What is the global market size of Powder Coatings Market?

Powder Coatings Market size was valued at USD 12.80 billion in 2021 and is poised to grow from USD 13.80 billion in 2022 to USD 25.16 billion by 2030, at a CAGR of 7.8% during the forecast period (2023-2030).

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.

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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. '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)'

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.

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.

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.

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Global Powder Coatings Market Size, Share, Growth Analysis, By Resin(Epoxy, polyester), By Application(Architectural, furniture) - Industry Forecast 2024-2031

Global Powder Coatings Market Insights

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