Consumer Appliance Coatings Market - Forecast(2023 - 2028)

Consumer Appliance Coatings Market Overview

Consumer Appliance Coatings Market size is expected to be valued at US$1.5 billion by the end of the year 2027 and is set to grow at a CAGR of 5.4% during the forecast period from 2022-2027. The growing need for energy and water efficient electronic appliances is hugely driving the demand for consumer appliance coatings market. Coatings such as fluoropolymer coatings, thermoplastic coatings and others provide various advantages such as heat resistance, chemical resistance, low friction, waterproof, moisture sensitivity and others, thus increasing the need and demand for consumer appliance coatings. Furthermore, the increasing environmental awareness which has led to the use of solvent free coatings such as epoxy polyester coatings, which is free of harsh chemicals, is highly driving the demand for consumer appliance coatings market.

COVID-19 impact

During the Covid-19 pandemic, the consumer appliance coatings market was affected in terms of production. The economic restrictions such as lockdowns, curbs on exports & imports, shutdown of major industries and others, hampered the growth of consumer appliance coatings market which eventually made the consumer appliance coatings industry unsettled. The marketing and distribution activities of the consumer appliance coatings market were also affected to a great extent, all of which caused major losses to the consumer appliance coatings industry. However, the consumer appliance coatings industry is set to recover and witness a steady growth by the end of the year 2021.

Report Coverage

The report: “Consumer Appliance Coatings Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Consumer Appliance Coatings Industry.

By Resin Type: Epoxy, Epoxy Polyester Hybrid, and Others.
By Form: Liquid and Powder.
By Application: Refrigerators, Washing Machine, Air Conditioning, Heater, Dryer, Kitchen Appliances and Others.
By Geography: North America (US, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

• Asia-Pacific market held the largest share in the consumer appliance coatings market due to the rapid growth in the consumer electronic appliance industry in countries like India, China, Japan and South-Korea.
• The rapid growth in population coupled with the changing lifestyles in countries across the globe along with the increase in the average spending capacity of the people in many developed and developing countries like USA, China and India is hugely driving the growth of the consumer appliance market which is eventually contributing to the growth of the consumer appliance coatings market.
• The epoxy polyester coatings has various superior properties such as chemical resistance, water-proof coatings and less toxicity which is less harmful to the environment thus increasing the demand for consumer appliance coatings market.
• Amid the Covid-19 pandemic the consumer appliance coatings market witnessed a lot of downfalls and hurdles due to the economic standstill thus causing major losses to the consumer appliance coatings industry.

FIGURE: APAC Consumer Appliance Coatings Market Revenue, 2021-2027 (US$ Billion)

Consumer Appliance Coatings Market Segment Analysis – By Resin Type

Epoxy polyester hybrid coatings segment held the largest share of 32% in the consumer appliance coatings market in the year 2021. Epoxy polyester hybrid coatings are solvent free coatings, which makes it less harmful and is environmental friendly. It does not cause any chemical impact in the environment and also has other qualities which makes it a sough after coating in the consumer appliance coatings industry. Epoxy polyester hybrid coatings are also highly resistant to chemical, heat, extreme conditions and also provided water-proof surface, which is eventually increasing the demand of epoxy polyester hybrid coatings segment. According to American Chemistry Council (ACC) Plastics Industry Producers’ Statistics (PIPS) Group, the production of resin in America in the year 2019 amounted to 121.6 billion pounds (an increase of 1.7% in the production).

Consumer Appliance Coatings Market Segment Analysis – By Form

Powder segment held the largest share in the consumer appliance coatings market in the year 2021. Coating powders in general provide excellent hardness and resistance to corrosion and chemical exposure. Epoxy powders adheres well to metal surfaces thereby providing excellent abrasion resistance and good adhesion. Epoxy powders are very advantageous in terms of usage as they are easy to handle and store. It can be used on a varied range of appliances ranging from consumer electronics such as laptops, mobiles, refrigerators and others. These powders are generally used as a pre coating in many appliances as they are high strength chemicals and help the appliances from many conditions and sustain the life term of the appliance.

