USD 13.80 billion
Global Powder Coatings Market Size, Share, Growth Analysis, By Resin(Epoxy, polyester), By Application(Architectural, furniture) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2334 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
69 |
Figures:
75
Global Powder Coatings Market Insights
Global Powder Coatings Market size was valued at USD 13.80 billion in 2022 and is poised to grow from USD 14.88 billion in 2023 to USD 27.13 billion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).
The Global Powder Coatings Market is a dynamic and rapidly growing industry that plays a pivotal role in various sectors, including automotive, construction, electronics, and appliances. Powder coatings are dry finishing processes where fine powder particles are electrostatically sprayed onto a surface and then heated to form a durable and protective layer. This method offers several advantages over traditional liquid coatings, such as reduced environmental impact, enhanced durability, and improved cost-efficiency.
One of the key drivers of the market's growth is its eco-friendliness, as powder coatings produce minimal volatile organic compounds (VOCs) and hazardous waste, aligning with stringent environmental regulations. This factor has attracted manufacturers and industries seeking sustainable and environmentally responsible solutions. Additionally, the automotive and construction sectors' continued expansion, especially in emerging economies, has spurred demand for powder coatings due to their resistance to corrosion and weathering, making them ideal for outdoor applications.
The market is also witnessing innovations in new formulations and finishes catering to diverse aesthetic and functional requirements. Notably, technological advancements have led to the development of super-durable and antimicrobial powder coatings, expanding the scope of applications. While the Global Powder Coatings Market faces challenges related to raw material costs and competition from liquid coatings, it is expected to maintain a robust growth trajectory, driven by the expanding demand for sustainable and high-performance coating solutions across various industries.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Polyester
Fastest Growth
Polyester
Growth Rate
7.8% CAGR
Global Powder Coatings Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Powder Coatings Market Size By Resin 2021-2030 ($ Bn)
Global Powder Coatings Market Size By Resin 2021-2030 (%)
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Global Powder Coatings Market Segmental Analysis
Global Powder Coatings Market is segmented on the basis of resin, application, and region. By resin, the market is segmented into epoxy, polyester, epoxy-polyester (hybrid), acrylic, polyurethane, and other resins. By application, the market is segmented into architectural, furniture, automotive, consumer goods, general industries, and other applications. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Powder Coatings Market Analysis by Resin
The polyester resin type segment is expected to grow rapidly in the global powder coatings market. This is due to the beneficial properties of polyester, such as quick drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection. The increasing demand for powder coatings in applications such as door handles, radiator grills, wheel rims, bumpers, bicycles, and metallic structural components is expected to further propel the growth of this segment over the forecast period.
Furthermore, the demand for epoxy powder coatings is expected to increase due to their quick-drying properties, surface protection, and excellent hardness. These coatings are also known for their toughness, flexibility, and weatherability, and are cost-effective compared to other coatings. As a result, the demand for these powder coatings is projected to increase over the forecast period.
The epoxy-polyester (hybrid) resin type is expected to witness the fastest CAGR over the forecast period, driven by its unique properties, such as toughness, flexibility, weather ability, and cost-effectiveness compared to other coatings. These products are a blend of both polyester and epoxy resins and are commonly used for interior applications, such as furniture coatings.
Global Powder Coatings Market Analysis by Application
In 2022, the consumer goods application segment held the largest share of the global powder coatings market. The segment is expected to continue growing significantly over the forecast period due to factors such as increasing purchasing power, high standards of living, and rapid urbanization. As powder coatings do not contain solvents, exhibit higher flexibility than conventional liquid coatings, and comply with environmental regulations, they are extensively used in the consumer goods industry. Furthermore, the rising demand for domestic appliances in countries such as India, China, Vietnam, the Philippines, and Thailand is expected to boost product demand in the coming years.
The automotive application segment is expected to witness the fastest growth over the forecast period. The growth in automobile production in countries like the U.S., Mexico, Argentina, Brazil, South Africa, Indonesia, and China is expected to boost the demand for powder coatings for automotive accessories. Additionally, the increasing demand for automobiles in emerging markets such as China, India, Mexico.
