Powder Coatings Market Size, Share & Industry Analysis, By Resin (Thermoset {Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, and Others}, and Thermoplastic {Polyvinyl chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF)}), By Coating Method (Electrostatic Spray, Fluidized Bed, and Others), By Application (Appliance, Automotive, Architectural, Furniture, Agriculture, Construction and Earthmoving Equipment (ACE), General Industries, and Others), and Regional Forecast, 2024-2032

The global powder coatings market size was USD 14.29 billion in 2023 and is projected to grow from USD 15.20 billion in 2024 to USD 24.26 billion in 2032 at a CAGR of 6.0% during the forecast period (2024-2032). Asia Pacific dominated the powder coatings market with a market share of 61.65% in 2023.

Automotive, Appliance, Architectural, Furniture, Agriculture, Construction and Earthmoving Equipment (ACE), General Industries, and other industry verticals are major consumers of the product. Due to their solvent-free formulations, these coatings release a negligible amount of volatile organic compounds. Additionally, these coatings have a unique appearance and perform well in terms of durability, scratch resistance, and gloss retention. These coatings are popular in various end-use industries due to their ease of application in thicker layers and lower operational costs. Rise of construction industry has augmented the demand for these products. The aforementioned factors will drive the market growth over the projected period.

The COVID-19 outbreak disrupted the production of raw materials used in the manufacture of powder coatings. Asian countries such as India, China, Japan, Singapore, and Thailand are the centers of manufacturing these coatings and the main suppliers of these raw materials. The outbreak of the new coronavirus in the Asia Pacific region has affected the supply of these raw materials. For example, China is one of the leading resin suppliers, exporting one million tons of resin to the world market. The interruption of the supply of raw materials has reduced the production of paints and coating products.

 In April 2020, all private buildings & construction sites, government buildings, and car repainting companies were severely affected. Due to the market shutdown, retailers also canceled large orders for paint and coating products that had already been placed. Due to COVID-19, end consumers will not buy expensive coating technologies like polyurea and polyurethane from distributors and retailers. Due to the suspension of construction and construction activities, the distributor's sales of paints and coating products are hampered.

Powder Coatings Market Trends

Shift from Conventional Liquid Coatings to Powder Coatings to Fuel Market Growth

Liquid coatings generate two kinds of hazardous waste: retouching and disposal. The liquid coatings defect frequently require solvents due to their chemical composition. The solvent used in liquid coatings generates hazardous fumes, making it highly harmful. Additionally, discarded and stripped coatings are also considered as hazardous waste, requiring proper disposal, which can be a time-consuming and an expensive process.

As powder coatings are inert and do not require disposal or handling, they are safer to use. These coatings are inflammable and are much safer to handle. By using this coating are also much easier to improve the coat. Coated powder part can simply wipe or use compressed air to eliminate the uncured concentrate and reapply it. The waste generated can be handled without the need for specialty equipment. Moreover, it can also be discarded easily.

Powder Coatings Market Growth Factors

 Increasing Demand for Environmentally Friendly Coatings to Fuel Market Growth

The market is expanding rapidly due to a reduction in the use of volatile organic compounds (VOCs). These coatings consist of no VOCs, thus reducing atmospheric pollution, safe storage and handling, and low fire hazard. VOCs are chemicals that vaporize at room temperature and are the leading cause of ground-level air pollution. Nitrogen oxides react with VOCs to form smog and can cause nose, throat, eye irritations, headaches, memory impairment, visual disorders, and cancer in humans.

Increasing awareness regarding pollution control among manufacturers is boosting these coatings' production. Manufacturers are usually required to file for permits and follow strict environmental regulations on the amount of solvent and VOCs emitted into the atmosphere. Violation of the regulation by manufacturers regarding VOCs content has to face penalties and fines. These coatings offer an alternative that minimizes the amount of air pollution control and complies with regulations and restrictions. In manufacturing these coatings, there is no use for petroleum solvents and therefore do not release VOCs harmful to the environment. These coatings comply with environmental regulations, which is expected to drive the market.

