Powder Coatings Market

Updated on : August 08, 2024

Powder Coatings Market

The global powder coatings market is valued at USD 15.4 billion in 2024 and is projected to reach USD 20.2 billion by 2029, growing at 5.5% cagr from 2024 to 2029. Appliances, by application segment in the Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for powder coating. As a popular finishing technique, Powder coating finds extensive use in sectors such as automotive, architectural, furniture and general industrial. Its ability to provide high-quality finish resistant to chipping, scratching, and fading, fueling its demand globally. Additionally, increasing research and development activities focused on exploring new applications and improving product characteristics further propel the growth of the powder coating market.

Attractive Opportunities in the Powder Coatings Market

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Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Powder Coatings Market Dynamics

Drivers: Expansion across diverse industries driving market demand

Powder coatings find extensive applications across automotive, appliances, furniture, architectural, and general industrial sectors, alongside emerging areas such as oil & gas, pipes, fittings, wastewater treatment, valves, and tanks. With ongoing innovations, including the adoption of powder coatings on wood and plastics, the market continues to witness an upward trend in demand. The environmental benefits associated with powder coatings prompt the transition from liquid coatings to powder alternatives. Key players in powder coating technology are capitalizing on the growing potential in plastic applications across automotive, appliances, and other sectors.

The appliance and furniture industries are poised for sustained growth, and are promising markets for powder coating. The automotive components in automobiles benefit from the protective qualities of powder coatings. Furthermore, robust economic expansion in the Asia-Pacific region is attracting increased investments, particularly in developing countries. Asia Pacific over the past decade, consequently bolstering demand for powder coatings.

Restraints: Challenges in achieving thin powder coating films

Powder coatings typically yield thick coatings on metal surfaces, presenting challenges in achieving thin films. The thickening of polymer content can result in uneven textures, necessitating uniform flow and leveling for thin film applications. While any powder coating can be tailored for thin film use, not all formulations are suitable due to varying particle sizes and glass transition temperatures. The texture of thin powder coatings tends to exhibit an orange-peel effect, influenced by particle size and glass transition temperature. Optimal particle size for efficient material handling and application falls within the range of 30-50 micrometers. Successful thin-film application hinges on the precise correlation between pigment color and opacity in powder coatings.

Opportunities: Rising adoption of powder coatings in automotive industry

The automotive industry witnessed numerous innovations and technological advancements in recent years, with a growing emphasis on sustainability, particularly in the context of self-driving cars and electric vehicles. Notably, investments in the automotive sector in China present significant growth opportunities for powder coating manufacturers, given the widespread application of this coating in the industry.

Powder coatings find extensive use in coating various automotive components, including engines, chassis, wheels, filters, mirrors, wipers, and horns. Furthermore, transparent powder coatings are under development as a varnish for car bodies, reflecting ongoing innovation in this field. With a history of use in these applications, powder coatings have established a reputation for durability, corrosion resistance, and superior aesthetics.

Challenges: Environmental pressures confronting the powder coating industry

The powder coating sector grapples with escalating environmental concerns, particularly in complying with stringent state and local regulations governing wastewater discharge. Throughout their operational cleaning and pre-treatment stages, powder coating facilities generate waste streams containing metals, oil, grease, and suspended solids. Meeting state and local environmental mandates poses significant challenges for powder coating manufacturers. Similarly, metal finishing enterprises employing diverse electroplating techniques encounter obstacles related to heavy metal pollution in wastewater.

Powder Coatings Market Ecosystem

Prominent companies in this market include well established, financially stable manufacturers of powder coating. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in the market include PPG Industries, Akzonobel N.V., Sherwin Williams, Alaxata Coating Systems, Kansai Paint Company, RPM International.

Thermoset dominates powder coating market by resin type in terms of value.

In the powder coating market, there are two main types of resins: thermosets and thermoplastics. Thermoset resins, which make up a large portion, offer strong protection against shocks and corrosion for automobile parts, industrial equipment, and household appliances. Meanwhile, thermoplastic resin powder coatings have their own advantages, like good solvency, durability against weathering and wear, a good balance of price and performance, and a nice appearance.

Architectural sector is projected to be the second fastest growing application segment of powder coating market.

Architectural coatings cover a range of decorative and practical products like paints, stains, lacquers, primers, and cleaners. In the realm of powder coatings, these applications extend to both interior and exterior coatings, commonly used in homes and commercial buildings. They're applied by professionals and DIY to coat aluminum and steel surfaces for various interior and exterior purposes. The rising use of powder coatings in architecture is driven by their strong durability and the availability of a wide range of finishes and colors.

In Asia Pacific, India is the fastest-growing powder coating market.

The country's expanding industrial sector, particularly in segments such as automobiles, aerospace, railway, chemical, defense, manufacturing, and packaging,  necessitates the use of powder coatings for various applications. Industrial growth is supported by rapid urbanization & industrialization, an increase in the spending capacity of individuals, and low labor costs. Additionally, the growth of the powder coatings market in India is mainly driven by the real estate boom, which offers strong demand for paints and coatings. The shift of global automobile and EV manufacturers and the increase in high cash-intensive projects, fuel market growth.

Furthermore, growing population and income levels, coupled with liberal regulatory intervention, have enabled India to emerge as one of the fastest-growing markets for powder coatings. The furniture industry in India is also growing rapidly, fueling the growth of the powder coatings market. The increasing middle-class population and growth of the organized retail sector play a crucial role in driving the furniture industry. Leading powder coatings manufacturers are setting up facilities and acquiring local firms in India to increase their hold in this market.

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Powder Coatings Market Players

PPG Industries , INC. (US), Sherwin-Williams(US), Akzonobel N.V. (Netherlands), Axalta Coating Systems(US), Kansai Paint Company Limited(Japan) are the key players in the global powder coating markest.

PPG Industries, INC. is a US-based supplier of paints, coatings, optical products, specialty materials, glass, and fiberglass. It operates through the Performance Coatings, Industrial Coatings, and Glass segments. PPG caters to the needs of numerous end-use industries, such as construction, consumer products, industrial, and transportation. The company offers automotive coatings under its Industrial Coatings Segment. It has a presence in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, with operations in over 156 countries.

Powder Coatings Market Report Scope

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

• Thermosets
• Thermoplastic

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

• Appliances
• Automotive
• General Industrial
• Architectural
• Furniture
• Other Applications

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

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

Recent Developments

• In September 2023, PPG Industries, INC. expanded its production capacity for powder coatings, to meet the strong global demand.
• In March 2023, PPG Industries, INC., launched Envirocron Primeron Primer, designed to provide high corrosion resistance for metal substrates including steel.
• In March 2022, PPG Industries, INC. opened a research & development center in Milan, Italy. This R&D center will be catering to the technological developments for powder coatings.

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