The low temperature powder coatings market size is expected to grow from USD 3.9 billion in 2018 to USD 5.2 billion by 2023, at a CAGR of 6.0% during the forecast period. The major driving factors in the low temperature powder coatings market are the increase in energy savings due to reduction in cure temperatures, growing end-use industries, and technological advancements.
The major low temperature powder coatings vendors include Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Teknos Group (Finland), Forrest Technical Coatings (US), Platinum Phase Sdn Bhd (Malaysia), Tulip Paints (India), Protech Powder Coatings Inc. (Canada), and CIN Industrial Coatings (Portugal). These players have adopted various growth strategies, such as expansions, mergers & acquisitions, and new product launches, to expand their presence in the global low temperature powder coatings market. Expansions have been the most dominating strategy adopted by major players from 2016 to 2018, which help them innovate their offerings and broaden their customer base.
In line with the rising demand for low temperature powder coatings materials, Akzo Nobel has been working to deliver efficient low temperature powder coatings products to various end-use industries. This company operates through two business segments; decorative paints and performance coatings. It is involved in the production of low temperature powder coatings, also known as UV curable coatings, which is used in various applications. In February 2018, the company expanded its powder coatings plant facility in Mumbai, India. It is the company’s sixth production site in India. This new facility strengthened the manufacturing footprint of the company in the country.
Axalta Coating Systems is a manufacturer of liquid and powder coatings. The company has its presence worldwide and operates through two segments, namely, performance coatings and transportation coatings. The company manufactures and offers various water-borne, functional, decorative powder coatings that are used in architectural, automotive and general industrial applications. In April 2018, Axalta expanded its coatings plant in Gujarat, India, doubling its coating manufacturing capacity. This site produces coatings for refinish, automotive parts, and commercial vehicles. The expansion increased the production capacity of both high and low temperature cured coatings to meet the growing demand of Indian automotive and industrial OEMs.
