Powder Coatings Market Research Report - Global Forecast till 2027

Global Powder Coatings Market Research Report: Information By Substrate (Metal and Non-Metal), By Resin Type (Thermoset [Epoxy Polyester Hybrid, Polyester, Epoxy, Polyurethane, Acrylic and Others] and Thermoplastic [Polyvinyl Chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF)]), By Coating Method (Electrostatic Spray Coating, Fluidized Bed Coating, Electrostatic Fluidized Bed Process and Flame Spraying), By Application (Consumer Goods & Appliances, Automotive & Transportation, Architecture & Furniture, Construction Equipment and Others) - Forecast till 2027

ID: MRFR/CnM/3117-CR | August 2020 | Region: Global | 449 pages

Powder Coatings Market Overview


As per the analysis conducted by Market Research Future (MRFR), the Powder Coatings Market is projected to witness a CAGR of 6.38% while amassing the market value of USD 17,544.5 Million during the forecast period from 2019 to 2025.


Powder coating is a dry finishing process, using finely ground particles of pigment and resin that are electrostatically charged and sprayed onto electrically grounded parts. Powder-coated products are highly resistant to diminished coating quality, which helps to lessen scratches, corrosion, chipping, fading, and other wear issues.


Impact of COVID-19


The outbreak of COVID-19 has disrupted the production of raw materials used in paints and coatings. The pandemic has negatively impacted the supply of raw materials due to the imposition of lockdown in various countries. Overall, sales of paints and coatings have been reduced significantly due to the suspension of construction activities.


Key Players



  • Akzo Nobel N.V. (Netherlands)

  • TCI Powder (US)

  • BASF SE (Germany)

  • Axalta Coating Systems Ltd (US)

  • DSM (Netherlands)

  • Jotun (Norway)

  • Nippon Paint Holdings Co. Ltd (Japan)

  • Kansai Paint Co. Ltd (Japan)

  • PPG Industries Inc. (US)

  • Asian Paints PPG Pvt. Limited (India)

  • The Sherwin-Williams Company (US)

  • Berger Paints India Limited (India)


Market Dynamics


The powder coating industry is expected to be driven by the growing application of powder coatings in the automotive industries and consumer goods owing to their high abrasion and anti-corrosive property, which plays a vital role in protecting metallic and non-metallic substrates. Furthermore, the increasing adoption of low-VOC and solvent-free coatings by the end-users is projected to create expansion opportunities for the market players during the forecast period.


On the flip side, the high manufacturing cost due to its energy-intensive manufacturing process is expected to obstruct the global market growth.


Drivers


Increasing Demand for Powder Coating from Various End-User Industries


The increasing demand for powder coatings in the end-use industries, including consumer goods & appliances, automotive, aerospace, electronics, construction, and furniture, is the primary factor projected to boost the growth of the global powder coatings in.


Opportunities


Growing Application of Powder Coatings in Automotive Sector


The increasing investment in the automotive sector is expected to enhance the demand for powder coatings during the review period. Powder coating is expected to gain prominence owing to the rising requirement for coating of chassis, wheels, joysticks, wipers, horns, and other components of vehicles.  It is projected to enhance the powder coating business opportunities in the assessment period.


Restraints


Difficulty to Obtain Thin Films


The complications associated with powder coatings to obtain thin films are expected to hinder the market growth during the assessment period.


Challenges


Growing Concerns Regarding the Environment


The industry is likely to face various environmental challenges owing to the growing concerns regarding the management of wastewater. It is a significant challenge for powder coating manufacturers to meet various state and local environmental regulations.


Cumulative Growth Analysis


Increasing Technological Advancements to Boost the Market


The market for coating powder is expected to show a significant rise during the forecast period owing to the on-going technological development in powder coatings materials. In addition, the rapid expansion of the automotive sector is expected to fuel the market notably.


Market Segmentation


By Substrate


On the basis of substrate, the global powder coatings market is divided into metal and non-metal. Between the two, the metal segmented is expected to acquire the largest market share in the substrate segment. The metal segment is expected to register a CAGR of around 6.5% during the forecast period from 2019 to 2025.


