Powder Coatings Market Overview
The market size for powder coatings is projected to grow from USD 12.1 billion in 2021 to USD 18.1 billion by 2030, at a CAGR of 7.2% during the forecast period.
Powder Coating is used as a dry finishing that has various advantages like high resistance to diminished coatings quality that reduces scratches, corrosion, chipping, fading, and other wear issues. This powder coating is processed by the finely ground particles of pigment and resin that are charged electrostatically and these are sprayed on the grounded parts.
Rising application of powder coatings in automotive industries and consumer goods due to their high abrasion and anti-corrosive property. Due to these factors, powder coatings play a vital role in protecting metallic and non-metallic substrates. Powder coatings have various advantages compared to other coatings like immediate availability, lower operating costs, excellent appearance, negligible VOC emissions, and uniform thickness. Moreover, it reduces the health hazards to the operators by washing off easily when contacted with human skin.
The COVID-19 outbreak is drastically impacted the global powder coatings market by the lockdowns and disruptions of supply chains. The coronavirus spread all over the world and affected human life. To control the spread of the virus, most of the emerging countries are implementing lockdowns and stringent rules to maintain social distance by closing public places like restaurants, theatres, colleges, and restricting travel. In 2020, according to the report of OICA (Organization Internationale des Constructures d’ Automobiles), 77.62 million vehicles were produced and is lower by 16% in 2019.
Due to these factors, paints and coatings manufacturers faced various challenges and halted production. By the suspension of the construction activities, the demand and sales of paints and coatings were reduced. This leads to the reduction of demand for powder coatings. Hence, the pandemic is negatively impacted on powder coatings. The post-COVID-19, rapidly the construction activities are restarted, governments lift the lockdowns which increase the demand for powder coatings.
Growing demand for powder coatings in the various end-use industries such as automotive, aerospace, consumer goods & appliances, electronics, construction, and furniture is accelerating the powder coatings market growth. A surge in the demand for medical devices and increasing automobiles production are the major factors driving the growth of the market in developing nations like China, India, Brazil, and Mexico during the assessment period.
Owing to its superior characteristics like low operational costs, excellent performance, color availability, and custom properties like anti-corrosion and anti-bacterial functions, powder coatings are highly adopted in the furniture sector.
Due to its energy-intensive manufacturing process and fluctuations in raw material prices, the cost of the powder coatings may be expensive which is predicted to restrict the market growth. Complications for obtaining thin films may hinder the market growth during the forecast period.
The end-users are preferring the low VOC and solvent-free coatings which are expected to create opportunities for the key players in the coming years. Growing investment in the automotive sector is predicted to escalate market growth.
Due to the rising concerns regarding the management of wastewater may face several environmental challenges. The competition from liquid coatings is the challenging factor of powder coatings.
The powder coatings method has been divided into five segments based on substrate, resin type, coating method, application, and region.
Based on Substrate
The global powder coatings market based on the substrate is bifurcated into metal and non-metal. Among them, the metal segment is predicted to hold the largest market share with a maximum CAGR of 7.2% during the forecast period (2022-2030).
Based on Resin Type
The global coatings market based on resin type is classified into two types as thermoset and thermoplastic. Out of these two, the thermoset segment is predicted to be the fastest-growing segment and estimated to be more extensive to reach a significant CAGR of 6% during the review period.
Based on Coating Method
Based on the coating method, the powder coatings method market is analyzed into four types as fluidized bed coating, electrostatic spray coating, electrostatic fluidized bed process, and flame spraying. Among them, in 2018, the electrostatic spray coating method is dominating the largest market share of 50% owing to its majorly used manufacturing processes preferable for its low cost and maintenance. This segment is estimated to grow at a significant CAGR of 6.5% in the coming years.
Based on Application
The powder coatings applications are categorized into various types such as construction equipment, automotive & transportation, consumer goods & appliances, architecture & furniture, and others. Among these applications, due to the rising house sector and the ongoing technological advancements, the consumer goods & appliances segment is projected to acquire the maximum share in the global market.
Based on Region
Region-wise, the powder coatings market based on regions is divided into five main geographies like Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Out of these regions, Asia-Pacific is holding the largest market share due to the rapid growth of the automotive and electronics sector in various countries across this region.
Regional Analysis -
Geographically, the powder coatings market is analyzed into five major regions such as North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. Owing to the rapid growth of the automotive and electronics sector in various countries across the APAC region, Asia-Pacific is leading the maximum powder coatings market share and offers lucrative opportunities for the key players to increase the demand for the market. The surging sales and production of passenger and commercial vehicles are boosting the market growth in this region. Due to their superior characteristics like enhancing fuel efficiency and lower emissions, governments related to developing economies are preferring powder coatings for the lightweight body.
Owing to the surging automobile production in Germany, Austria, the UK, and Hungary, Europe is expected to dominate the highest market share during the assessment period. Moreover, the presence of prominent key players like Volkswagen, Chevrolet, and Mercedes-Benz, are strengthening the market in this region. Due to the product’s ongoing technical development and the expansion of the automobile sector, North America is predicted to develop a significant market share coupled with a healthy CAGR in the future years. Due to the sluggish development of the economy, the Middle East & Africa is procuring the smallest market share.
The prominent key players in the powder coatings market outlook are the following:
Globally, the powder coatings market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The coatings market scenario includes the market drivers, restraints, challenges, and opportunities. The powder coatings method market forecast segments are five types such as substrate, resin type, coating method, application, and region.
The powder coatings market trends have been segmented globally based on the substrate, resin type, coating method, application, and region.
Metal and non-metal.
By Resin Type
Thermoset and thermoplastic.
By Coating Method
Fluidized bed coating, electrostatic spray coating, electrostatic fluidized bed process, and flame spraying are the four coating methods.
Construction equipment, automotive & transportation, consumer goods & appliances, architecture & furniture, and others are a few applications.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the powder coatings market.
|Market Size||2030 : USD 18.1 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|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|
The powder coatings market is expected to reach USD 18.1 Billion by the end of 2030
The global powder coatings market is projected to register over 7.2% CAGR during the review period, 2022-2030
Key Players in the Global Powder Coatings Market: PPG Industries, Inc. (US), Axalta Coating Systems Ltd (US), Nippon Paint Holdings Co., Ltd (Japan), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands) and other.
Asia Pacific holds the largest share in the global powder coatings market followed by North America and Europe, respectively.
Increasing environmental regulations worldwide to reduce the VOC emissions