PUBLISHER: Allied Market Research | PRODUCT CODE: 1415011
PUBLISHER: Allied Market Research | PRODUCT CODE: 1415011
According to a new report published by Allied Market Research, titled, "White Goods Coatings Market," The white goods coatings market size was valued at $5.6 billion in 2022, and is estimated to reach $10.2 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.
Air conditioners, washing machines, dishwashers, refrigerators, and freezers are examples of large home equipment known as "white goods." Although they were formerly available in white color, they are now available in a variety of colors and are still referred to as "white goods." White goods coatings are the coatings used on these appliances.
Manufacturers in the white goods industry are heavily investing in R&D activities to upgrade their home appliances owing to surge in demand for highly advanced and smart appliances. Furthermore, the advent of Internet of Things and smartphone compatibility with smart devices and appliances are expected to contribute toward the growth of the global market. For instance, air conditioning, refrigerators, water heaters are now available with internet compatibility, which can be controlled by smartphones. Smart features and functionality are gaining major traction among the customers, and it can add great value to their standard of living.
LG's most intelligent washer is able to detect a mixed load of t-shirts and pants and LG's new user-friendly ezDispense feature takes the guesswork out of detergent dosage by automatically adding the exact amount of liquid detergent and fabric softener customized for each load size at optimal times during the wash cycle for improved results. Thus, increase in demand for home appliances will further propel the growth of coatings used on these white goods. Furthermore, the household appliance industry is undergoing major transformation. Domestically, the trend is toward efficient multifunctional appliances, while internationally, new prospects for white goods manufacturers are emerging. All these factors are major white goods market growth factors.
However, the difficulty with polymer coatings is that solvent volatilization during the curing process as well as damage during service, which will result in many flaws and decrease in impermeability. Moreover, polymer coatings are not abrasion resistant, as a result, once cleaned with a cloth or towel, the effect is already diminished. Furthermore, the coatings are unstable to soaps or surfactants. As a result, the favorable effect is transient. All these factors tend to hamper the use of polymer coatings in white goods industry.
Plastic coatings are commonly used on white goods such as refrigerators, washing machines, and dishwashers. White goods surfaces can be of different substrates such as acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and polystyrene (PS). The major application of plastic coatings includes control panels, buttons, solo-panels, screens, switches, and other wiring elements. Growing investments in innovation of refrigerators units and rising income levels coupled with decline in product prices with high specifications availability are the key trends boosting the demand for refrigerators. This, is turn, is expected to increase the use of plastic coating on refrigerators. White goods manufacturers tend to have strict production requirements and regulations. Thus, manufacturers must produce coatings that comply with the white goods production regulations. Furthermore, key players have focused on offering innovative and sustainable water-based coatings, which comply with all the regulations of white goods manufacturers. Manufacturers of polymer-based coatings are offering innovative and sustainable water-based polymer coatings that tend to comply the prescribed VOC level. This factor is expected to offer potential growth opportunities for the market during the forecast period.
The global white goods coatings market forecast covers segmentation based on coating type, white goods type, and region. The report highlights details about various coating types, including plastic/polymer-based coating and powder-based coating. Furthermore, white goods covered in the study include washers & dryers, refrigerators & freezers, dishwashers, microwave ovens, air conditioners, and others. Moreover, it analyzes the current market trends of white goods coatings across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The key players operating in the white goods coatings market include Axalta Coating Systems LLC, Dymax Corporation, The Sherwin-Williams Company, Akzonobel N.V., IFS Coatings, GMMDL, Tecno Supply, VitraCoat, WEILBURGER Coatings GmbH, and PPG Worwag Coatings GmbH and Co. KG.