Global Powder Coatings Market Insights Forecasts to 2032
- The Powder Coatings Market Size was valued at USD 22.6 Billion in 2022.
- The Market Size is Growing at a CAGR of 8.2% from 2022 to 2032
- The Worldwide Powder Coatings Market Size is expected to reach USD 35.7 Billion by 2032
- Europe is expected To Grow the fastest during the forecast period
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The Global Powder Coatings Market Size is expected to reach USD 35.7 Billion by 2032, at a CAGR of 8.2% during the forecast period 2022 to 2032.
Powder coatings are a type of dry coating that is applied to surfaces in a powdered form. They are typically made of a mixture of finely ground particles, which can include resins, pigments, curing agents, flow modifiers, and other additives. The powder coating is electrostatically charged and then sprayed onto the surface to be coated. After the powder coating is applied, the coated object is heated in an oven where the powder particles melt and fuse together, forming a continuous and durable film. This process is known as curing or crosslinking. The result is a tough, protective, and visually appealing coating that adheres to the surface and provides resistance to corrosion, chemicals, UV radiation, and abrasion.
Impact of COVID 19 On Global Powder Coatings Market
The pandemic has disrupted global supply chains, leading to challenges in the availability of raw materials and production delays. This has affected the powder coatings industry, as manufacturers have faced difficulties in sourcing essential components. Many industries, such as automotive, construction, and manufacturing, experienced a decline in demand due to lockdowns and economic uncertainties caused by the pandemic. This decrease in demand has had a direct impact on the powder coatings industry, as it is closely tied to these sectors. The pandemic has led to changes in consumer behavior and preferences. For instance, there has been a growing focus on hygiene and cleanliness, which has increased the demand for antimicrobial coatings. This trend presents an opportunity for the powder coatings industry to develop and offer specialized coatings to address these needs. Despite the initial challenges, the powder coatings industry is expected to show resilience in the long term. The durability, environmental benefits, and superior performance of powder coatings make them a preferred choice for various applications. As economic activities gradually recover, the demand for powder coatings is likely to rebound. The pandemic has further highlighted the importance of sustainability and environmentally friendly practices. Powder coatings, being solvent-free and generating less waste, align well with these sustainability goals. This could lead to increased adoption and demand for powder coatings in the future.
Global Powder Coatings Market Report Coverage
|Market Size in 2022:||USD 22.6 Billion|
|Forecast Period 2022-2032 CAGR:||8.2%|
|2032 Value Projection:||USD 35.7 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Product, By Application, by Region.|
|Companies Covered:||PPG Industries, Inc., Asian Paints, 3M, Primatek Coatings OÜ, Emil Frei Gmbh & Co. KG, The Sherwin-Williams Company, Tiger Coatings Gmbh & Co. KG, SOMAR, Jotun, KCC Corporation, Kansai Paint Co. Ltd, Hentzen Coatings, Inc., IGP Pulvertechnik AG, Duluxgroup Ltd., Protech Powder Coatings Inc., IFS Coatings, Nippon Paints Holdings Co., Ltd., Anhui Meijia New Material Co., Ltd, Neokem, Berger Paints India, Cloverdale Paint Inc.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Market Drivers
Increased automobile production in these countries will be a significant market driver. As the automotive sector expands, there will be a higher demand for coatings used in the manufacturing of automobiles, including powder coatings. These coatings offer automobile parts with durability, corrosion resistance, and visual appeal, hence contributing to market growth. The rising demand for medical devices, particularly in the healthcare sector, is likely to drive the market forward. Because of their excellent performance, hygienic qualities, and ability to fulfil demanding regulatory standards, powder coatings are frequently employed in medical device applications. As the healthcare industry expands in these developing nations, the demand for powder coatings for medical devices is likely to increase. Powder coatings provide exceptional performance characteristics such as durability, scratch resistance, and custom properties such as anti-corrosion and anti-bacterial functions. Powder coatings are a popular choice for the furniture industry due to their properties and the availability of a wide range of colours. Powder coating application has low operational costs, which contributes to its widespread use in the industry.
Powder coatings may encounter difficulties when it comes to covering edges and sharp corners. Because of the electrostatic nature of powder coating application, particles may be less attracted to or unable to uniformly cover certain locations. Solvent-based coatings, such as paints, are occasionally employed as alternatives in such circumstances to successfully cover these substrates. These constraints may have an impact on the powder coating market's growth, particularly in applications requiring precise coating coverage on edges and complex geometries. However, advancements in powder coating technology, such as improved application techniques and equipment, are constantly addressing these challenges in order to expand the capabilities and application range of powder coatings.
