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Powder Coatings Market

Powder Coatings Market

Powder Coatings Market By Resin (Epoxy Powder Coatings, Polyester Powder Coatings, Epoxy-Polyester (Hybrid) Powder Coatings, Acrylic Powder Coatings, Polyurethane Powder Coatings), By Application, By Region - Global Market Insights 2021 to 2031

Powder Coatings Market
FACT4540MR

Powder Coatings Market Outlook

The global powder coatings market will reach a valuation of US$ 15 Bn by 2031, rising at a 10-year compound annual growth rate (CAGR) exceeding 6%.

The powder coatings market has witnessed strong growth owing to superior properties such as high resistance to abrasion, chipping, and corrosion, coupled with efficiency in cost, processing time, and durability.

Key Points Covered in Powder Coatings Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • COVID-19 Impact on Demand for Powder Coatings and How to Navigate
  • Recommendation on Key Winning Strategies

Powder Coatings Consumption Analysis from 2016 -2020 Vs Demand Outlook for 2021 – 2031

The powder coatings market was valued at US$ 12 Bn in 2020 and is projected to expand at a healthy CAGR of 6% across the assessment period of 2021 to 2031.

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.

Will Growth of Various End-use Industries Drive Demand for Powder Coatings?

Powder coatings have a wide range of applications in automotive, appliances, furniture, architectural, general industrial, and other industries. As such, there is growth in the demand for powder coatings with new applications being developed.

Use of powder coatings for furniture manufacturing will continue to grow steadily over the coming years. IT and telecom are also new markets where applications of powder coatings are being extensively explored.

Use of powder coatings for automotive application is also a new rising trend in the market. Door handles, bumpers, window handles, and other parts of automobiles, including radiator coil springs, shock absorbers, and breaking parts, are also powder coated.

Steady economic growth is bringing more investments to the APAC region. Since the last decade, investments by steel companies have pushed the development of appliances, construction, automotive, and electronics sectors in developing countries of APAC and the Middle East. Growth of these industries is driving demand for powder coatings.

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How is Increasing Use of Powder Coatings in Automotive Industry Creating Growth Opportunities? 

Demand for powder coatings in the automotive sector has been on the rise since the past few years. It is projected that the development and manufacturing of autonomous and electric vehicles will increase over the coming years.

Investments in the automotive industry in China provide high growth opportunities to powder coating manufacturers, as it is one of the main countries for the application of this coating.

Pure polyester powder coating is used for coating automotive engines, chassis, wheels, filters, joysticks, mirrors, wipers, horns, and other parts of vehicles.

Transparent powder coatings are being developed as a varnish for car bodies. Adoption of powder coatings in these areas have, therefore, gained traction over the past decade. Powder coatings have proven to be exceptionally durable and corrosion-free, along with the capability to impart high-quality aesthetics.

Also epoxy-polyester (hybrid) resin-based powder coating sales are expected to rise over the forecast period owing to their high application in the automotive industry.

How are Environmental Challenges Posing as Restraints to the Market Growth?

The powder coatings industry faces many environmental challenges with increasing focus on meeting state and local regulations regarding wastewater discharge. Powder coating operations have metals, oil & grease, and suspended solids in their waste streams generated during cleaning and pre-treatment phases of their operations.

It is difficult for powder coating manufacturers to meet state and local environmental regulations. Metal finishing companies that use various electroplating processes have been facing the challenges of heavy metal contamination in wastewater.

Hence, demand for eco-friendly and non-hazardous powder coatings is rising in the market, presenting lucrative opportunities for non-hazardous powder coating manufacturers.

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How is Mushrooming Automotive Manufacturing Industry in Europe Propelling Demand for Powder Coatings?

Europe exhibits a stronghold in the market with 30% of the global market value. Accelerating automotive production in Europe is aid this market.

North America and East Asia follow the European region with a collective market share of more than 47%. Lucrative growth opportunities can be identified in the East Asia market that will expand at a steady CAGR during the forecast period.

Developing East Asian economies such as India and China are witnessing an increase in income levels, which further thrusts demand for powder coatings for consumer products in this region.

Powder coatings market by Fact.MR

Country-wise Analysis

What is Driving Demand for Powder Coatings in the U.S.?

