Global Powder Coatings Market Overview, 2023-28

The growth of the global powder coatings market is attributed to factors such as increased consumer expenditure, rising per capita income, shifting consumer preferences, and technological advancement. Among the primary factors influencing the total product application possibilities is a higher utilisation rate as opposed to liquid forms. The market is quickly expanding as the use of volatile organic compounds (VOCs) decreases. Furthermore, demand for EVs is growing as people become more concerned about climate change, air pollution, and the need to lessen reliance on fossil fuels. Consumers are becoming more aware of the advantages of electric vehicles, such as lower running costs, higher performance, and decreased environmental impact. The powder coatings industry is being driven by the rise of the EV, automotive, and appliance markets. The growing need for more sustainable solutions, as well as advancements in the construction and industrial industries, are creating new opportunities in the powder coatings sector. Coating formulators and raw material suppliers are reacting by developing revolutionary powder coating technologies that can be made and applied more efficiently, have improved performance characteristics, and have a wider range of potential end uses. For many years, the powder coatings industry has been and continues to be in a state of growth and revolution throughout several market segments. These requirements are being driven by the emergence of technologies that address existing manufacturing productivity and cost challenges. Stringent environmental regulations in developed countries are driving the demand for powder coatings. Powder coatings are considered to be more environmentally friendly than traditional liquid coatings. This is because powder coatings do not contain volatile organic compounds (VOCs), which are harmful to the environment. According to the research report, "Global Powder Coatings Market Overview, 2023-2028", published by Bonafide Research the market is expected to reach USD 20.90 Billion by 2028 with a significant CAGR of 6.59 % from USD 14.35 Billion in 2022. Conventionally, powder has been used to coat only certain parts of automotive such as chassis and engine parts. However, more and more automobile manufacturers are coating other parts such as radiators, bumpers, engine blocks, coil springs, shock absorbers, wheels, and mirror frames. Thus, demand for powder coating has been increasing in the automobile industry. In line with this, rising environmental concerns have caused governments in various countries to launch green initiatives promoting the use of eco-friendly coating chemicals, such as powder coating, to reduce the occurrence of fire dangers, hence supporting market growth. Furthermore, ongoing construction activities and the continuous establishment of several commercial and residential buildings have supplemented the deployment of powder coating for polishing or refinishing furniture and consumer electronics, such as refrigerators and door handles, which is acting as another growth-inducing factor. Aside from that, the increasing use of powder coating in the automobile industry for glazing wheel rims, structural components, radiator grills, bumpers, and horns is fueling market expansion. Other aspects, such as strategic cooperation among significant players and extensive investments in research and development (R&D) activities to introduce high-performance, anti-bacterial powder coatings, are contributing to the market's growth.

