Rising application in consumer appliances and refrigeration industry is expected to enable the market gain impetus through 2031
In a recently published study by Fact.MR, the consumer appliances coatings market is forecast to exhibit 5% Y-o-Y growth rate in 2021. The long term outlook for the market remains positive, with demand from consumer electronics segment set to rise considerably. The market is expected to gain from increasing disposable income of consumers.
According to the United Nations (UN), the rate of disposable income in the U.S. stood at 2.1% in both 2018 and 2019. Through it is expected decline on account of the unprecedented COVID-19 outbreak, recovering consumer appliances sales will guarantee growth in the coming years. Besides this, rising spending power in emerging nations is expected to aid the overall expansion of the market.
The refrigeration industry also is expected to emerge as a key end user. Innovations such as the advent of IoT-enabled refrigeration monitoring solutions, expansion of cold storage infrastructure, amid others are presenting growth opportunities within the sector. With government regulations encouraging investment in cold storage systems, this sector will prove highly lucrative in the coming years.
Recently, the Government of India has established the National Centre for Cold Chain Development (NCCD), which is intended to support cold chain development across the country. NCCD is an autonomous center that works in collaboration with stakeholders across various industries to build an integrated cold chain in India. These initiatives have been touted to create growth opportunities for expansion of the consumer appliances coatings market.
“As a result of rising competition, companies operating within the consumer appliance coatings market are expected to focus on launching products more suitable for an extensive range of applications, starting from home laundry to refrigeration systems,” says the Fact.MR analyst.
Request a report sample with 170 pages to gain comprehensive insights at https://www.factmr.com/connectus/sample?flag=S&rep_id=5420
Key Takeaways from Fact.MR’s Consumer Appliance Coatings Market Study
· Epoxy resins are highly sought-after, followed by epoxy hybrid and others due to their diverse material characteristics such as good adhesion to various types of fibers, low shrinkage, easy processing, and high mechanical properties among others
· Application in large cooking appliances will continue increasing through the forecast period
· Growth registered in Asia Pacific will be spearheaded by China, as the country exhibits rising demand for electronic appliances
· The rising demand for kitchen and home appliances recorded in the U.S., Mexico, and Canada will continue supporting growth in North America
Prominent Drivers
· Rising adoption of refrigerant derived from natural resources, coupled with favorable government initiatives aimed at strengthening cold chain infrastructure will continue supporting growth
· Despite temporary set down following COVID-19 pandemic, consumer electronics sales are expected to pick up, creating growth prospects
· Rising demand for coatings such as fluoropolymer coatings that offer excellent corrosion resistance and slick coatings on surfaces applied will enable growth in the coming years
Key Restraints
· Stringent regulations imposed to curb emissions from chemical industry might hamper growth prospects
· Due to its heavy reliance on the consumer electronics industry, contracting sales of electronic appliances could threaten growth in the coming years
· Declining sales of consumer electronics due to restrictions imposed during COVID-19 has adversely impacted growth
Discover more about the consumer appliances coatings market with 93 figures and 30 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/5420/consumer-appliance-coatings-market
Competition Analysis
Fact.MR’s report on the consumer appliance coatings market has profiled companies such as Nippon Paint Co., Ltd, PPG Industries, Inc., The Sherwin-Williams Company, and Tiger Corporation.
Market players are increasingly focusing on improving quality of their products to gain competitive advantage. For instance, Tiger Corporation has recently launched an extensive new range of consumer appliance coatings such as thermoset material, digital printing solutions, and powder coatings for 3D metallic coatings, SLS 3D printing and, other applications.
More Valuable Insights on Consumer Appliance Coatings Market
In its latest report, Fact.MR has provided detailed analysis on the global consumer appliance coatings market, comprising data on historical statistics (2016-2020) and forecasts of demand for the period of 2021 to 2031. The report discusses critical insights on the consumer appliance coatings market in terms of application (refrigeration, large cooking appliances, home laundry, and other applications) and resin (epoxy, epoxy PE hybrid, and other resins), across 5 key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Explore Fact.MR’s Coverage on the Chemical Division
Low VOC Adhesives Market: Fact.MR’s extensive coverage on the global low VOC adhesives market brings to the fore credible insights about the potential drivers, opportunities, trends and restraints associated with future proliferation across the assessment period ranging from 2020-2030. Readers can avail qualitative and quantitative data regarding key developments across prominent segments spread over five key geographies.
Moisture Curing Adhesives Market: A recent study by Fact.MR on the moisture curing adhesives market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period.
Marine Adhesives Market: Fact.MR recently published a market study on the global market for marine adhesives. The study provides detailed assessment of the market background and market dynamics, including the drivers, trends, opportunities restraints, and detailed information on the market structure.
About the Chemical Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
About Fact.MR
Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, Ireland, and has delivery centers in the U.S. and India. Fact.MR’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Source: Fact.MR