Recycling Property of Powder Coatings Is Likely to Drive Market Expansion

Application of these coating is a two-step process in which, firstly, the product is splashed with powder with the assistance of an electrostatically charged powder gun. The powder clings to the part, and afterward, that part is restored inside a coating oven. This coating oven liquefies the powder so that it streams together and locks to the part effectively. The relieving procedure creates a durable bond that lasts and helps protect the metal beneath. Powder coating has a 60% of average transfer efficiency. Thus 40% of the powder is not able to adhere to the component. The excess sprayed powder on the part can be gathered and reused utilizing a procedure called powder reclamation. Powder reclamation works better when only one or two primary colors are being used for the products, as multiple color changes boost up equipment costs considerably. If the component is sprayed with one or two colors, it can significantly help save the powder by reclaiming the powder. The over-sprayed powder can be trapped in the filters or spray booth.  The recycled powder can be used again and which makes the powder

RESTRAINING FACTORS

Difficulty in Obtaining Thin Films Using Powder Coatings To Hamper Product Demand

These coatings do not contain any liquid carrier. In this way, it can deliver thicker coatings than conventional liquid coatings. It is moderately simple to apply thick coatings, texture-free coating, and it isn't as simple to apply smooth thin films. As the film thickness diminishes, the film turns out to be increasingly more orange stripped on surface because of the molecule size and glass transition temperature (Tg) of these coatings. Powder coating’s particle size falls in the scope of 30 to 50 μm and a Tg > 40°C. By utilizing these coatings, film fabricates ups of more than 50 μm might be required to acquire an acceptably smooth film. Specialized tasks are there where these coatings under 30 µm or with a Tg < 40°C are utilized to produce smooth thin films. Thus, producing thin films using this coating is difficult to obtain, which is anticipated to hamper the growth of the market during the forecast period.

Powder Coatings Market Segmentation Analysis

By Resin Analysis

Thermoset Dominated the Global Market in 2023 owing to Robust Demand Across Industries

Based on the resin, the market is segmented into Thermoset and Thermoplastic.

The thermoset segment held the major powder coatings market share of the global market and is expected to expand at a rapid pace during the forecast period. This one melts and flows when heat is applied and generally requires lower curing temperatures than thermoplastics. Thermoset coatings are further bifurcated into epoxy-polyester, epoxy, polyester, polyurethane, acrylic, and others. Epoxy polyester sub-segment accounted for the primary share of the thermoset segment. Epoxy polyester has improved resistance to overbake yellowing and improved weather ability than epoxy. Epoxy polyester are now regarded as the main backbone of the market.

By Coating Method Analysis

Electrostatic Spray Segment to Witness Stellar Growth through 2032 due to Increasing Demand for Thermoset Coatings

Based on the Coating Method, the market is segmented into electrostatic spray, fluidized bed, and others

The electrostatic spray segment constituted the key share of the market and is projected to expand rapidly during the forecast period. The electrostatic spray is the primary technique used for thermoset coatings. The particles of these coatings are given an electrical charge in the coating gun. The increasing demand for the thermoset powder coating for various end-use industries is expected to fuel the electrostatic spray coating method demand.

The fluidized bed is a coating method that is primarily used for the application of thermoplastic powder. Also, a fluidized bed is used for thermoset powders applications where high film build is required.

By Application Analysis

Appliance Applications to Boost Product Demand Significantly due to its wide usage in washing machines, freezer liners, ACs, and other applications

Based on the application, the market is classified into appliance, automotive, architectural, furniture, agriculture, construction and earthmoving equipment (ACE), general industries, and others.

The appliance segment accounted for the prime share of the market. These coatings are majorly used for the ACs, water heating systems, washing machines, dishwashers, dryer drums, freezer liners, floor cleaners, microwave ovens, racks & cabinets, mixers & blenders, and others. These coatings are usually used for applications such as appliances that require a combination of appearance and resistance to abrasion, chemicals, and temperature cycling. They improve the esthetic appeal and offer resistance to abrasion, chemicals, and temperature cycling. Appliances require durable finishes to protect against the damages of everyday use. Thus, these coatings are mostly used due to it provides a thick coat. These coatings can handle a great deal of temperature cycling without wearing off, or flaking; therefore, are commonly found on the oven, microwave, and refrigerator panels and components.

