Yahoo Finance The Global Non-stick Coatings Market is expected to reach USD 1,617 million in 20222 and is projected to register a CAGR of over 3.5% during the forecast period (2022-2027
). The COVID-19 pandemic had a profound impact on manufacturing operations, with prices collapsing and demand falling. However, the market is expected to grow at a steady pace during the forecast period.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Non-stick Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06192775/?utm_source=GNW
- Over the medium term, the growing demand for non-stick cookware is expected to stimulate the market growth of non-stick coatings. Furthermore, the popularization of UV-cured sol-gel coatings in the non-stick coatings market owing to their rapid curing, drying, superior hardness, abrasion resistance, and low energy consumption properties is also expected to drive the growth of the market studied.
- On the other hand, the health hazards associated with the continuous exposure to fumes from overcooked non-stick coatings cookware is expected to exert a depreciating impact on the market growth.
- Nevertheless, the advancements and expansion in the medical and electronics sectors are likely to create lucrative growth opportunities for the applications of non-stick coatings in medical equipment and miniaturized electronic components in the forecast period.
- The Asia-Pacific region dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the rapid rise in consumer expenditure on high-grade home furnishings, coupled with ascending demand for durable, sleek, and smart designs in utensils in the countries of this region including China, Japan, and India.
Key Market Trends
Cookware Application to Dominate the Market
- Non-stick coatings have been used on cookware for more than five decades. Most cookware is made of stainless steel, aluminum, cast iron, glass, program, and ceramic, while some bakeware is made from flexible silicone. The superior properties of non-stick coatings make them popular for an endless variety of food-grade non-stick applications, which include cookware, such as pots and pans.
- Non-stick cookware such as frying pans and saucepans are coated with polytetrafluoroethylene (PTFE), sometimes known as Teflon. Teflon-coated cookware is easy to use and clean due to its non-stick surface. It also uses less oil or butter, making it a low-fat way of cooking and frying meals.
- Over the years, non-stick cookware has been receiving negative attention regarding its safety and health issues due to the emission of toxic chemicals. The non-stick coatings have been confirmed safe for human use by scientists from the Food and Drug Administration. Cookware without perfluorooctanoic acid (PFOA) is considered more environmentally friendly than those made with other non-stick coatings.
- Hence, traditional PTFE pans are at the low end of the cookware market, whereas non-PFOA coatings, ceramics, and silicone-based coatings are at the high end, used as an alternative to Teflon-free products.
- The market is slowly shifting toward the green pans market, which is significantly expanding the market size of non-stick coatings.
- All the above-motioned factors will augment the demand for non-stick coatings for cookware applications during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global non-stick coatings market owing to the increasing average household income and improving quality of life in the region. The population of the countries in Asia is increasing, resulting in an increased number of houses. This, in turn, increases the demand for household appliances, including kitchen appliances and cookware.
- China and India are the largest consumers of non-stick coatings in Asia-Pacific. China and India’s demands for cookware have grown, especially since most local consumers are undergoing a full transition of adopting cookware with better quality. As a result, a wider range of colorful, advanced functions of cookware, such as pressure cookers of various materials, nonstick cookers, electric hot pots, induction cookers, and other cookware products, are being used more frequently.
- The fabrics and carpet industry of China is one of the country’s most important industries. According to China’s National Bureau of Statistics, the country’s carpet export volume has increased significantly in recent years. According to the United Nations COMTRADE database on international trade, China’s exports of carpets and other textile floor coverings totaled USD 3.75 billion in 2021.
- The expansion of China’s automotive segment is expected to boost demand for nonstick coatings. China is the world’s largest automaker, according to the International Organization of Motor Vehicle Manufacturers (OICA). From Q1 to Q3 of 2021, the country alone produced 1,82,42,588 vehicles, accounting for approximately 31.86% of the global volume. The vehicle production for 2021 totaled 2,60,82,220 units.
- China is the world’s largest producer of electronics. Electronic products, such as smartphones, televisions, and other personal electronic devices, grew the fastest in the electronics segment. The country meets domestic electronic demand and exports electronic output to other countries and is expected to sustain the growth pattern.
- The food processing industry is one of India’s largest, with output expected to reach USD 535 billion by 2025-26. In terms of production, consumption, and exports, this industry ranks among the top five. With rising disposable income levels, urbanization, a young population, and nuclear families, there is an increase in demand for processed foods.
- India’s digital economy is expected to be worth USD 1 trillion by 2025, and the electronics system design and manufacturing (ESDM) sector is expected to generate more than USD 100 billion in economic value by 2025. Several policies, including Make in India, the National Policy of Electronics, Net Zero Imports in Electronics, and the Zero Defect Zero Effect, demonstrate a commitment to increasing domestic manufacturing, reducing import dependence, and reviving exports and manufacturing. Over the forecast period, the expansion of the electronics industry is expected to boost demand for non-stick coatings.
- The Japanese food processing industry is among the most advanced and sophisticated in the world, producing USD 216.4 billion in food and beverage products in 2021. In comparison to 2020, the industry benefited from a slightly higher exchange rate relative to the dollar, allowing for marginal value growth.
- All aforementioned factors are likely to fuel the growth of the Asia-Pacific non-stick coatings market over the forecast time frame.
Competitive Landscape
The Non-stick Coatings market is consolidated in nature. Some of the major players in the market (in no particular order) include The Chemours Company, PPG Industries Inc., DAIKIN INDUSTRIES, Ltd., Showa Denko K.K., and 3M among others.
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