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Powder Coatings Market Research Report Information By Substrate (Metal, Non-Metal), By Resin Type (Thermoset, Thermoplastic), By Coating Method (Electrostatic Spray Coating, Fluidized Bed Coating, Electrostatic Fluidized Bed Process, Flame Spraying) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/CnM/3117-CR | 449 Pages | Author: Priya Nagrale| August 2023

Global Powder Coatings Market Overview

Powder Coatings Market Size was valued at USD 12.1 billion in 2022. The Powder Coatings market industry is projected to grow from USD12.9712 billion in 2023 to USD 22.62238757 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). Increased demand for powder coating from various end-user industries and the growing application of powder coatings in the automotive sector are the key market drivers enhancing market growth.

Powder Coatings Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Powder Coatings Market Trends

  • Increasing demand for environmentally friendly coatings is driving the market growth

The market is expanding rapidly due to reduced volatile organic compound (VOC) use. These coatings consist of no VOCs, thus reducing atmospheric pollution, safe storage and handling, and low fire hazard. VOCs are chemicals that vaporize at room temperature and are the leading cause of ground-level air pollution. Nitrogen oxides react with VOCs to form smog and can cause nose, throat, and eye irritations, headaches, memory impairment, visual disorders, and cancer in humans. Increasing awareness regarding pollution control among manufacturers is boosting these coatings' production. Manufacturers are usually required to file for permits and follow strict environmental regulations on the amount of solvent and VOCs emitted into the atmosphere. Violation of the regulation by manufacturers regarding VOCs content has to face penalties and fines. These coatings offer an alternative that minimizes the amount of air pollution control and complies with regulations and restrictions. In manufacturing these coatings, there is no use for petroleum solvents and therefore do not release VOCs harmful to the environment. These coatings comply with environmental regulations expected to drive the market. This factor drives the market CAGR.

Additionally, the Application of these coatings is a two-step process in which, firstly, the product is splashed with powder with the assistance of an electrostatically charged powder gun. The powder clings to the part, and afterward, that part is restored inside a coating oven. This coating oven liquefies the powder to stream together and lock to the part effectively. The relieving procedure creates a durable bond that lasts and helps protect the metal beneath. Powder coating has a 60% of average transfer efficiency. Thus 40% of the powder cannot adhere to the component. The excess sprayed powder on the part can be gathered and reused using powder reclamation. Powder reclamation works better when only one or two primary colors are used for the products, as multiple color changes considerably boost equipment costs. If the component is sprayed with one or two colors, it can significantly help save the powder by reclaiming it. The over-sprayed powder can be trapped in the filters or spray booth. The recycled powder can be used again and which makes the powder. Thus, driving the Powder Coatings market revenue.

Powder Coatings Market Segment Insights

Powder Coatings Substrate Insights

Based on Substrate, the Powder Coatings market segmentation includes Metal, Non-Metal. The metal segment dominated the market because powder coatings are a popular choice for coating metal objects, as they offer several advantages over other types of coatings.

Powder Coatings Resin Type Insights

Based on Resin Type, the Powder Coatings market segmentation includes Thermoset and Thermoplastic. The thermoset segment dominated the market; this one melt and flows when heat is applied and generally requires lower curing temperatures than thermoplastics. Thermoset coatings are bifurcated into epoxy-polyester, polyester, polyurethane, acrylic, and others. The epoxy polyester sub-segment accounted for the primary share of the thermoset segment. Epoxy polyester has improved resistance to overbaking yellowing and improved weather ability than epoxy. Epoxy polyester is now regarded as the main backbone of the market.

Figure1:  Powder Coatings Market, by Resin Type, 2022&2032(USD billion)

Powder Coatings Market, by Resin Type, 2022&2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Powder Coatings Insights

The Powder Coatings market segmentation is based on Resin Type Electrostatic Spray Coating, Fluidized Bed Coating, Electrostatic Fluidized Bed Process, and Flame Spraying. The electrostatic spray coating segment dominated the market; the electrostatic spray is the primary technique used for thermoset coatings. The particles of these coatings are given an electrical charge in the coating gun. The increasing demand for thermoset powder coating for various end-use industries is expected to fuel the electrostatic spray coating method demand.

