UV-cured Powder Coatings Market Size to Grow by $ 471.86 mn During 2020-2024
Technavio has been monitoring the uv-cured powder coatings market and it is expected to grow by $ 471.86 mn, accelerating at a CAGR of almost 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
UV-cured Powder Coatings Market: APAC to lead market growth during the forecast period
UV-cured Powder Coatings Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Akzo Nobel NV, Allnex Netherlands BV, Axalta Coating Systems Ltd., BASF SE, Keyland Polymer Material Sciences LLC, Koninklijke DSM NV, Orkla ASA, PPG Industries Inc., The Sherwin-Williams Co., and Toagosei Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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UV-cured Powder Coatings Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the global UV-cured powder coatings market and it is expected to grow by USD 471.86 million accelerating at a CAGR of almost 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
UV-cured Powder Coatings Market: Segmentation by Resin Type
During 2019, the epoxy segment accounted for the major share of the UV-cured Powder Coatings Market. UV-cured epoxy powder coating is widely used in MDF for applications in furniture, store fixtures, and cabinetries. It experiences high demand from industrial coating applications due to its faster cure time, high durability, chemical resistance, and easy applicability on a variety of substrates. UV-cured epoxy powder coating also protects metals from rusting and corrosion along with offering scratch resistance. It gives an excellent gloss finish to the product. Also, it does not release any VOC and HAP emissions. Such factors will help the global UV-cured epoxy powder coatings segment grow at a healthy growth rate during the forecast period. However, market growth in the epoxy segment will be slower than the growth of the market in the epoxy-polyester hybrid segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the UV-cured powder coatings market size.
UV-cured Powder Coatings Market: Segmentation by Geography
APAC was the largest UV-cured Powder Coatings Market market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The boom in the electronics and transportation sectors will significantly drive UV-cured powder coatings market growth in this region over the forecast period. 48% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for UV-cured powder coatings in APAC. Market growth in this region will be faster than the growth of the market in regions.
UV-cured Powder Coatings Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Akzo Nobel NV, Allnex Netherlands BV and Axalta Coating Systems Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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