The global powder coating market size is expected to reach USD 14 billion by 2026, exhibiting a CAGR of 6% during 2021-2026.
The powder coating market is expected to grow at a CAGR of approximately 6% during the period 2020−2026.
Key Highlights Offered in the Report:
1. APAC is the largest region for the powder coatings market and contributes over 54% to the overall powder coatings market. Major countries supplementing the growth of powder coatings in APAC are China, India, Japan, and other Southeast Asian countries.
2. Automotive and appliances are one the major end-user segments, accounting for around 45% of the global powder coatings market. Powder coatings are widely used in automotive and consumer goods as they provide superior appearance and finish as compared to liquid coatings and are more corrosion and abrasion resistant.
3. Thermoset resin is widely used in the powder coatings market and these coatings are based on lower-molecular-weight solid resins.
4. Additional factors driving the powder coatings market are zero VOC content; these coatings are thicker coatings as compared to conventional liquid coatings.
5. There are promising opportunities for various vendors, where they are focusing on intense R&D to provide low temperature cure powder coating and diversification in Wood, MDF, plastics, and others.
6. Companies are shifting their production and proximity to developing countries such as India, Indonesia, and Malaysia to benefit from the low cost of production.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by resin type, end-user, and geography
• Competitive Landscape – 5 key vendors and 28 other vendors
Powder Coatings Market – Segmentation
• Polyester epoxy-based powder coatings have largely indoor applications. The metal office industry, which requires semi and low gloss finishes, is one of the significant application end-users of hybrid polyester resins. They have high scratch and impact resistance and withstand an array of cleaning agents.
• Polyurethane-based powder coatings have exterior application and are stable than epoxies. They withstand chemical exposure and offer a broad spectrum of benefits and applications. The demand for polyurethane is expected to increase during the forecast period with growing industrial developments and the increasing demand from automotive, aerospace, and construction industries.
• The appliances industry is the largest contributor to the global powder coatings market. Powder coatings are widely applied on appliances as they provide two-fold benefits – aesthetics and resistance to corrosion. They are used in kitchen appliances as they are economical and easy to coat, and they deliver excellent durability and resistance to chemicals and detergents.
Powder Coatings Market by Resin Type
• Thermoset Resin
• Epoxy polyester
• Thermoplastic Resin
Powder Coatings Market by End-User Industry
• Appliances/ Consumer Goods
• General Industrial
Powder Coatings Market – Dynamics
Powder coatings are widely used in a wide range of applications, such as bodywork, trims, aluminum wheel rims, and underbody components to provide color, good aesthetics, and high performance. These coatings facilitate environmental protection as they do not use solvents; therefore, no harmful emissions are released into the atmosphere, eliminating the need for costly waste disposal systems. Also, if the powder coating is overspread, it can be collected and reused, resulting in additional cost savings. Further, the application of powder coatings does not cause running or dipping, providing a uniform layer along with a superior finish. Thus, powder coatings are widely preferred by the automotive market, mostly used in the body of the automotive structure. They are also an alternative to liquid coatings, helping to reduce the number of steps and applications associated with liquid coatings.
Key Drivers and Trends fueling Market Growth:
• Increasing Use of Low-Temperature Powder Cure Technology
• Sustainable Powder Coatings with Recycled plastics
• Powder Coatings Generating Low or No VOC
• Evolving Use in the Aerospace Market
Powder Coatings Market – Geography
APAC is the world's largest coatings market and is growing above the market rates in terms of value. The region accounts for a 54% market share in terms of value. APAC comprises some of the most dynamic economies, such as China, India, Japan, South Korea, Indonesia, Malaysia, Vietnam, and other countries. The demand for powder coatings in China is driven by increased investments in construction, which contributes around 40% to global construction. The development of high-quality infrastructure in China and India has become one of the major growth enablers in the powder coatings market in recent years. China is a major producer and consumer of powder coatings. An increase in income and rapid urbanization have led to the growth of construction, industrialization, and power generation sectors, which, in turn, has increased the demand for powder coatings.
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Powder Coatings Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• PPG Industries Inc.
• Sherwin Williams
• RPM International Inc.
• Axalta Coatings Systems
Other Prominent Vendors
• Allnex Italy SRL
• Arkema SA
• Asian Paints Limited
• Berger Paints
• Diamond Vogel
• Dulux Group
• Eastman Chemical Company
• Nippon Paint Holdings Limited
• Tiger Coatings
• Kansai Paint
• KCC Corporation
• Sika AG
• Wacker Chemie AG
• Arsonsisi s.p.a
• iBA Kimya
• CWS Powder Coatings
• Erie Powder Coatings Inc.
• Europolveri SpA
• Hentez Coatings Inc.
• IFS Coatings
• Karl Wörwag Lack-und Farbenfabrik GmbH & Co.KG
• Keyland Polymer
• Modern Sak Factory
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Source: EIN Presswire