The Europe Powder Coating Market is expected to reach a valuation of USD 3 billion by 2028, growing at a healthy CAGR owing to its advancements in technology and stringent environmental regulation acts during the forecast period of 2023-2028.
Market Drivers and Restraints:
Powder coating is superior compared to other coating techniques and provides more durability, better finishing, and reduces the problems of corrosion and chipping. They also do not contain any solvents which result in very low emission of volatile organic compounds (VOCs) into the atmosphere. The increased outlook toward reducing carbon emissions and the production of environmentally friendly products act as a huge bonus to the powder coating industry. In addition to this, powder coating also reduces the risk of health hazards to humans as it can easily be washed off when it comes in contact with human skin. An increase in technology is also another important contributor to the expansion of the European powder coatings market.
The powder coating technique finds it difficult to obtain thin film coating. The cost of application of thin film coating is significantly high and it offers very less profit in exchange. This is one of the major drawbacks of the industry. In addition to this, water-borne coating is a time-consuming process and it often lags behind in this fast-paced world. With the introduction of nano-coating, people are moving away from the application of powder coatings.
Europe Powder Coating Market - By Application:
Over the next few years, on the basis of resins- the epoxy segment of the thermosets is expected to witness the highest growth at 7% CAGR in the forecasted period of 2021 to 2026.
The rise in the production rate of automobiles and the increase in demand for medical devices also contributed to the growth of the powder coating market in the European region. On top of this, the eco-friendliness of powder coatings gives it an edge over its counterparts. The consumer goods market has grown rapidly in the European region. More people are inclined toward buying packaged goods amidst the COVID-19 pandemic. The packaging sector has flourished in these times and as a consequence, the powder coating industry has also gained a lot.
Polyester-based powder coatings are in high demand in developed countries like Germany, the UK, and France as polyester-based powder coating is highly durable in Europe.
The majority of the vendors in Europe's powder coatings market are increasingly focusing on bringing technologically advanced coatings at affordable prices. This will help vendors to differentiate themselves from their competitors and thereby resulting in higher competition.
The COVID-19 pandemic has resulted in various challenges for the powder coatings market with its influence on the architectural and industrial sectors. With Europe being an early hotspot of the virus, all production activities and economic activities were shut down in Italy, Germany, and Spain. Automotive manufacturing, Construction projects were all halted and as a consequence, the demand for industrial coatings significantly dropped. Packaging industries are expanding due to the rising call for packaged goods. In this sector, the demand has slightly improved the use of coating materials. But overall, the industry is supposed to be negatively impacted by 2021. Economic recoveries are anticipated after 2021 but till then the chances of growth can be less.
Market Key Developments:
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