Asia Pacific dominated the market and accounted for the highest market share in 2022. Due to its stable economy, increasing disposable income, and improving standards of living in countries such as China, Japan, and India. The region boasts a robust and diverse manufacturing industry that is a significant user of powder coatings. Powder coatings have been used by manufacturers in Asia-Pacific due to its greater durability, eco-friendliness, and cost-effectiveness when compared to traditional liquid coatings. Powder coatings are in high demand in the manufacturing industry due to the necessity for high-quality surface finishes and corrosion protection. Furthermore, governments throughout the Asia-Pacific region have enacted legislation to encourage the adoption of ecologically friendly coatings. Because of their low volatile organic compound (VOC) content and lower waste output, powder coatings are regarded more environmentally friendly than liquid coatings. These regulatory steps have boosted the use of powder coatings and accelerated their market expansion. The Asia-Pacific area has a vast and quickly rising consumer base, which drives demand for powder coatings on a variety of products. Consumption of automobiles, appliances, furniture, and electronics has increased as a result of rising disposable incomes, urbanisation, and lifestyle changes, all of which rely on powder coatings for surface finishing and protection. The region's large consumer market has considerably contributed to Asia-Pacific's supremacy in the worldwide powder coatings industry. Overall, the Asia-Pacific region has become the dominant force in the worldwide powder coatings market due to a mix of industrial expansion, advantageous laws, a rising construction industry, technical advancements, and a large customer base. Based on resin type, the market is segmented into thermoset and thermoplastic resin. The thermoset resin is expected to grow significantly during the forecast period. Thermoset resins, such as epoxy, polyester, and epoxy-polyester hybrids, offer excellent performance characteristics that are highly valued in the powder coatings industry. These resins provide superior hardness, chemical resistance, scratch resistance, weatherability, and overall durability. In demanding environments and applications, such as automotive, appliances, and architectural coatings, thermoset resin-based powder coatings deliver exceptional performance, making them the preferred choice. Furthermore, Thermoset resin-based powder coatings have a broad range of applications in various industries. They are extensively used in automotive coatings for exterior parts, such as bumpers, wheels, and trim, as well as for underhood components due to their excellent resistance to heat, chemicals, and weathering. The appliance industry uses thermoset resin-based powder coatings for household appliances like refrigerators, washing machines, and ovens to provide both aesthetic appeal and durability. Additionally, thermoset resin-based powder coatings are popular in architectural applications, including aluminum extrusions, window frames, and steel structures, due to their ability to withstand harsh outdoor conditions. The coatings methods used for powder coatings are electrostatic spray coating and fluidized bed coating. The electrostatic spray coating is widely used method for powder coatings worldwide. Electrostatic spray coating ensures efficient and uniform deposition of powder coatings onto the surface of the substrate. The powder particles are electrically charged using high-voltage electrostatic guns, which create an electrostatic field between the gun and the grounded substrate. The charged powder particles are attracted to the grounded substrate, resulting in a consistent and even coating thickness. This method minimizes overspray and allows for precise control over the coating application. Furthermore, Powder coatings used in electrostatic spray coating typically have fast curing times compared to liquid coatings. Once the powder is applied to the substrate, it undergoes a curing process, which involves heating the coated part in an oven. The heat melts the powder particles, allowing them to flow and form a continuous film. The rapid curing time of powder coatings enables faster production cycles and improved efficiency in manufacturing processes. Electrostatic spray coating produces a durable and high-quality finish. The cured powder coating provides excellent resistance to abrasion, chemicals, and UV degradation. It also offers superior adhesion to the substrate, ensuring long-term performance and protection. The smooth and uniform appearance achieved through electrostatic spray coating enhances the aesthetic appeal of coated products.

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Manmayi Raval

Research Consultant

The automotive industry is major consumer of powder coatings globally. Powder coatings offer exceptional durability and corrosion resistance, making them highly suitable for automotive applications. Vehicles are exposed to various environmental factors such as UV radiation, moisture, salt, and chemicals, which can cause paint degradation and corrosion. Powder coatings provide a robust protective layer that helps safeguard the vehicle's exterior against these elements, enhancing its longevity and maintaining its appearance. In addition, Powder coatings offer a wide range of color options and finishes, allowing automakers to achieve desired aesthetic effects. The automotive industry values the ability to customize the appearance of vehicles to cater to consumer preferences. Powder coatings can be formulated to produce various finishes, including high gloss, matte, metallic, and textured, ensuring that automotive manufacturers can achieve the desired visual impact and differentiate their products in the market. Automotive coatings must withstand daily wear and tear, including scratches and impacts. Powder coatings exhibit excellent scratch and impact resistance, providing added protection to the vehicle's exterior surfaces. This helps to maintain the vehicle's appearance and value over time, ensuring customer satisfaction and reducing the need for frequent touch-ups or repairs. Companies mentioned in the report: Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, RPM International Inc, Jotun Group, Wacker Chemie AG, Arkema S.A., BASF SE, Kansai Paint Co.,Ltd., Axalta Coating Systems Ltd. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Aspects covered in this report • Global Powder Coatings market with its value and forecast along with its segments • Region-wise Powder Coatings market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report: • North America • Europe • Asia-Pacific • South America • Middle East & Africa By Resin Type • Thermoset • Thermoplastic • Others By Coating Methods • Electrostatic Spray Coating • Fluidized Bed Coating • Others By End- Use Industry • Appliances • Automotive • General Industrial • Architectural • Furniture • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Powder Coatings industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.