Polyester resin type segment holds the highest market share over the forecast period
Based on the resin type, the global powder coating market is segmented into epoxy, polyester, acrylic, polyurethane. Among these, the polyester resin type segment holds the highest market share over the forecast period due to the favourable features of polyester, like chemical resistance, quick drying, surface protection, abrasion resistance, and temperature resistance. Over the forecast period, the segment will grow due to an increase in product demand in applications such as radiator grills, bumpers, door handles, bicycles, etc.
Epoxy segment, on the other hand is witnessing the fastest market growth over the forecast period. Epoxy powder coatings have the advantage of quick-drying properties. This reduces the overall production time and enhances efficiency in various industries, including automotive, appliances, and electronics. By producing a robust and durable layer, epoxy powder coatings provide great surface protection. They provide protection against corrosion, chemicals, and abrasion, hence increasing the lifespan of coated surfaces.
Consumer goods segment is dominating the market with the largest market share over the forecast period
On the basis of application, the global powder coating market is segmented into consumer goods and automotive. Among these, consumer goods segment is dominating the market with the largest market share over the forecast period. Growing buying power, higher standards of living, and rapid urbanisation are expected to propel the consumer goods field, resulting in increased demand of the product over the forecast period. Since powder coatings don't contain solvents, are more flexible than traditional liquid coatings, and adhere to environmental rules, they are frequently used on consumer items. In addition, it is anticipated that in the upcoming years, product demand would increase due to the growing need for home appliances in countries like India, China, Vietnam, the Philippines, and Thailand.
Automotive segment, on the other hand is estimated to witness the fastest market growth over the forecast period. Sales of automobiles are anticipated to increase due to rising demand in emerging economies including China, India, Mexico, Brazil, South Africa, and Malaysia.
Asia Pacific region accounted the largest market share over the forecast period
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Asia Pacific region is dominating the market with the largest market share over the forecast period. The use of powder coating in architectural applications, such as aluminium extrusions used in building facades, kitchen windows, doorframes, and other architectural components, is anticipated to increase as infrastructure development proceeds in China and India. However, over the course of the forecast period, powder coating demand in architectural applications is anticipated to be constrained in the Asia Pacific due to the significant preference for anodized aluminium extrusion.
Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. Over the course of the forecast period, expanding automotive production is anticipated in Austria, Germany, Romania, Hungary, and Turkey. Automobile manufacturers are now required to use powder coatings rather than liquid coating due to REACH laws that limit VOC emission during the coating process. Reduction of VOC emission is predicted to assist automotive manufacturers in terms of earning carbon credits.
Recent Market Developments
- In July 2022, Akzo Nobel N.V. has acquired the wheel liquid coating business of Lankwitzer Lackfabrik Gmbh.
List of Key Companies
- PPG Industries, Inc.
- Asian Paints
- Primatek Coatings OÜ
- Emil Frei Gmbh & Co. KG
- The Sherwin-Williams Company
- Tiger Coatings Gmbh & Co. KG
- KCC Corporation
- Kansai Paint Co. Ltd
- Hentzen Coatings, Inc.
- IGP Pulvertechnik AG
- Duluxgroup Ltd.
- Protech Powder Coatings Inc.
- IFS Coatings
- Nippon Paints Holdings Co., Ltd.
- Anhui Meijia New Material Co., Ltd
- Berger Paints India
- Cloverdale Paint Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Powder Coatings Market based on the below-mentioned segments:
Powder Coatings Market, Product Analysis
- Polymer Powder Coatings
- Rubber Coated Fabric
- Fabric Backed Wall Coverings
Powder Coatings Market, Application Analysis
- Protective Clothing
Powder Coatings Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the Market size of Powder Coatings Market?The Global Powder Coatings Market Size is expected To Grow from USD 22.6 Billion in 2022 to USD 35.7 Billion by 2032, at a CAGR of 8.2% during the forecast period 2022-2032.
2. Who are the key Market players of Powder Coatings Market?Some of the key market players of PPG Industries, Inc., Asian Paints, 3M, Primatek Coatings OÜ, Emil Frei Gmbh & Co. KG, The Sherwin-Williams Company, Tiger Coatings Gmbh & Co. KG, SOMAR, Jotun, KCC Corporation, Kansai Paint Co. Ltd, Hentzen Coatings, Inc., IGP Pulvertechnik AG, Duluxgroup Ltd., Protech Powder Coatings Inc., IFS Coatings, Nippon Paints Holdings Co., Ltd., Anhui Meijia New Material Co., Ltd, Neokem, Berger Paints India, Cloverdale Paint Inc.
3. Which segment hold the largest Market share?Consumer goods segment hold the largest market share is going to continue its dominance.
4. Which region is dominating the Powder Coatings Market?Asia Pacific is dominating the Powder Coatings Market with the highest market share.
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