Powder Coatings Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Powder Coatings market area will dominate this market due to rising government investments in construction projects, which shall drive regional growth. Due to its eco-friendly nature and aesthetic value, powder coating has gained popularity in the construction industry and will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Powder Coatings market accounts for the second-largest market share due to the rise in the automotive industry. It will likely drive the European market and witness a significant growth rate during the forecast period. Further, the German Powder Coatings market held the largest market share, and the UK Powder Coatings market was the fastest-growing market in the European Region.

The Asia-Pacific Powder Coatings Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rise in automotive, appliance, furniture, architectural, construction & earthmoving equipment, agriculture, and general industries. Moreover, China’s Powder Coatings market held the largest market share, and the Indian Powder Coatings market was the fastest-growing market in the Asia-Pacific region.

Powder Coatings Key Market Players& Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Powder Coatings market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Powder Coatings industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Powder Coatings industry to benefit clients and increase the market sector. The Powder Coatings industry has offered some of the most significant advantages in recent years. Major players in the Powder Coatings market, including 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)., and others, are attempting to increase market demand by investing in research and development operations.

Akzo Nobel N.V., stylized as AkzoNobel is a Dutch multinational company that creates paints and performance coatings for industry and consumers worldwide. Headquartered in Amsterdam, the company has activities in more than 150 countries. AkzoNobel announced its plan to acquire Grupo Orbis to strengthen its South and Central America position. Depending on regulatory clearances, the acquisition is anticipated to be completed by the end of this year or early in 2022. Pintuco paints and coatings, Andercol and Poliquim (resins), and Mundial (distribution and services) are all part of the deal.

PPG Industries, Inc. is an American Fortune 500 company and paints, coatings, and specialty materials supplier. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries around the globe. By revenue, it is the largest coatings company in the world, followed by AkzoNobel launched CORAFLON platinum coatings for architectural metals. Compared to standard fluoroethylene vinyl ether coatings, the patented coatings technology provides high transfer efficiency rates of over 20% and improved corrosion resistance. PPG CORAFLON Platinum products are available ly in various colors, glosses, micas, and metallic finishes.

Key Companies in the Powder Coatings market include

  • Axalta Coating Systems Limited (US)

  • TCI Powder (US)

  • BASF SE (Germany)

  • Jotun (Norway)

  • Akzo Nobel N.V. (Netherlands)

  • DSM (Netherlands)

  • Kansai Paint Co.Ltd (Japan)

  • Nippon Paint Holdings Co. Ltd (Japan)

  • The Sherwin-Williams Company (US)

  • Berger Paints India Limited (India)

  • Asian Paints PPG Pvt Limited (India)

  • PPG Industries Inc. (US)

Powder Coatings Industry Developments

December 2020: the highly populated UK-based paints manufacturer, HMG Paints, partnered with another UK-based key player, Symphony Coatings, and decided to provide industrial coatings from HMG, and color matching facilities will be from the three branches of Symphony Coating.

January 2021: PPG plans to acquire Wörwag, a world-renowned developer of powder coatings for automotive and industrial applications. Wörwag's rich expertise in powder coatings is expected to complement PPG's robust business and could help PPG boost its product offerings. Wörwag's inclusion in PPG will also help foster the customer base across key regions worldwide.

Powder Coatings Market Segmentation

Powder Coatings Substrate Outlook

  • Metal

  • Non-Metal

Powder Coatings Resin Type Outlook

  • Thermoset

  • Thermoplastic

Powder Coatings Coating Method Outlook

  • Electrostatic Spray Coating

  • Fluidized Bed Coating

  • Electrostatic Fluidized Bed Process

  • Flame Spraying

Powder Coatings Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size2022 USD 12.1billion
Market Size 2023 USD 12.9712billion
Market Size2032 USD 22.62238757billion
Compound Annual Growth Rate (CAGR) 7.20%(2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Substrate, Resin Type,Coating Method and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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 the Automotive Sector
Key Market Dynamics Increasing Demand for Powder Coating from Various End-User

Frequently Asked Questions (FAQ) :

The Powder Coatings market was valued at USD 12.1 Billion in 2022.

The Powder Coatings market is projected to grow at a CAGR of 7.20%during the forecast period, 2023-2032.

North America had the largest share of the Powder Coatings market

The key players in the market are 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).

The Metal category dominated the market in 2022.

The Thermoset had the largest share of the Powder Coatings market.

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