Market Analysis and Insights:
In 2022, it is anticipated that the global market for powder coatings will be worth USD 12.1 billion. Over the projected period (2023-2032), it is expected that the global powder coatings market will increase from USD 12.9712 billion in 2023 to USD 22.62238757 billion.
This expansion will result in a CAGR of 7.20%. The growing demand for powder coatings across a variety of end-use industries, particularly automotive, appliances, general industrial, architectural, and furniture, is fueling the global powder coatings market.
Powder Coatings Market Scope :
Metrics | Details |
Base Year | 2022 |
Historic Data | 2022-2023 |
Forecast Period | 2022-2032 |
Study Period | 2022-2032 |
Forecast Unit | Value (USD) |
Revenue forecast in 2032 | USD22.62238757 billion |
Growth Rate | CAGR of 7.20% during 2022-2032 |
Segment Covered | By Product , By Application, By End Users, |
Regions Covered | North America, Europe, Asia Pacific, South America Middle East and Africa |
Key Players Profiled | AkzoNobel, PPG Industries, The Sherwin-Williams Company, RPM International, Axalta Coating Systems, Jotun, Asian Paints, Kansai Paint, Nippon Paint, BASF, DuPont |
Market Definition
One kind of coating is powder coating, which uses a dry, free-flowing powder. Powder coating is frequently applied electrostatically and then dried by heat or ultraviolet light, in contrast to typical liquid paint, which operates with the aid of an evaporating solvent. A polymer resin system serves as the foundation for powder coatings, which also include other additives such as levelling agents, pigments, and flow modifiers. These components are melt-blended, cooled, and then milled into a homogeneous powder resembling baking flour.
The intended surface is cleaned and prepared to guarantee that the powder coating will adhere well. The powder coating is applied to the surface using an electrostatic spray cannon. Particles of powder stick to the surface due to the electrostatic charge. By being heated in an oven or being exposed to UV radiation, the powder coating is cured. By melting and flowing together, as a result, the powder particles create a continuous covering.
Key Market Segmentation:
Insights on Key Products:
Thermoset polyester powder coating is the product that dominates the Global Powder Coatings Market for powder coatings on a global scale. Over 50% of the Global Powder Coatings Market t is thought to be accounted for by it.
Because they are very inexpensive, function well, and are simple to use, polyester powder coatings are widely used. Coatings made of thermoset powder include The most popular kind of powder coating, these coatings are utilised in a variety of applications. In the course of curing, the polymers used to create them cross- link, creating a tough and long-lasting coating.
Thermoplastic Powder Coatings
In comparison to thermoset powder coatings, these coatings are less widespread, but they are becoming more popular in a few industries, including appliances and the automotive industry. They can be melted and reconfigured because they are made of polymers that do not cross-link during curing and continue to be thermoplastic.
Epoxy Powder Coatings
The outstanding chemical resistance and longevity of these coatings are well known. In fields where these characteristics are crucial, such as industrial equipment and marine coatings, they are frequently applied.
Polyurethane Powder Coatings
Both flexibility and durability against impacts are strong points of these coatings. They are frequently utilised in products like consumer goods and automobile components, which depend on their qualities.
Acrylic Powder Coatings
Both UV resistance and weatherability are strong qualities of these coatings. The usage of outdoor furniture and architectural applications is common.
Insights on Key Applications:
The automotive industry dominates the market for powder coatings globally. More than thirty per cent of the world market for powder coating is thought to be represented by it. Due to its many benefits over conventional liquid paints, including improved performance, increased efficiency, and favourable environmental effects, powder coatings are widely used in the automotive sector. Numerous vehicle parts, including wheels, bumpers, chassis, and engine parts, are coated with powder.
Appliances
Appliances like refrigerators, stoves, washers, and dishwashers all have powder coatings on them. Because they provide a tough and long-lasting surface that is immune to corrosion, chemicals, and abrasion, powder coatings are applied to a range of equipment.
General Industrial
Electrical enclosures, machine parts, furniture, and other common industrial products all receive powder coatings. Because they provide a protective and ornamental coating that is simple to apply and maintain, powder coatings are utilised on several ordinary industrial products.
Architectural
Powder coatings are applied to a range of architectural items, including railings, window frames and building facades. Because they provide a long-lasting, weather-resistant surface that comes in a variety of colours and textures, powder coatings are applied to several architectural objects.
Furniture
Metal chairs and tables, among other types of furniture, are coated with powder. A variety of furniture types use powder coatings because they provide a long-lasting, scratch-resistant finish which is also simple to care for.
Insights on End Users:
Due to the rising need for powder coatings in the automotive industry, the Global Powder Coatings Market of the economy currently accounts for the majority of the powder coating market share. As opposed to conventional liquid paints, powder coatings have several benefits for the environment as well as greater performance. With over 30% of the worldwide powder coating market, this end-user group dominates the Global Powder Coatings Market. Wheels, bumpers, chassis, and engine parts are just a few examples of the numerous vehicle parts that can be coated with powder. General Industrial This end-user category makes up about 15% of the Global Powder Coatings Market. Electrical enclosures, machine parts, and furnishings are just a few examples of the basic industrial objects that can be powder coated.
Architectural About 10% of the Global Powder Coatings Market is comprised of this end-user group. The facade of buildings, window frames, and railings are only a few architectural components that have powder coatings applied to them. Furniture This end-user category represents about 5% of the Global Powder Coatings Market. Metal chairs and tables, for example, are covered with powder coatings.