By Resin Type


On the basis of resin type, the global powder coatings market is segmented into thermoset and thermoplastic. The thermoset segment is expected to be the more extensive and a faster-growing segment, expanding at a CAGR of 6% during the forecast period. The segment is likely to dominate due to the increasing application by powder coatings manufacturers owing to their superior properties, which also helps the producers to build low-VOC solutions.


By Coating Method


On the basis of the coating method, the global powder coatings market is segmented into fluidized bed coating, electrostatic spray coating, electrostatic fluidized bed process, and flame spraying. The electrostatic spray coating segment accounted for the largest share of over 50% in 2018 as it is one of the majorly used manufacturing processes due to low cost and maintenance. It is expected to register a CAGR of over 6.5% during the forecast period 


By Application


On the basis of application, the global powder coatings market is segmented into construction equipment, automotive & transportation, consumer goods & appliances, architecture & furniture, and others. The consumer goods & appliances segment is expected to acquire the most significant market share in the global powder coatings market. The segment is expected to augment due to the growing housing sector and the on-going technological advancements.


Regional Analysis


APAC to be the Largest Powder Coating Market during the Projection Period


As per the powder coating market analysis conducted by MRFR, the rapid growth of the automotive and electronics sector in various countries across APAC is predicted to fuel the demand for powder coatings and offer lucrative opportunities for the manufacturers operating in the industry. The regional expansion of the market can be attributed to the surging sales and production of passenger and commercial vehicles. The governments of developing economies have are encouraging the manufacturers to adopt the powder coatings process for a lightweight body, which enhances fuel efficiency and lowers emissions.


Europe is projected to acquire a notable market share during the review assessment due to the surging automobile production in Germany, the UK, Austria, and Hungary.  Furthermore, the presence of established players such as; Chevrolet, Volkswagen, Mercedes-Benz is likely to make a promising contribution in underpinning the regional market.


North America is projected to garner significant market value while expanding at a healthy CAGR during the assessment timeframe. The on-going technical development of the product and the expansion of the automobile sector are likely to make a notable contribution in developing the regional market.


MEA is likely to procure a smaller share of the market owing to the sluggish development of the economy.


Competitive Landscape


Product Development to Grow the Competition


The new product development and the incorporation of the digital channel to enhance the sales is expected to grow the competition among the key players of the global market.


Industry News


December 2020: HMG Paints, the UK-based paints manufacturers, has announced its new partnership with Symphony Coatings, another UK-based key player. As per the partnership, industrial coatings of HMG and color matching facilities will be available from 3 branches of Symphony Coating.


Report Overview


Global Market for powder coating is projected to experience substantial growth during the assessment tenure due to the rapid expansion of the automobile sector.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 17,544.5 Million
  CAGR   6.38% (2020-2027)
  Base Year   2019
  Forecast Period   2021 - 2027
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Substrate, Resin Type, Coating Method, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   The Sherwin-Williams Company (US), PPG Industries, Inc. (US), Valspar Industrial (US), Asian Paints Limited (India), Akzo Nobel NV (Netherlands), Koninklijke DSM NV (Netherlands), DuPont (US), Arkema SA (France), Evonik Industries AG (Germany), Kansai Paint Co., Ltd (Japan), TCI Powder (US), and Axalta Coating Systems (US)
  Key Market Opportunities   Growing Application of Powder Coatings in Automotive Sector
  Key Market Drivers   Increasing Demand for Powder Coating from Various End-User Industries


Frequently Asked Questions (FAQ) :


The global powder coatings market is estimated to generate revenues of around USD 17,544.5 Million by 2025.

The global powder coatings market is projected to register over 6.38% CAGR during the review period, 2019–2025.

Increasing environmental regulations worldwide to reduce the VOC emissions.

Asia Pacific holds the largest share in the global powder coatings market followed by North America and Europe, respectively.

The Sherwin-Williams Company (US), PPG Industries, Inc. (US), Valspar Industrial (US), Asian Paints Limited (India), Akzo Nobel NV (Netherlands), Koninklijke DSM NV (Netherlands), DuPont (US), Arkema SA (France), Evonik Industries AG (Germany), Kansai Paint Co., Ltd (Japan), TCI Powder (US), and Axalta Coating Systems (US), are some of the major players operating in the global powder coatings market.