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Powder Coatings Market

Powder Coatings Market Size, Growth, Forecast Analysis, By Resin (Epoxy, Polyester, Epoxy-Polyester (Hybrid), Acrylic, Polyurethane, and Epoxy Polyester), By Application (Consumer Goods, Architectural, Automotive, Furniture), & Region - Global Market Insights 2022-2032

Analysis of Powder Coatings Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Powder Coatings Market Outlook (2022-2032)

The powder coatings market reached a valuation of US$ 12.72 Billion by 2021, and is likely to register a Y-o-Y growth rate of 5.0% in 2022, closing at US$ 13.48 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 24.15 Billion.

Increased disposable income of consumers coupled with the growing population has resulted in an increasing demand for automobiles, furniture, electronics, industrial and household appliances, agricultural equipment and other products. Powder is being used to coat various surfaces such as engine parts, pipes and fixtures, metal parts used in household appliances and other products. Thus, an increased demand of finished goods has led to a growing demand for powder coatings in these countries.

Increasing demand for automobiles such as cars and commercial vehicles in developing countries such as China, India and Brazil and replacement or spare parts in developed economies such as the UK and U.S. coupled with the increasing application of powder coatings on numerous parts of automobiles is expected to drive the powder coating market over the next few years.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 12.72 Billion

Expected Market Value (2022)

US$ 13.48 Billion

Projected Forecast Value (2032)

US$ 24.15 Billion

Global Growth Rate (2022-2032)

6.0% CAGR

Expected Growth Rate of the US Market (2022-2032)

5.2% CAGR

Anticipated Growth Rate of the Japanese Market (2022-2032)

4.7% CAGR

Prominent Powder Coatings Service Players

  • PPG Industries
  • The Sherwin-Williams Company
  • Akzo Nobel N.V.
  • Axalta Coating Systems LLC
  • Jotun A/S

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Revenue Analysis of Powder Coatings Market (2017-2021) vs. Growth Outlook (2022-2032)

According to Fact.MR’s report, powder coatings demand exhibited a CAGR of over 3.1% from 2017 to 2021, topping US$ 12.72 Bn as of 2021. Demand for powder coatings has increased over the past decade owing to rising application of powder coatings in automotive and appliances and furniture manufacturing industries.

Use of powder coatings for consumer goods, namely automobiles, refrigerators, water heaters, dishwashers, microwaves, and industrial machinery has been on the rise. Growing demand on account of increasing purchasing power of consumers in developing economies is cited as the main factor that will influence sales of powder coatings over the coming years. Also, attributable to their versatility and widespread usage, sales of powder coatings will increase over the next ten years.

Powder Coatings Market

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Key Market Drivers Influencing Powder Coatings Industry Expansion

Recycling Property of Powder Coatings to Propel Market Growth Prospects

Application of powder 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.

Increasing Demand for Environmentally Friendly Coatings to Fuel the 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.

Know thy Competitors

Competitive landscape highlights only certain players
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Key Challenges encountered by Powder Coatings Industry

Environmental Challenges and Local Regulations to Hamper the Market Growth

With an increased emphasis on maintaining state and municipal requirements regulating wastewater discharge, the powder coating sector challenges several environmental issues. Powder coating processes create waste streams including metals, oil, grease, and suspended particles during the cleaning and pre-treatment phases of their operations.

Many state and municipal environmental requirements make it difficult for powder coating producers to meet. Heavy metal pollution in wastewater has been a problem for metal finishing businesses that utilize various electroplating methods.

Difficulty in Obtaining Thin Films Using Powder Coatings to Hinder the Market Growth

Powder coating does 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.

Country-wise Analysis

How will the U.S Perform in the Global Powder Coatings Industry Landscape?

Increase in Disposable Income to Boost the Regional Market Growth

Demand for powder coatings in the U.S has been increasing due to rising disposable income, leading to increased demand for consumer products, automobiles, and furniture. Also, presence of many powder coating manufacturers in the U.S. is further nudging market growth in the country.

The U.S 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 U.S powder coatings market is expected to expand at a CAGR of 5.2% across the forecast period.

How will the Growth of Powder Coatings Market grow across Japan?