Insights on Regional Analysis:
Asia Pacific now holds a dominant position in the global powder coatings market as a result of the rapid industrialization and urbanisation of countries like China, India, and Japan. As a result of the rising demand for durable and ecologically friendly products, the global powder coatings market in the Asia Pacific region is growing. Asian and Pacific region: With over 40% of the worldwide powder coating market, this area dominates the Global Powder Coatings Market the most. China, India, and Japan are just a few of the nations that are rapidly industrialising and urbanising, which is fuelling the expansion of the powder coating market in the Asia Pacific region. Europe This region accounts for 30% of the global market for powder coatings. The region’s robust automotive and appliance sectors are a major factor in the powder coating market’s expansion in Europe. North America About 20% of the world’s powder coating market is based in this region. The expanding need for powder coatings in the automotive and appliance businesses is what is fueling the Global Powder Coatings Market’s expansion in North America.
Latin America This region is responsible for about 5% of the world’s powder coating sales. Latin America’s expanding need for powder coatings in the automotive, appliance, and general manufacturing industries is fuelling the market’s expansion. Africa and the Middle East The market for powder coatings in this region makes up about 5% of the entire market. The Middle East and Africa region’s powder coating market is expanding as a result of the increasing need for powder coatings in the oil and gas, construction, and automotive sectors.
Company Profiles:
These firms provide a broad selection of powder coatings for numerous end-use industries, including the automotive, appliance, general industrial, architectural, and furniture sectors. Additionally, they have extensive activities in every significant region of the world, including manufacturing and sales. AkzoNobel, PPG Industries, The Sherwin-Williams Company, RPM International, Axalta Coating Systems, Jotun, Asian Paints, Kansai Paint, Nippon Paint, BASF, DuPont
COVID-19 Impact and Market Status
In 2020, the COVID-19 pandemic had a detrimental effect on the Global Powder Coatings Market. The pandemic disrupted supply chains and slowed economic growth, which decreased interest in powder coatings from a variety of end-use industries, including the automotive, appliance, and general industries. But in 2021, when the Global Powder Coatings Market started to pick up again and supply chains were better, the powder coating business began to rebound. The increasing need for powder coatings from a variety of end-use sectors is anticipated to fuel Global Powder Coatings Market growth during the ensuing years. The major market participants in powder coating are in a good position to gain from the Global Powder Coatings Market’s expansion in the post-COVID-19 period.
To keep up with the rising demand for powder coatings, these businesses are making investments in the creation of novel products and capacity growth. Following COVID-19, the Global Powder Coatings Market is facing several significant difficulties, With the Global Powder Coatings Market, the increasing expense of raw materials like resins and pigments is a significant obstacle. Another issue for the Global Powder Coatings Market is the fluctuation of energy prices because the curing process consumes a lot of energy.
Latest Trends and Innovation:
? New sustainable powder coatings are being introduced by AkzoNobel. Recyclable and renewable materials were used to create the new Interpon RE line.
? PPG Industries unveils fresh powder coating innovations for use in automotive applications. The latest innovation, known as Envirobase HPAP, aims to lower energy use and VOC emissions.
? In order to better serve the appliance market, Sherwin-Williams has introduced new powder coating products. The brand-new goods are made to be more durable and resistant to corrosion.
Significant Growth Factors:
Compared to conventional liquid paints, powder coatings have several benefits, including improved toughness, corrosion resistance, and chemical resistance. Considering that they don’t contain volatile organic compounds (VOCs), they are also kinder to the environment. Several end-use industries, such as the automotive, appliance, general industrial, and architectural sectors, are driving the demand for powder coatings. More and more industries are turning to powder coatings, including aerospace, food packaging, and medical equipment. As a result, the Global Powder Coatings Market is growing. The effectiveness and performance of powder coatings are being enhanced through the development of new technologies. For instance, improved powder coating technologies objects are becoming created that are simpler to apply, cure, and perform better in challenging conditions. This is increasing the Global Powder Coatings Market’s growth while creating powder coatings more appealing to a larger range of users.
The need for powder coatings is being driven by the accelerated urbanisation and industrialization of developing nations. This is because a variety of industrial and construction applications require powder coatings. Regulations are being put into place by governments all over the world to lessen VOC emissions from industrial activities. Since powder coatings are a more sustainable alternative to conventional liquid paints, this is boosting demand for them.
Restraining Factors:
To build up a powder coating line, a substantial upfront expenditure is needed. For new competitors and small enterprises, this might be a roadblock. Applying a powder coating is more difficult than applying a typical liquid paint because of its complexity. Equipment and training specific to this are needed. As opposed to conventional liquid paints, powder coatings have a more limited colour palette. For some applications, this may be a limiting element.
The substrate must be baked at a high temperature to cure powder coatings. For heat-sensitive materials, this could be a concern. Environmental laws are being implemented by governments all over the world more frequently to cut down on air pollution caused by industrial processes. The Global Powder Coatings Market may be impacted by some of these restrictions. A rising need for powder coatings from numerous end-use industries is anticipated to fuel market growth in the future years, despite the restraints.
By utilising their robust product portfolios, extensive worldwide reach, and technological know-how, the major market players are well-positioned to profit from this growth. The top rivals in the world market for powder coatings are working to remove the obstacles. For instance, they are creating new powder coating innovations that are simpler to use, and cure, and give a greater variety of hues and finishes.
Additionally, they are spending money on development and research efforts to create powder coatings that can be applied to materials with high thermal conductivity.