Powder Coatings Market

Powder Coatings Market

The global powder coatings market was valued at USD 14.7 billion in 2022 and is projected to reach USD 19.9 billion by 2028, growing at a cagr 5.2% from 2023 to 2028. Powder coatings industry is categorized into six end use industry types: Appliances, Automotive, General Industrial, Architectural, Furniture, and Others. Appliances industry accounts the largest share of the market followed by general industrial and automotive. Powder coatings are gaining popularity because of its features such as high durability, corrosion resistance, chemical resistance, and heat resistance. Coatings sector is one of the most strictly regulated sector in the world and powder coatings has low VOC emissions, and prduces less environmental damage these factors are positively supporting the market growth. The market is mainly dominated by few large players but there are many manufatueres of powder coatings at regional level. However, most of the huge multinationals have expanded their operations in rapidly developing nations like India and mainland China. Consolidation has been the most notable trend, particularly among the biggest manufacturers.

Attractive Opportunities in Powder Coatings Market

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Powder Coatings Market Dynamics

Driver: Over the next five years, EV sector is expected to expand rapidly across North America and Europe. EV in China is anticipated to increase more quickly than in Europe or North America. The demand for EVs is increasing due to rising concerns over climate change, air pollution, and the need to reduce dependence on fossil fuels. Consumers are becoming more aware of the benefits of EVs, such as lower operating costs, improved performance, and reduced environmental impact. The growth in EVs, automotive and appliances market is driving the powder coatings industry.

Restraints: Thin-film powder coatings have outstanding flow properties, fine perforations, reduced edge build-ups, and consistent raw material distribution throughout the powder mixture. Producing thin films with conventional powder coatings is difficult because of polymer thickening can result in an uneven texture. For metal products powder coatings can produce thick films however, for thin films, lavelling and uniform flow is required.

Polyurethane resins are preferred for producing thin films because of their physical properties, lower cost, and flow. However, smoothness is important issue faced in thin film powder coatings and obtaining a thin film similar to wet paint is difficult.

Opportunity: the demand for high performance fluorine resin based powder coating is growing because of its exceptional chemical and weather resistance. Fluorine containg resin coatings have been widely used in a variety of industries to coat the outer surfaceof components. The resin powder coating is used in the chemical industry on chemical equipment and plant parts. The excellent properties of fluorine containing coating resin, such as solvent resistance, heat resistance, non stick properties, chemical resistance and electrical insulation are used in reaction tanks, reserviour tanks, the inner lining of pipelines, and processing rollers. There is no alternative that can deliver comparable performance to the other resin. Therefore fluorine resin offers great potential for growth in the powder coating sector.

Challenges: With the increasing number of regulatory policies adopted by various governments, powder coatings producers have to constantly improve their processes to comply with the new policies. In Western Europe and North America has strict regulatory policies and the products that fail to meet the legal requirements are not allowed in countries.

Metals, oil and grease, and suspended solids are found in the waste streams produced by powder coatings operations during the cleaning and pre treatment stages of their operations. Manufacturers of powder coatings find it challenging to comply with numerous federal, state and local environmental laws.

Powder Coatings Market Ecosystem

Based on Resin, Thermoset powder coatings is estimated to register highest CAGR during the forecast period

Thermoset materials are used in the majority of powder coating procedures because they can provide a durable and decorative top layer. Most thermoset granules have a smaller molecular weight than thermoplastic materials but a greater molecular weight than liquid coatings. Thermosets are solid resins that melt, flow, and can crosslink with one another or other reactive substances to create compounds with greater molecular weights when heated. A thermoset coating is thermally solid after hardening, which means it cannot be turned back into a liquid by further heating. The more brittle thermoset resins can be broken down into a very fine powder in a powder coating device, which can then be made into an extremely thin, paint-like layer. This layer has molecular and physical characteristics similar to liquid-based coatings. Furthermore, advances in thermoset technology have constantly increased this material group's flexibility, allowing for more customization choices. Many common thermoset materials can now be chemically altered to provide the desired properties for a particular purpose.

Based on resin type, Thermoset Hybrid rsin type is anticipated to dominate the market

These hybrid material powder coatings are a combination between epoxies and polyesters in terms of function. They are created by combining these two polymer kinds in various ratios based on the end-use requirements. Hybrid coatings are general-purpose coatings with restricted contact to sunshine. These are the most commonly used particle coatings. They have the greatest chemical and corrosion protection of any powder accessible and have exceptional hardness. Office furnishings, metal cabinets, shelving, interior light fittings, power tools, and automotive underbody/underhood components are common applications for hybrid powder coatings.

By end-use industry, the automotive segment is projected to be third largest market of the Powder Coatings

Powder coatings are widely used in the automotive sector. In the automotive business, traditional liquid paints were the norm. When applied, these coverings have the potential to release volatile organic substances that have detrimental effects on both the ecosystem and human health. Powder coating doesn't use solvents, unlike traditional liquid coatings, so there are no hazardous emissions discharged into the environment. Additionally shielding against overspray, powder coating enables powder to be gathered and recycled for more economical performance. powder offers a uniform, superior surface that other coatings simply can't math because it doesn't drip or flow like liquid.

Asia Pacific market is projected to contribute the largest share for the powder coatings market industry.

Asia Pacific is expected to lead the powder coatings market in 2022. According to the IMF and World Economic Outlook, China and Japan were the world’s second- and third-largest economies, respectively, in 2022. With the growing heavy investment in country like China, and India is expected to drive the demand for powder coatings. The key players are expanding their presence in Asia- Pacific region because of low labor cost and availability of raw material, and this will help the to company to cater local emerging market. Asia Pacific is an industry hub, with increasing demand for quality products, rising population, and growing end-use industries. The rapid growth of the economy, increasing innovation, and industry consolidations are expected to contribute to the high growth of the powder coatings market.

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Powder Coatings Market Players

The powder coatings market is dominated by a few globally established players such as The Sherwin-Williams Company (US), Axalta Coating Systems, llc (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), among others, are the key manufacturers. Major focus was given to the mergers & acquitions, and new product development due to the changing requirements of end industry users across the world.

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Powder Coatings Market Report Scope

Based on resin type, the powder coatings market has been segmented as follows:

• Thermoset
  • Polyester
  • Hybrid
  • Epoxy
  • Polyurethane
  • Acrylic
  • Others
• Thermoplastic
  • Others

Based on coating methods, the powder coatings market has been segmented as follows:

• Electrostatic Spray Coating
• Fluidized Bed Coating
• Others

Based on end – use industry, the powder coatings market has been segmented as follows:

• Appliances
• Automotive
• General Industrial
• Architectural
• Furniture
• Others

Based on the region, the powder coating market has been segmented as follows:

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

Recent Developments

• In July 2022, Akzo Nobel N. V. acquired the wheel liquid coating business of Lankwitzer Lackfabrik GmbH. This acquisition would help the company enhance its economic development in China.
• In June 2022, The Sherwin-Williams Company acquired a German-based company, Gross & Perthun GmbH. This acquisition would help the company increase its competence in innovative industrial coatings, which can be used in the transportation and heavy equipment industries.
• In February 2022, PPG Industries, Inc. acquired the powder coatings business of Arsonsisi, headquartered in Milan, Italy. This acquisition allowed PPG Industries to expand its powder coatings business in Europe and EMEA.

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