Infrastructure Development to Enhance the Market Prospects

Japan is a major hub for paints and coatings manufacturing. Attributable to this, the country is emerging as a lucrative market for powder coatings as well. Also, Japan has major suppliers of raw materials for powder coatings, which is further nudging market growth. The market in Japan is expected to expand at a CAGR of 4.7% over the next ten years.

In Japan, polyester resin-based powder coating sales are expected to grow rapidly over the coming years. Infrastructure development in Japan is expected to boost the use of powder coating in architectural applications such as aluminum extrusions used in building facades, kitchen windows, doorframes, building facades, kitchen.

Country-wise Forecast CAGRs for the Powder Coatings Market

Country CAGR

US

5.2%

Japan

4.7%

China

5.3%

Germany

5.1%

UK

5.0%

Category-wise Insights

Which is the Most Sought-after Resin Category?

Increased Demand of Epoxy Resins to Boost the Segment’s Growth

Powder coatings manufactured from epoxy resins are garnering increasing traction owing to enhanced protection that this type of powder coating offers against repeated mechanical stress, weather, and wear & tear associated with typical product lifecycles.

Epoxy resin-based powder coatings hold over 30% of the market share, followed by polyester resins that account for more than 1/4th of the market.

Surging preference for high-quality finish and durability of coatings in products will create remunerative growth opportunities for acrylic and resin-based powder coating. Demand for acrylic resin-based powder coatings is expected to expand at a stellar CAGR of more than 6% through 2032.

Which Segment to Remain Dominant in the Application Category?

Architectural Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for architectural Powder Coatings is expected to expand at a CAGR of 5.9% over the forecast period. One of the fastest-growing markets for powder coatings is the architectural and building market, primarily due to the durability of powder coatings.

Moreover, the expansion of polyester resin technology, namely stable, low-gloss formulas, provided architectural market opportunities that promoted the growth of powder coatings. Due to the variety of colors and finishes available in powder coatings, many construction companies are turning to powder coatings to provide long-term exterior finishes for outdoor venues and public work projects.

In April 2021, PT Jababeka Morotai, a subsidiary of Jababeka Group, collaborated with the OISCA International College Foundation (OISCA International) to develop the Morotai Special Economic Zone (KEK). Under this collaboration, a World War II monument and supporting facilities will be constructed in KEK, North Maluku Province, Indonesia.

Powder Coatings Market - Competitive Landscape

Prominent players in the Powder Coatings Industry are taking advantage of the rapidly increasing demand for the Powder Coatings in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

  • In April 2022, PPG Industries announced that it had completed the acquisition of the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy.
  • In September 2021, Covestro's Ultra series of coating hardeners was used by BASF's Coatings division. As a result, BASF was able to improve its refinish coatings portfolio to meet the strict occupational safety regulations for isocyanate usage.
  • In 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.
  • In 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.

Key Segments Covered in the Powder Coatings Industry Survey

  • By Resin :

    • Epoxy
    • Polyester
    • Epoxy-Polyester (Hybrid)
    • Acrylic
    • Polyurethane
    • Epoxy Polyester
  • By Application :

    • Consumer Goods
    • Architectural
    • Automotive
    • General Industries
    • Furniture
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

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As of 2022, Fact.MR expects the Powder Coatings industry to be valued at US$ 13.48 Billion.

As per Fact.MR’s projections, the market for Powder Coatings in the US will likely expand at a 5.2% CAGR.

Japan is poised to yield a CAGR of 4.7% with respect to Powder Coatings in 2032.

From 2023 to 2033, the Powder Coatings industry is poised to flourish at a 6.0% CAGR.

By 2032, the Powder Coatings landscape is slated to reach a valuation of US$ 24.15 Billion.

Epoxy Resins Segment is expected to grow the fastest, at a CAGR of 6.0%.

By application, the architectural powder coatings segment is expected to dominate the market, documenting a 5.9% value CAGR.

According to Fact.MR, a CAGR of 3.1% was recorded for the Powder Coatings market from 2017-2021.

As of 2021, the Powder Coatings market was valued at US$ 12.72 Billion.

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