ID: MRFR/CnM/3117-CR | August 2020 | Region: Global | 449 pages
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
Global Market for powder coating is projected to experience substantial growth during the assessment tenure due to the rapid expansion of the automobile sector.
|Market Size||2027: USD 17,544.5 Million|
|Forecast Period||2021 - 2027|
|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.