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

Why is Japan Emerging as a Lucrative Market for Powder Coating Suppliers?

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.

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Category-wise Analysis

Why Do Epoxy Resin Powder Coatings Hold Majority Share in the Market?

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 1/4 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 2031.

Why is the Thermoset Segment Projected to Witness Fastest Growth in Powder Coatings?

Thermoset powder coatings are derived from different resins such as epoxies, polyesters, acrylics, and polyurethanes. They require lower curing temperature as compared to thermoplastic resins. It is important to subject the powder-coated substrate to heat to allow the thermoset to flow evenly on the surface.

The most significant development in thermoset powder coatings is the capacity to engineer resin types with different properties for use in different applications. Polyesters and acrylics now find greater use in automotive and appliances industries, though epoxy resin powder coatings were traditionally used earlier.

Most thermoset powder coats provide a high level of corrosion, impact, and temperature resistance. These two industries will drive demand for thermoset powder coatings over the coming years.

Competitive Landscape

Leading powder coatings market players are investing in research & development of new more efficient powder coatings. Top manufacturers of powder coatings are introducing innovative products and leveraging automation technologies to forge strategic partnerships with demanding clients.

Leading companies in this powder coatings market are also focusing on expanding their production capacities to strengthen their market position. Top powder coating product manufacturers are also investing in collaborative projects to survive competition in the market.

Some of the key developments are:

  • In March 2019, PPG launched PPG ENVIROCRON extreme protection edge coatings, which uses a patent-pending, advanced powder coatings technology that delivers exceptional edge corrosion protection in one coat. Specially formulated to cover sharp edges created during metal fabrication, this innovative technology provides coverage that surpasses standard one-coat and two-coat powder systems.
  • In July 2019, Akzo Nobel announced plans to add three new production lines at its Changzhou powder coatings plant in China—the company’s largest facility of its kind in the world. The US$ 3.3 Mn investment will support additional supplies of acrylic powder coatings, metallic powder coatings, and powder primers for the automotive sector, strengthening Akzo Nobel’s ability to deliver more locally produced premium products. 

Powder Coatings Industry Scope

Report Attribute

Details

Market size value in 2020

USD 12 Billion

Market forecast value in 2031

USD 15 Billion

Growth Rate

CAGR of 6% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Countries Covered

  • USA
  • Canada
  • Germany
  • France
  • the UK
  • Russia
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Australia
  •  Middle East
  • Latin America

Key Market Segments Covered

  • Resin
  • Application
  • Region

Key Companies Profiled

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

Pricing

Available upon Request

Key Segments Covered in Powder Coatings Industry Research

  • By Resin

    • Epoxy Powder Coatings
    • Polyester Powder Coatings
    • Epoxy-Polyester (Hybrid) Powder Coatings
    • Acrylic Powder Coatings
    • Polyurethane Powder Coatings
    • Epoxy Polyester Powder Coatings
  • By Application

    • Powder Coatings for Consumer Goods
    • Architectural Powder Coatings
    • Automotive Powder Coatings
    • Powder Coatings for General Industries
    • Furniture Powder Coatings

- FAQs -

Current market valuation of the global powder coatings market stands at US$ 12 Bn.

CVC Thermoset Specialties Copps Industries, Inc. and Koch Knight LLC are the top epoxy resin powder coating manufacturers.

The powder coatings market share in 2021 is expected to reach a valuation of US$ 12.8 Bn.

The fluidized bed powder coating process is simple and efficient, and hence, its demand is on the rise.

Powder coatings on furniture provides resistance to impact, moisture, chemicals, and extreme weather conditions.

Use of epoxy-polyester resin-based powder coatings, acrylic resin-based powder coatings, and polyurethane resin-based powder coatings are on the rise across regions.

Demand for powder-coated products in South Korea is set to expand at a CAGR of 6.3% over the next 10 years.

In the architectural sector, powder coatings are used for coating windows, doors, skylights, extrusions, fencing, ceiling grids, etc.

Transparent powder coatings, epoxy resin powder coatings, thermoplastic powder coatings, electrostatic spray powder coatings, and acrylic and resin-based powder coatings are some of the most-used types.

Epoxy powder coatings exhibit prolonged durability, resist abrasion, and provide aesthetic appearance to furniture, factors that have driven their demand over the past years.

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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