The global white goods coatings market is experiencing notable growth due to several factors such as expansion of the white goods market and surge in demand for aesthetic pre-coatings on white goods. Modern consumers expect environmentally friendly items. Simultaneously, changing lifestyles and rising affluence in emerging nations have increased demand for a better assortment of household appliances to simplify and beautify homes; thus, aesthetics and usefulness are now equally vital. Coatings are essential products that are used with wide assortment of appliances such as refrigerators, washers & dryers, and cooking appliances. Pre-coating technologies extend the service life of appliances by ensuring quality consistency, visual appeal, and superior performance after embossing.
WILMINGTON, Del., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "White Goods Coatings Market, by Coating Type (Plastic or Polymer-based Coating and Powder-based Coating), White Goods Type (Washers & Dryers, Refrigerators & Freezers, Dishwashers, Microwave Ovens, Air Conditioners, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global white goods coatings market was valued at $5.6 billion in 2022, and is projected to reach $10.2 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.
Prime determinants of growth
The global white goods coatings market is experiencing growth due to several factors such as technological advancements in white goods and advanced functional coatings for appliances. Advanced protective coatings provide specialized functionality that regular coatings and surface treatments are incapable of. These coatings are easy to apply using standard coating processes and can be utilized on a variety of appliance surfaces. These protective coatings are long-lasting, which help to preserve coating functions and extend the service life of white goods, thus improving appearance and eliminating the need for frequent maintenance. However, solvent volatilization during the curing process as well as damage during service result in many flaws and decrease in impermeability, which hinder the market growth. On the contrary, rise in demand for conformal white goods offers remunerative opportunities for the expansion of the white goods coatings market.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $5.6 Billion |
Market Size in 2032 | $10.2 Billion |
CAGR | 6.2 % |
No. of Pages in Report | 290 |
Segments Covered | Coating Type, White Goods Type, and Region |
Drivers | Technological advancements in white goods Advanced functional coatings for appliances |
Opportunity | Disadvantages associated with use of polymer coatings |
Restraint | Rise in demand for conformal white goods coating |
The powder-based coating type is expected to grow faster throughout the forecast period
Depending on coating type, the powder-based coating type held the highest market share in 2022 and is projected to register the highest CAGR of 6.3% from 2023 to 2032, accounting for three-fifths of the global white goods coatings market revenue. This is attributed to the fact that polymer coatings are proven to have positive results during vapor test, thus making them ideal coating material. Washing machines and dishwashers need to withstand chemicals and detergents. Polymer-based coatings are durable coatings that are proven to offer resistance to cleaning chemicals and detergents, thus making them ideal coating solution on dishwashers and washing machines.
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The refrigerators &freezers segment is expected to lead the trail by 2032
On the basis of white goods type, the refrigerators & freezers segment held the highest market share in 2022, accounting for more than one-fifth of the global white goods coatings market revenue and is estimated to garner the highest CAGR of 6.3% from 2023 to 2032. This is attributed to the fact that powder coatings are proven to increase the longevity of refrigerators and freezers while also improving the aesthetic look and design of the appliance. Furthermore, refrigerators and freezers are subjected to various climatic conditions, thus, the durability and resistance to wear and tear are dependent on the coating material. Powder coatings are resistant to chemicals and wear & tear, making them suitable for refrigerators and freezers. Powder coatings have been engineered to be resilient to humidity, UV radiation, and temperature changes. All of these features combine to make powder coatings a viable coating material for refrigerators and freezers, increasing the service life of appliances.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is expected to record a CAGR of 7.0% by 2023, accounting for three-fifths share of the global white goods coatings market revenue. This is attributed to the fact that Asia-Pacific is emerging to be one of the fastest growing markets for white goods. White goods companies operating globally are planning to invest in the emerging countries of Asia-Pacific, including India, China, and Indonesia, owing to growing popularity of the smart and advanced appliances, increasing disposable income, and rising millennial population. Asia-Pacific is projected to grow at the highest CAGR, owing to the constantly expanding infrastructure and real estate sector, where air conditioning is largely demanded. Growing urbanization and high standard of living, especially in the developing countries including India and China, are driving the demand for white goods, which, in turn, is driving the demand for white goods coatings in Asia-Pacific.
Leading Market Players: -
- Axalta Coating Systems LLC
- Dymax Corporation
- The Sherwin-Williams Company
- Akzonobel N.V.
- IFS Coatings
- GMMDL
- Tecno Supply
- VitraCoat
- WEILBURGER Coatings GmbH
- PPG Wörwag Coatings GmbH & Co. KG.
The report provides a detailed analysis of these key players in the global white goods coatings market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements, others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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