GLOBAL POWDER COATING INDUSTRY INSIGHTS
The global powder coating market size was valued at USD 9.7 billion in 2020 and is expected to reach USD 14 billion by 2026, exhibiting a compound annual growth rate (CAGR) of 6% during 2021-2026. The market is expected to grow 1.4 times during the forecast period. APAC is the largest contributor to the market. China holds the largest share in the market as there are over 500 producers with small-scale operations supplying powder coatings to the local market. The APAC market will witness the highest growth due to the increasing construction and infrastructure activities during the forecast period. China's demand is likely to be driven by architectural developments, increasing consumer goods application, and rising automotive demand. Increased investments in construction, marine, and oil and gas industries are also influencing the market growth. The demand for powder coatings is also driven by the development of high-quality infrastructure and heavy investments in the automotive industry. Moreover, the demand for coatings with low VOC content has increased with the introduction of strict regulations in North America, Europe, and China. The need for low emission coatings has driven the demand for environment-friendly material over the last few years.
- Thermoset resins are likely to observe an incremental growth of approx. USD 4 billion by 2026 due to the high application in several industrial and automotive applications and consumer goods.
- The appliance/consumer goods sector is expected to grow at a CAGR of over 7% as powder coating increases aesthetics and offers resistance to abrasion and corrosion.
- APAC is projected to reach a revenue share of over USD 7 billion by 2026 due to the high application of powder coating solutions in the construction, marine, and energy industries in China and India.
- Europe has witnessed healthy growth in the powder coatings market share, with Germany, Russia, and the UK implementing strict government paint manufacturing regulations.
- The powder coatings market in India is expected to grow at a CAGR of approx. 6% due to the high demand for anti-corrosion powder coatings.
GLOBAL POWDER COATINGS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Resin Type
INSIGHTS BY RESIN TYPE
Epoxy, polyester, and acrylic are the three generic types of resins derived from thermoset powder coating. The demand for epoxy-based powder coatings is likely to increase during the forecast period. Strict governmental regulations, increased pressure to reduce volatile organic compounds (VOC), and the introduction of zero VOC powder coating systems that provide adequate protection against corrosion at low temperatures have increased the demand for epoxy resins. The demand for eco-friendly materials from the construction industry has accelerated the growth of the coatings market in North America.
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. Thus, powder coating formulators carefully choose suitable resins and use special additives to ensure oven bake stability.
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.
INSIGHTS BY END-USER
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. The automotive sector is another vital end-user of powder coatings. They are applied on wheels, which offer UV durability and scratch resistant. Polyesters, acrylics, super durables, and urethanes are widely powder chemistries applied in the automotive industry. They increase scratch and abrasion resistance, durability, and aesthetics. The general industrial segment is another important end-user. The coating is applied on metal frames, electrical transformers, shelving, propane tanks, water towers, renewable energy, machinery, and leisure equipment to increase abrasion resistance, durability, and aesthetics.
INSIGHTS BY GEOGRAPHY
The increasing demand for coating powders from China is the major driver for the APAC powder coatings market's growth. Stringent environmental regulations are driving the demand in the region. China has enforced strict environmental regulations for paint and coating manufacturing. Beijing and Shanghai have strict environmental standards. Another factor driving the demand for powder coatings is the Chinese government is aggressively promoting electric vehicles (EV). The government is targeted to increase the sale of EVs to 50% by 2035, which currently stands at 5%. As the EV industry grows in China, the demand for powder coatings for finishing is expected to grow. This is likely to increase the demand for plastic substrate coatings in the automotive market. China is expected to be the largest contributor to the global market during the forecast period. The growth of powder coatings is tied to the rise in infrastructure investments in the country. China is expected to contribute 40% to global infrastructure investments by 2040.
INSIGHTS BY VENDORS
Due to the highly competitive and volatile environment in the powder coatings market, future market growth mainly depends on the vendor’s ability to anticipate, gauge, and adapt to the constantly changing market trends. Manufacturers must develop environment-friendly coatings with low or no VOC content and successfully introduce new or improved products on time. AkzoNobel, PPG Industries Inc., Sherwin Williams Company, RPM International Inc., Axalta Coatings Systems, and DSM are the major vendors capturing the major powder coatings market share. The introduction of innovative and proprietary products that cater to customer demands requires companies to devote significant effort and resources. The research and development team needs to continuously analyze market trends to design, develop, and manufacture new product categories and new products with distinctive features and added advantages.
The global powder coatings market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Thermoset Resin
- Epoxy polyester
- Thermoplastic Resin
- Appliances/ Consumer Goods
- General Industrial
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa