Consumer Appliance Coatings Market Size, Share, Growth and Industry Analysis, By Type (Epoxy Coating, Epoxy PE Hybrid Coating and Other), By Application (Refrigeration, Large Cooking Appliance, Home Laundry and Other), Regional Insights, and Forecast From 2024 To 2031

CONSUMER APPLIANCE COATINGS MARKET REPORT OVERVIEW

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The global consumer appliance coatings market size was USD 1534.1 million in 2022 and is projected to touch USD 1692.86 million by 2031, at a CAGR of 1.1% during the forecast period.

The coating refers to the thin sheets of a coating element that are put or coated on the exterior of any structure to enhance key characteristics and form a barrier against surface deterioration brought on by interactions with the environment. Coatings for home appliances combine the highest level of durability with several aesthetically pleasing finishes. It is made to safeguard and improve the appearance of equipment like freezers, washers and dryers, heaters, and ovens, among others.

COVID-19 Impact: Temporary Slowed Down Expansion of the Coatings Market due to Production Shortages and Plant Shutdowns

The global COVID-19 pandemic has been unprecedented and staggering; with the consumer appliance coatings market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Due to production shortages and required plant shutdowns in the first half of 2020, the COVID-19 epidemic temporarily slowed the expansion of the domestic appliance business, which in turn had a knock-on effect on the market for consumer coatings. Manufacturers' ability to produce had been impacted by the prolonged closure of manufacturing facilities during lockdowns. The consumer appliance coatings market is anticipated to recover steadily over the years, opening up new growth opportunities for industry players. This is because the world is quickly adjusting to the new environment and immunization is progressing.

LATEST TRENDS

"Acquisition of Grupo Orbis by AkzoNobel to Strengthener the Firm's Long term position in South and Central America"

In order to strengthen its long-term position in South and Central America, AkzoNobel N.V. announced that it has acquired Grupo Orbis, a paints and coatings firm with its headquarters in Colombia. Grupo Orbis operates in ten different countries and has a consolidated revenue of about USD 390.9 million. The deal involves the paints and coatings division of Pintuco as well as Andercol, Poliquim, Mundial, and Centro de Servicios Mundial. According to reports, decorative paints make up 75% of the Pintuco portfolio while coatings make up 25%.

CONSUMER APPLIANCE COATINGS MARKET SEGMENTATION

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• By Type

Based on type, the market is distributed into Epoxy Coating, Epoxy PE Hybrid Coating and Other

• By Application

Based on application, the market is divided into Refrigeration, Large Cooking Appliance, Home Laundry and Other.

DRIVING FACTORS

"Growing Use of Different Refrigeration Technologies and Government Expenditures is Assisting in Expanding the Appliance Coatings Market"

Consumer appliance coatings are becoming more and more necessary because of the rising use of different refrigeration technologies such as mechanical-compression, absorption refrigeration, evaporative cooling, and others. Due to innovations in Internet - of - things refrigeration monitoring systems, well-developed cold storage facilities, and other reasons, the global refrigeration business is expanding quickly. The appliance coatings firms are also benefited by governmental regulations and expenditures in refrigeration systems. These activities are promoting the refrigeration industry's expansion, which is in turn driving up demand for consumer appliance coatings.

"Advantages Offered by Epoxy Resins and Increase in Consumption of the Product will In turn will Spur the Demand for Consumer Coatings"

Epoxy resins now rule the market for consumer appliance, trailed by epoxy PE hybrid among others. Epoxy resins are viewed positively in the consumer appliance coatings industry because they have a wide range of material features, including minimal shrinkage during cure, good adhesion to many types of fibers, high mechanical capabilities, easy processing, and others. Epoxy resin consumption is likely to increase over the course of the projection period, which is predicted to spur demand and increase the consumer appliance coatings market growth.

RESTRAINING FACTORS

"Strict Regulations by the Government and Decline in Sales of the Product due to the Pandemic can Hinder with the Market Growth "

The consumer appliance coatings sector expansion potential may be hampered by strict rules put in place by governments to reduce emissions from the chemical sector. In addition, as consumer electronics are heavily dependent on the consumer appliance sector, declining sales of electronic equipment could endanger future growth. Furthermore, the recent pandemic reduced sales of coatings, which would undoubtedly have an adverse effect on the market's expansion over the forecast period.

CONSUMER APPLIANCE COATINGS MARKET REGIONAL INSIGHTS

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"Rapid Improving Standard of Living and Innovative Use of these Coatings will aid Asia Pacific to Lead in the Market"

China is the largest consumer appliance coatings sector in the world, and local producers predominate there. Utilization of consumer coatings has increased as a result of rapidly improving standard of living and a significant increase in the number of new households. The consumer appliance coatings market share will have a lot of potential to expand in the region as a result of the innovative uses for these coatings. Customer appliance coatings will be in high demand over the projected period due to rising consumer interest in appliances that save energy and water.

KEY INDUSTRY PLAYERS

"Investments in R&D and Offering of Competitive Prices are Strategies Adopted by the Major Players to Enlarge their Market Share "

To increase their market share, firms in the consumer appliance coatings industry are primarily concentrating on their product marketing strategies. Furthermore, by enlarging and bolstering their distribution networks, firms have the chance to enhance their sales force. Due to the fact that market participants have integrated their operations, both established businesses and recent entrants are concentrating on offering competitive pricing. In addition, the current market participants concentrate on R&D investments to improve the characteristics of various coating resins in order to better meet the requirements of the consumer appliances. The global market for consumer appliance coatings benefits greatly from these firms' activity.

List Of Top Consumer Appliance Coatings Companies

• AkzoNobel (Netherlands)
• Axalta (U.S.)
• Tiger (U.S.)
• PPG (U.S.)
• Jotun (Norway)
• Valspar (U.S.)
• Sherwin-Williams (U.S.)
• Nippon Paint (Japan)
• Surpass (U.K.)
• Meijia (U.S.)
• Huaguang (China)
• Kinte (China)
• Huacai (China)

REPORT COVERAGE

This report covers the consumer appliance coatings market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.