Global Powder Coatings Market Size By Resin 2021(%), 2023 (%)
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Global Powder Coatings Market Regional Insights
Asia Pacific dominated the global market. The region's growth was primarily driven by infrastructure development in China and India, which is expected to increase the usage of powder coating in architectural applications such as aluminum extrusions used in building facades, kitchen windows, doorframes, and kitchens. However, the preference for anodized aluminum extrusion in architectural applications is anticipated to limit the demand for powder coating in the Asia Pacific region throughout the forecast period.
Meanwhile, the expanding automotive industry in the United States and growing concerns regarding volatile organic compound (VOC) emissions from coatings used in automobile production are projected to drive the demand for powder coatings in North America. The automotive industry in the U.S. is experiencing growth, and the focus on reducing VOC emissions from coatings in automobile manufacturing is expected to further fuel the adoption of powder coatings. Additionally, the automotive industry in Mexico is witnessing an increase in production, coupled with manufacturers shifting from the European Union. These factors are likely to contribute to the growing use of powder coating in the Mexican automotive industry.
Furthermore, the rise in automotive production in Austria, Germany, Romania, Hungary, and Turkey is expected to drive the demand for powder coating in the automotive sector over the forecast period. The implementation of REACH regulations, which aim to restrict VOC emissions in the coating process, has compelled automotive manufacturers to adopt powder coatings as a replacement for liquid coatings. The reduction in VOC emissions not only aligns with regulatory requirements but also allows automobile manufacturers to earn carbon credits, providing them with additional benefits.
Global Powder Coatings Market Size By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Powder Coatings Market Dynamics
Global Powder Coatings Market Drivers
Increasing demand from the automotive industry
- The automotive industry is a major driver of the powder coatings market. Powder coatings offer several advantages in automotive applications, including durability, resistance to corrosion, and improved aesthetic appeal. The growing automotive industry in emerging economies, such as China and India, is driving the demand for powder coatings. For instance, the expansion of the automotive sector in China has led to increased consumption of powder coatings for applications like automotive parts, wheels, and vehicle bodies.
Stringent environmental regulations
- Environmental regulations aimed at reducing volatile organic compound (VOC) emissions have been instrumental in driving the adoption of powder coatings. Powder coatings have low or zero VOC content, making them an environmentally friendly alternative to liquid coatings. For example, regulations like the European Union's REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and the U.S. EPA's National Emission Standards for Hazardous Air Pollutants (NESHAP) have prompted industries to shift from solvent-based liquid coatings to powder coatings.
Global Powder Coatings Market Restraints
High initial investment and equipment costs
- Setting up a powder coating facility requires a substantial initial investment in equipment such as spray booths, curing ovens, and powder coating guns. The high capital expenditure can act as a restraint, particularly for small and medium-sized enterprises (SMEs) or businesses with limited budgets. This may limit the adoption of powder coatings, especially in industries with tight profit margins.
Limited color options and design flexibility
- Compared to liquid coatings, powder coatings offer a relatively limited range of color options and design flexibility. Powder coatings are typically applied as a solid color, making it challenging to achieve complex patterns, gradients, or special effects. Industries that require a wide variety of colors or intricate designs, such as the cosmetics or consumer electronics sectors, may find the limitations of powder coatings restrictive and prefer alternative coating options.
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Global Powder Coatings Market Competitive Landscape
Global Powder Coatings Market is highly competitive and fragmented, with several established players dominating the market. Some of the leading players operating in the market are actively engaged in expanding their product portfolios, investing in research and development activities, and acquiring other companies to enhance their market position. Additionally, several companies are focusing on product innovation to meet evolving customer demands and industry trends. Apart from established players, the market also comprises several small and medium-sized players that offer niche products and services. These players often specialize in catering to specific end-user industries, such as automotive or construction, and leverage their expertise to gain a competitive edge in the market.