Consumer Appliance Coatings Market Segment Analysis – By Application

Refrigerators segment held the largest share of 30% in the consumer appliance coatings market in the year 2021. Refrigerators are commonly used in households and other commercial spaces like hotel industries, hospitals, manufacturing units, thereby making them the most used and produced consumer appliance. Refrigerators are one of the important segments of consumer appliances as they are widely used in many industries. The total units of refrigerators sold around the world in the year 2020 stood at 9 million units. The value of refrigerator & freezer manufacturing in the US amounted to US $ 5,013 million in the year 2019. Therefore the demand for consumer appliance coating in the refrigerator & freezer manufacturing industry is also high. 

Consumer Appliance Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 37%in the consumer appliance coatings market in the year 2021. The increase in population coupled with the growing lifestyle changes in countries like China, India, and Japan is driving the consumer appliances market which in turn is giving rise to the demand for consumer appliance coatings market. The market size of household electrical appliance manufactured in China stood at US $53 billion in the year 2020. This is hugely driving the need for coatings like fluoropolymer coatings, thermoplastic coatings and epoxy polyester coatings, as they are widely used for coatings for household appliances like refrigerators, washing machines, air conditioning and others owing to their superior quality properties such as high strength and high resistance to extreme conditions. According to Retailers Association of India (RAI) the sales of consumer electronics increased by 2% in September 2020 and 8% in October 2020 as compared with the same months last year. The union cabinet of India approved the production linked incentive (PLI) scheme in consumer electronics sector to boost India’s manufacturing capabilities. The increase in production and investment of consumer electronics goods market is driving the consumer appliance coatings market. 

Consumer Appliance Coatings Market Drivers

Growth in the consumer electronic appliances industry

The increase in the demand for consumer electronic appliances owing to the growth in the population and the increase in the standard of living of people is driving the growth of consumer appliance coatings market. The market size of global consumer electronics manufacturing stood at US $1,424.976 billion in the year 2020 (though a decrease of 1.5% as compared to the market size of global consumer electronics manufacturing in the year 2019). It is also estimated that there will be a growth of 4.1% in the global consumer electronics manufacturing market in the year 2021. This is positively increasing the demand for consumer appliance coating market.

Superior properties

The superior properties of consumer appliances coatings such as high resistance to chemicals & heat, abrasion, moisture sensitivity, water-proof surface and others which makes it a sought after coatings for consumer appliances. These coatings help in sustaining the appliances for a long time and also in maintaining the quality of the consumer appliances. This is hugely driving the demand for consumer appliance coatings market. The growing awareness about the usage of such coatings coupled with their superior properties is one of the major factors driving the demand and growth of the consumer appliances coatings market. 

Consumer Appliance Coatings Market Challenges

Environmental concerns

The manufacture of coatings, which is a form of plastic product uses certain products like additives, pigments, modifiers and fillers are used in the manufacture of coatings, which are highly dangerous to the environment and causes contamination and pollution when released in water bodies and other dispensaries. The plastics make up 80% of the marine debris. Such impacts on the environment are a huge cause for concern which acts as the biggest challenge of the consumer appliance coating market. 

Consumer Appliance Coatings Market Industry Landscape

Expansion, new product launches, collaborations, partnerships, investments, acquisitions and mergers are some of the key strategies adopted by players in the Consumer Appliance Coatings Market. Major players in the Consumer Appliance Market include:

1. Erie Powder Coatings
2. ELANTAS
3. JOTUN
4. Axalta Coating Systems
5. Tiger Corporation
6. Valspar Corporation
7. Henkel
8. Evonik Industries
9. The Sherwin-Williams Company
10. AkzoNobel N.V among others.

Acquisitions/Technology Launches

• On September 18, 2020 Elantas Beck India expanded its facility campus in India for setting up a new green field manufacturing facility. This facility will provide additional capacity to cater to the market demand.
• On September 16, 2019 Axalta Coating Systems acquired Capital Paints LLC, a UAE based thermosetting powder coatings manufacturer. This acquisition will help Axalta Coatings Systems their footprint in Middle East and North Africa.

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