The global powder coatings market size is projected to grow from USD 14.7 billion in 2022 to USD 19.9 billion by 2028, at a CAGR of 5.2%. The demand for powder coatings is primarily influenced by the demand trends in the appliances, automotive, general industrial, furniture industry and in the growing economy. The companies have adopted various strategies, such as mergers & acquisitions, investment & expansion, joint ventures, & new product launches and to increase their global presence and maintain sustained growth in the powder coatings market.
The Asia Pacific is the fastest-growing powder coatings market due to the rapid infrastructural activities in the region, triggered by the low-cost labor, availability of raw materials. The rising population and rapid urbanization in the emerging economies of Asia Pacific also contribute significantly to the market growth. In developed regions, such as North America and Europe, the constant rise in passenger car ownership & adoption of EVs is acting as a driver for automotive OEM and powder coatings.
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The major players in the global powder coatings market are PPG Industries (US), Axalta Coating Systems LLC (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), and Jotun A/S (Norway). These players opted for inorganic growth through mergers & acquisitions, agreements, and partnerships. For instance, 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 Middle East & Africa. The market for powder coatings is growing fast in these regions, which would help the company complete the demand from automotive and other end-use industries.
There are various small, medium, and large players operating in the market. Some of the major market players include PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), The Sherwin-Williams Company (US), Jotun A/s (Norway), RPM International, Inc (US), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), Asian Paints Limited (India). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
PPG Industries, Inc: PPG Industries operates in the manufacturing, distribution, and sale of coatings, paints, and specialty materials. Founded in 1883 and headquartered in Pittsburgh, Pennsylvania, PPG has a presence in more than 70 countries worldwide and employs approximately 45,000 people. The company operates through three primary business segments: Performance Coatings, Industrial Coatings, and Architectural Coatings. The Performance Coatings segment provides coatings for various end-use markets, including automotive refinish and aerospace, industrial coatings, and protective and marine coatings. The Industrial Coatings segment provides coatings and finishes for containers, appliances, and transportation equipment, among other applications. The Architectural Coatings segment offers a range of products for the residential and commercial building markets. The products in this segment include paints, stains, and varnishes, as well as other decorative and protective coatings. PPG also operates a Glass segment that produces flat and fabricated glass products for the commercial and residential construction markets.
In October 2021, Through the COMEX brand, PPG launched Comex VINIMEX TOTAL antiviral and antimicrobial paint. This product reduces 99.9% of bacteria and viruses responsible for the most common gastrointestinal and respiratory illnesses, including Influenza A H1N1 and the COVID-19 virus, SARS-CoV-2.
Akzo Nobel N.V: Akzo Nobel N.V is a global leader in the production of decorative paints, performance coatings, and specialty chemicals. Akzo Nobel operates in three main business segments: Decorative Paints, Performance Coatings, and Specialty Chemicals. The Decorative Paints segment provides a wide range of interior and exterior paints for both residential and commercial use. The Performance Coatings segment provides coatings and finishes for the aerospace, automotive, and marine industries, as well as for the oil and gas, power generation, and construction markets. The Specialty Chemicals segment produces chemicals used in products ranging from plastics and construction materials to personal care items and pharmaceuticals. Akzo Nobel operates in more than 150 countries and has manufacturing and research and development facilities in locations around the world.
In June 2019, AkzoNobel introduced its first Low-E products—a coarse texture range of products. A complete range of smooth finishes in Interpon 610 has been added to the Low-E portfolio. Designed for a wide range of customers, including industrial manufacturers of steel constructions, street and garden furniture, and agricultural and construction equipment, a total of 50 smooth products, such as gloss, satin, and matt finishes, fall in this range.
Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method ( Electrostatic Spary, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028
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