Top Player’s Company Profiles in Global Powder Coatings Market
- Akzo Nobel N.V. (Netherlands)
- PPG Industries, Inc. (US)
- Sherwin-Williams Company (US)
- Axalta Coating Systems Ltd. (US)
- Jotun Group (Norway)
- TIGER Coatings GmbH & Co. KG (Austria)
- Nippon Paint Holdings Co., Ltd. (Japan)
- RPM International Inc. (US)
- Kansai Paint Co., Ltd. (Japan)
- KCC Corporation (South Korea)
- Hempel A/S (Denmark)
- Berger Paints India Limited (India)
- The Valspar Corporation (US)
- IGP Powder Coatings (Switzerland)
- Wacker Chemie AG (Germany)
- Protech Powder Coatings Inc. (US)
- Asian Paints Limited (India)
- TCI Powder Coatings (US)
- Ferro Corporation (US)
- Toyo Ink SC Holdings Co., Ltd. (Japan)
Global Powder Coatings Market Recent Developments
-
In response to the growing emphasis on sustainability within the industry, AkzoNobel introduces in February 2024 an online calculator that enables clients to assess energy and carbon savings achievable with their Interpon powder coatings.
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In May 2023, PPG declared the end of a EUR 13.5 million investment to upgrade its Brazil, Indiana, powder coatings production plant.
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In April 2023, AkzoNobel debuted Interpon D, an extremely resilient powder coating, for Indian architects and designers. With the help of this coating, aluminum surfaces can have the stunning, authentic look and feel of stone without the trouble or cost of employing the real thing.
-
Alesta Eco-Choice, an aqueous powder coating technology that Axalta Coating Systems claims has a smaller environmental impact than conventional powder coatings, is introduced in March 2023.
Global Powder Coatings Key Market Trends
- Growing demand for antimicrobial powder coatings: Growing demand for antimicrobial powder coatings: One notable market trend in the global powder coatings industry is the growing demand for antimicrobial powder coatings. With an increasing emphasis on health and hygiene in various sectors, from healthcare facilities to food processing plants, there is a heightened need for surfaces that inhibit the growth of bacteria and other pathogens. Antimicrobial powder coatings offer a solution by integrating microorganisms-inhibiting properties into the coating, reducing the risk of surface contamination. This trend extends beyond traditional applications, penetrating diverse industries, including household appliances and public transportation, where maintaining clean and safe surfaces is a priority. As a result, antimicrobial powder coatings are becoming a vital consideration, shaping the future of the powder coatings market.
- Technological advancements and innovation: The powder coatings industry is witnessing continuous technological advancements and innovation, leading to improved coating performance, efficiency, and expanded application possibilities. For instance, advancements in powder coating formulations have enabled the development of functional coatings with enhanced properties such as heat resistance, scratch resistance, and self-healing capabilities. These innovations are opening up new opportunities for powder coatings in sectors like electronics, aerospace, and industrial equipment, where specialized coating requirements exist.
Global Powder Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Powder Coatings Market analysis, the Asia Pacific region is expected to dominate the market, driven by infrastructure development in countries like China and India, leading to increased usage of powder coatings in architectural applications. However, the preference for anodized aluminum extrusion may limit the demand for powder coatings in the region. In North America, the expanding automotive industry, coupled with concerns over VOC emissions, is anticipated to drive the demand for powder coatings. The shift of manufacturers from the European Union to Mexico, along with increasing automotive production in Austria, Germany, Romania, Hungary, and Turkey, is also expected to contribute to market growth. Additionally, the implementation of regulations aimed at reducing VOC emissions is driving the adoption of powder coatings in various industries, including automotive. Overall, the market outlook for global powder coatings is promising, with growth prospects driven by infrastructure development and the need for environmentally-friendly coating solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 13.80 billion |
| Market size value in 2031 | USD 27.13 billion |
| Growth Rate | 7.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Powder Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Powder Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Powder Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Powder Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Powder Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Powder Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Powder Coatings Market Report Snapshots
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