market according to our research experts:
Increased Demand from Furniture Industry
- Low temperature powder coating exhibits environmental and performance benefits over other coating and laminating systems. Finishing of wood needs to ensure that the finished piece looks attractive and meets safety & environmental benchmarks.
- The low temperature powder coating market is driven mainly by growth in furniture industry globally. This growth is attributable to rising residential and commercial construction. Increasing construction of housing, offices and commercial complexes is significantly influencing the growth of the product.
- Increasing demand for these coatings from furniture, industrial and automotive industries along with improved economic conditions are gaining traction of manufacturers to cater to surging demand from both developed and emerging economies.
- These finishing materials are employed mainly on the heat sensitive substrates such as wood, plastics, glass and medium density fiberboard.
- Another key factor is the fact that the number of vendors that are present locally and globally are boosting the demand for these coatings. In addition, the renovation and modification projects globally are surging the demand for furniture's thereby boosting demand for these coatings. They are also employed for the surface finishing of steel and aluminum, like garden furniture and site furnishings.
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Asia Pacific Region to Dominate the Market
- The Asia Pacific low temperature powder coating market is estimated to witness fastest growth during the period. The ease of availability of low-cost labor and economical & easy access of raw materials are driving foreign investments, thereby increasing the production of these coatings in the region.
- The region is expected to witness significant growth from various end-user industries such as industrial, chemical, automotive and furniture industries. Factors such as urbanization and rising disposable income in emerging economies are influencing the growth of the furniture market in the region.
- The increasing number of economic corridors and SEZ's, growing demand for premium quality furniture, and the growth in tourism will also surge the demand for these coatings in this region.
- China is anticipated to lead the demand in the region on account of rapidly expanding heavy-duty equipment industry and rapid economic growth in the country. Additionally, increasing population levels in the country offers large customer base for the manufacturers, thereby further fueling growth of the market.
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