The automotive segment is witnessing a significant growth rate during the forecast period. The growth of the segment is associated with the increasing demand for powder coatings in the automotive industry. Moreover, the increasing demand for electric vehicles is driving the segment growth. Powder coatings are expected to gain importance in the automotive industry due to the increasing need to cover the wheels, chassis, rods, horns, windshield wipers, and other automotive components. The growing investments in the automotive industry will boost the powder coatings, driving the growth of the segment.

The demand for powder coatings from the architectural sector is likely to drive the market. Powder coatings are widely used in various decorative programs. They are used in building and construction, as well as furniture applications. In addition, to provide an aesthetically pleasing appearance, paints and coatings enhance the durability of the surface and protect the environment from heat, water, and moisture. Moreover, growing government spending on construction projects and growing residential projects in developing countries are set to drive the market growth. Powder coatings are used in buildings and construction to protect and decorate various surfaces of the buildings.

REGIONAL INSIGHTS

The Asia Pacific held the major share of the global market in 2023 due to rise in automotive, appliance, furniture, architectural, construction & earthmoving equipment, agriculture, and general industries. The expansion of infrastructure & construction industry in India and China due to rising government investments in construction projects shall drive the regional growth. Due to its eco-friendly nature and aesthetic value, powder coating has gained popularity in the construction industry. These coatings are mostly used to make the building structures more attractive, maintenance free, and durable.

The North America market is projected to expand rapidly due to rise in automotive industry. Rising EV demand is propelling the automotive sector. The non-residential construction business is expanding in the U.S. led by robust economic growth and proliferating real estate sector. In addition, rising state and federal infrastructure spending for buildings and public works shall augment the market growth in the region.

The rise in the automotive industry is likely to drive the European market and witness a significant growth rate during the forecast period. Properties such as wear protection, corrosion protection, scratch resistance, increased strength, and friction reduction shall drive the product demand. The powder coatings market growth will also grow owing to the presence of several automakers including BMW, Volkswagen, Renault, Daimler, and Peugeot.

The Latin American market is expected to grow notably driven by the increasing demand in the commercial and residential construction. Meanwhile, demand in the Middle East & Africa region will rise owing to growing use of coatings as corrosion inhibitors in pipelines and crude oil processing. The increasing demand of crude oil from Saudi Arabia, Iraq, the UAE, and Iran is expected to propel the market share.  

List of Key Companies in Powder Coatings Market

Diverse Portfolio and Core Focus of AkzoNobel N.V. to Propel Company to a Leading Position

The market share is fragmented and competitive along with the regional firms have well-established supply chain networks. The market has numerous regional and global market players operating in the industry. Major companies are adopting strategies such as mergers & acquisitions, expanding production capacity, and making R&D investments.

Other key players operating in the market are PPG Industries, AkzoNobel N.V., BASF SE, DuPont, and Jotun.

LIST OF KEY COMPANIES PROFILED:

• Akzo Nobel N.V. (Netherlands)


• PPG Industries, Inc. (U.S.)


• BASF SE (Germany)


• Jotun (Norway)s


• Axalta Coating Systems, LLC (U.S.)


• The Sherwin-Williams Company (U.S.)


• Asian Paints (India)


• Kansai Nerolac Paints Limited (India)


• TCI Powder (U.S.)


• Berger Paints India Limited (India)

KEY INDUSTRY DEVELOPMENTS:

• June 2021 – AkzoNobel announced its plan to acquire Grupo Orbis to strengthen its South and Central America position. Depending on regulatory clearances, the acquisition is anticipated to be completed by the end of this year or early in 2022. Pintuco paints and coatings, Andercol and Poliquim (resins), and Mundial (distribution and services) are all part of the deal.


• May 2021 – PPG launched CORAFLON platinum coatings for architectural metals. Compared to standard fluoroethylene vinyl ether coatings, the patented coatings technology provides high transfer efficiency rates of over 20% and improved corrosion resistance. PPG CORAFLON Platinum products are available globally in various colors, glosses, micas, and metallic finishes.

REPORT COVERAGE

The global powder coatings market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and products. Also, it offers insights into market trends and highlights vital industry developments. In addition to the key factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years. It further includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.

Report Scope & Segmentation