The market for low temperature powder coating is expected to grow at a CAGR of about 5% globally during the forecast period. Major factor driving the market studied is the rise in energy savings because of lower cure temperatures and wide scope of applications in industrial and automotive industries. On the flip side, complex shape of the substrates and the fact that high humidity affects the performance and unfavorable conditions arising due to the COVID-19 outbreak are the factors that are hindering the growth of the market.
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– Increasing inclination for energy savings by minimization of cure temperature, technological advancements and growing end-user industries are expected to create further growth opportunities for the market.
– The furniture industry is expected to dominate the end-user industry segment of global low temperature powder coating market over the period. These coatings are extensively employed on heat sensitive substrates such as wood, medium density fiberboard, and composites.
– Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India, and Japan. Also powder coating gun as well as automatic systems with reciprocators and powder recovery systems.
Key Market Trends
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.
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