Low Temperature Powder Coatings Market worth $116 million by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 17, 2022 /PRNewswire/ -- According to the new market research report "Low Temperature Powder Coatings Market  by Substrate (Metal, Non-metal), Resin (Hybrid, Polyester, Epoxy), and End-Use (Furniture, Appliances, Automotive, Medical, Retail, Electronics), and Region - Global Forecast to 2027", size was USD 97 million in 2021 and is projected to grow at a CAGR of 3.0% during the forecast period to reach USD 116 million by 2027.

The low temperature powder coatings technology continues to develop, it is expected to substitute the existing coating technologies. The global market for low temperature powder coatings is anticipated to increase as a result of the increasing application of low temperature powder coating in a variety of end use industries, including automotive and electronics. For the surface finishing of aluminium and steel products, such as site furnishings, MDF furniture, and garden furniture, low temperature powder coating is in high demand in the furniture industry.

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The Hybrid resin is expected to account for the largest share of the low temperature powder coatings market, by resin type, during the forecast period, in terms of value and volume.

Based on resin type, The hybrid segment is projected to be the largest resin type during the forecast period. Low temperature powder coatings based on hybrid resin has good physical properties with high-performance features along with low cure temperature for coating applications in the furniture, automotive, electronics, retail, and other industries.

Furniture is expected to account for the largest share of in the low temperature powder coatings market, by end – use, during the forecast period, in terms of value and volume.

Based on end – use, furniture segment is estimated to account for the largest share of the market during the forecast period. The growth of the infrastructure sector and the development of the furniture industry in the Asia Pacific region are expected to boost the low temperature powder coatings market in the region. China and India are likely to generate a positive impact on the market in the furniture end-use industry.

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Asia – Pacific low temperature powder coatings market is projected to register the largest market share during the forecast period.

Asia Pacific is the fastest-growing market for low temperature powder coatings mainly due to the high economic growth, and heavy investment in industries such as automotive, electronics, and furniture. PPG Industries Inc. (US), Sherwin-Williams Company (US), AkzoNobel N.V. (Netherlands) and other leading global players are adopting various strategies to increase their market share in the global low temperature powder coatings market.

Major players operating in the global low temperature powder coatings market include PPG Industries Inc. (US), Sherwin-Williams Company (US), Axalta coating system (US).

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