The global consumer appliance coatings market is gaining traction owing to rise in demand in diverse applications such as refrigeration, large cooking appliances, home laundry, and others. The global refrigeration industry was estimated at more than US$ 19 billion in 2018, and is growing steadily to cross US$ 28 billion by 2025.
As a result, demand for consumer appliance coatings is expected to increase further over the coming years. Another key application area of consumer appliance coatings is the large cooking appliances industry, which is growing exponentially and expected to ascend at a rate of over 6% CAGR through 2025.
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Though the consumer appliance coatings market has suffered a setback due the outbreak of COVID-19 earlier this year, as things gradually get back to normal, the market is set to get back to its normal growth trajectory over the coming months.
Key Takeaways from Consumer Appliance Coatings Market Report
- Increasing application of consumer appliance coatings in refrigeration is expected to bolster the growth of the market throughout the forecast period.
- In terms of resins, epoxy is anticipated to lead the global consumer appliance coatings market.
- Large cooking appliances will remain another lucrative segment in terms of application.
- Owing to high demand from countries such as China. India, and others, Asia Pacific will maintain its lead over the forecast period.
- China, being world’s largest market for consumer appliances and large number of domestic manufacturers, will fuel sales of consumer appliance coatings throughout the forecast period.
- Despite being negatively impacted by the outbreak of novel coronavirus, the global consumer appliance coatings market will exhibit slow, yet steady recovery, by the end of 2024.
“The global epoxy resins industry was valued at an estimated US$ 6.4 billion in 2015, and is growing steadily to reach US$ 9 billion in the next few years. Epoxy resins, being a highly required resin type of consumer appliance coatings, is expected to propel the growth of the market over the coming years,” says a Fact.MR analyst.
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Increase in Demand from Refrigeration Segment Catalyzing Growth
With the consumer appliances industry, especially the refrigeration segment expanding fast, demand for consumer appliance coatings is increasing rapidly across the globe. As the global refrigeration industry is growing at over 4% CAGR, the consumer appliance coatings market is experiencing high demand.
Rise in adoption of natural refrigerant-based systems coupled with government support to strengthen cold chain infrastructure is spurring the growth of the refrigerator industry, which, in turn, is aiding the growth of the consumer appliance coatings market.
Recently, the Government of India has started allowing 100% Foreign Direct Investment (FDI) in the cold chain sector in order to improve cold chain infrastructure. Under this policy, a minimum investment of US$ 100 is required, with at least 50% investment in back-ended infrastructure.
Consumer Appliance Coatings Market: Competitive Landscape
With competition getting fiercer, key players in the consumer appliance coatings market are emphasizing on launching quality products suitable for broad categories of applications, from home laundry to refrigeration.
For instance,
- Akzo Nobel NV launched its new range of domestic appliance coatings for a broad range of appliances such as central heating and radiators, freezers, air conditioning units, and others, with emphasis on minimizing harmful emissions and waste into the environment.
- Axalta Coating Systems launched its new range of liquid and powder consumer appliance coatings, including the 3-wet system, 2-wet monocoat, voltatex, and others.
- Jotun A/S launched its new extensive range of consumer appliance coatings such as powder coatings, decorative coatings, protective coatings, and others, with long-lasting finishes, corrosion resistance, and fouling protection.
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