Key players are focusing on consolidating their position in China and India, as demand wanes in US and Europe. However, succeeding in highly fragmented and localized markets remains a Herculean task.
DUBAI, UAE / ACCESSWIRE / January 11, 2021 / Fact.MR: The consumer appliance coatings market players are hoping for a revival, as demand waned in 2020. Countries such as China, where the COVID-19 pandemic was brought under control relatively earlier, are likely to increase production and sales of consumer appliance coatings. However, global manufacturers may find it difficult to succeed in these markets, as these exhibit a high level of fragmentation. Fact.MR's new study on the consumer appliance coatings market examines the potential of Asian countries as demand stays at low levels in matured markets.
"Rising implementation of natural refrigerant-based systems together with government support to fortify cold chain infrastructure is propelling the expansion of the refrigerator sector, which, consecutively, is bolstering the expansion of the consumer appliance coatings market." says the Fact.MR report.
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Key Takeaways
- Asia Pacific will remain the biggest market during the forecast period, followed by North America.
- Epoxy resins segment will exhibit a CAGR of 7% throughout the forecast period.
- The refrigeration application category will be catalysing growth for the market throughout the projected period.
Driving Factors
- Growing awareness of eco-friendly product and technological advancements will be driving the market
- Growing usage of consumer appliance coatings in refrigeration will support the market growth of the throughout the forecast period.
- Increasing traction of the domestic appliance sector is driving the growth of the global market.
Constraints
- High price pressure on consumer appliance coating manufacturers might challenge the growth prospects amid the forecast period.
- Stringent regulations on high emissions of VOC will hinder the market growth.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic impacted the market growth consumer appliance coatings in short-term. Moreover, closure of production units for a long time amid the lockdown periods has affected the manufacturing capacity of market players.
On the other hand, with the world getting settled to the new normal promptly, and the vaccination procedure is on its way, the market is projected to recover gradually by the approaching year, generating new prospects for the market players.
Competition Landscape
Key consumer appliance coatings players in the market are focusing on enhancing the quantity and quality of their products to withstand their positions as the competition is getting tougher.
Major market players identified in the consumer appliance coatings market include Axalta Coating Systems, Akzo Nobel NV, Nippon Paint Co., Ltd, Jotun A/S, The Sherwin-Williams Company, PPG Industries, Inc., Valspar Corporation and Tiger Corporation.
More on the Report
The Fact.MR's market research report provides in-depth insights into the consumer appliance coatings market. The market is scrutinized based on application (refrigeration, large cooking appliances, home laundry, and other applications) and resin (epoxy, epoxy PE hybrid, and other resins), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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SOURCE: Fact.MR