Powder Coating Market

Powder Coating Market Size (2024-2029):

The global powder coating market was worth US$ 15.75 billion in 2023 and is anticipated to reach a valuation of US$ 24.86 billion by 2029 and it is predicted to register a CAGR of 7.9% during the forecast period 2024-2029.

Powder coatings are the coatings that are applied as a dry powder, in a free-flowing way. These coatings are typically applied electrostatically and cured under heat unlike conventional liquid paints, which are delivered via an evaporating solvent. These powders might be the polymers of either thermoplastic or thermoset. These powder coatings are majorly utilized for creating a hard finish, which is tougher than conventional paints. Powder coatings are critically employed for the coatings of metals in household appliances, drum hardware, aluminium extrusions, and motorcycle, automobile, and bicycle parts. Also, the advanced technologies in the market are allowing other materials like MDF (medium-density fibreboard) to get powder coated with the help of different methods. Other factors that are fueling the growth of the target market are the high adoption rate because of the ease of applicability, lower product costs, and environmental effectiveness are boosting the demand.

Powder Coating Market Drivers:

The major factors that are driving the global powder coating market are the high technological adoptions from the automotive sector owing to the need for excellent performance, low operational costs, availability of a wide range of colors, and functional properties like anti-corrosion & anti-bacterial.

Other factors that are estimated to fuel the growth of the target market over the forecast period are the growing usage of these powder coatings in doorframes, windows, bathrooms, kitchens, building facades, and electrical fixtures. Moreover, the surge in the adoption of powder coatings by replacing liquid coatings and the regulations by the government on the VOC levels are further spurred the Global powder coating market in the future.

Powder Coating Market Challenges:

However, the high consumption of energy and the investments in machinery & tools are the factors that are likely to hamper the growth of the powder coating market over the outlook period, across the globe.

Powder Coating Market Opportunities:

Furthermore, the growing demand for appliances, the thriving construction industry, and the rapid economic growth in emerging economies are creating lucrative opportunities for the development of the key players in the Global Powder Coating Market.

POWDER COATING MARKET REPORT COVERAGE:

Market Segmentation

Powder Coating Market – By Coating Method:

• Electrostatic Spray
• Fluidized Bed

Powder Coating Market – By Application:

• Architectural
• Jobbers
• Agricultural
• Construction Equipment
• Pipeline
• Oil & Gas
• Appliances
• General Metal
• Automotive & Transportation Components

Of these, General Metal is sub-segmented into outdoor furniture & playground equipment, and others. And the Automotive & transportation components segment is sub-segmented into Wheels and Others. Among all of these segments, the Appliance industry is the segment that was growing in the fastest way. The major factor that was boosting the growth of this segment is the usage of powder coatings in applications that are in the need of a combination of appearance and resistance to chemicals, abrasion, and temperature cycling. These powder coatings are used on front & side panels of ranges & refrigerators, air-conditioner cabinets, water heaters, washer tops & lids, freezer cabinets, dishwasher racks, and microwave ovens, in this industry.

Powder Coating Market – By Type:

• Thermoset

  • Polyester

  • Epoxy polyester hybrid

  • Epoxy

  • Acrylic

  • Polyurethane

  • Fluoropolymer

• Thermoplastic

• Polyvinyl Chloride (PVC)

• Nylon

• Polyolefin

• Polyvinylidene Fluoride (PVDF)

Among all of these, the thermoset segment held the most significant share of this market. In the matter of their physical aspect, these coatings are lower molecular weight solid resins base. The major factor that was driving the growth of the thermoset powder coating systems segment is their flexibility in the broad formulation. And the factors such as durability and the wide usage in both decorative & functional applications are promoting the growth of this segment.

Market Regional Analysis:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In the regional analysis of the Global powder coating market, Asia-Pacific's powder coating market accounted for a significant share of the market, recording a share of 39.0% of total revenue. The major factor that was intended to promote the powder coatings demand is the rising construction industry in emerging economies such as China, India, Malaysia, South Korea, Vietnam, Japan, and Indonesia. Moreover, the implementation of favorable government regulations for generating investments by FDI and public-private partnerships is another factor that was fuelling the growth of the Powder Coating Market in the Asia-Pacific area.

Europe Powder Coating Market registered as the second-largest share of the global market, accounting for over 28.2%, in the volume aspect. The major factor that was driving the growth of the target market in this region is the growing automobile production in countries such as Germany, Austria, Romania, Hungary, and the U.K., along with a robust manufacturing base of companies like Volkswagen AG, Daimler-Chrysler, Chevrolet, Mercedes-Benz, and Dodge. However, the mature consumer goods market and the European Union financial crisis, which has prompted consumers to reduce their spending on consumer goods, are the factors that are limiting the development of the market share.

Market Key Players:

1. AkzoNobel N.V.
2. Asian Paints
3. BASF
4. Kansai Paints
5. Axalta Coating System
6. PPG Industries
7. RPM International
8. The Valspar Corporation
9. The Sherwin-Williams Company
10. Dulux Powder & Industrial Coating
11. Dupont Coating & Colour Technologies Group
12. Jotun Powder Coatings
13. Somar Corporation