Powder Coating Market: Global Overview and Forecast (2024-2030)

Powder Coating Market size was valued at USD 15.41 Bn. in 2023 and the total global Powder Coatings revenue is expected to grow by 4.2 % in forecast period to reach USD 20.55 Bn. in 2030. The report has covered the market growth rate by year and region with the penetration in end user segments.
Powder Coating Market Overview:
Majority of end user segments including industrial user consider powder coating as preferred choice thanks to its high quality durable finishing, flexibility, efficiency and environmental compliance. Since it is a dry metal finishing process it has an advantage over other processes and quite popular in industrial application. The report has covered its penetration in Industrial application by country with key local and global players.

Powder coatings demand has been increasing as disposable income has increased in developing as well as developed economies, resulting in increased demand for consumer goods, automobiles, and furniture. It is found that its demand has been increasing in automotive, medical devices industries and same are expected to be key market drivers in developing economies like India, China, Brazil, and Mexico.

Apart from that furniture sector is expected to push the powder coating market northwards in the forecast period since organized furniture players are consolidating their position in unorganized sector too.To know about the Research Methodology:- Request Free Sample Report
Powder Coating Market Dynamics:
Rising need for Environmentally Friendly Coatings

The Powder Coating market has been growing exponentially thanks to a decrease in the utilization of volatile organic compounds (VOCs). These coatings contain no VOCs, resulting in less pollution, safer storage and handling, and minimal fire danger. VOCs (volatile organic compounds) are substances that evaporate at room temperature and are the major source of ground-level air pollution. Smog is formed when nitrogen oxides mix with VOCs and can cause nose, throat, and eye discomfort, headaches, memory impairment, vision abnormalities, and cancer in humans.

Manufacturers' increased awareness of pollution prevention is driving the manufacturing of powder coatings products. Manufacturers are often obliged to get licenses and adhere to tight environmental laws regarding the quantity of solvent and VOCs released into the atmosphere.  These coatings provide an option of reducing the quantity of air pollution while adhering to standards and constraints. In producing these coatings, there is no usage for petroleum solvents and hence do not generate VOCs detrimental to the environment. These coatings adhere to sustainability laws, which are expected to drive market growth.

Rising popularity in various end-use industries

Powder coatings are used in a wide range of end-use industries including automotive, appliances, furniture, architectural, general industrial, and others. Innovations in powder coating are making it more popular in global market and the report has special section on innovations and key technological developments.  IT and telecommunications are other emerging areas where powder coating applications are being widely researched. Powder coating is also used on door handles, bumpers, window handles, and other car parts such as radiator coil springs, shock absorbers, and breaking parts. Hence, the demand for powder coatings is increasing gradually.

Consistent economic development is attracting new investments to the Asia Pacific region. Steel company investments have driven the development of the appliances, construction, automobile, and electronics industries in developing the Asia-Pacific and Middle Eastern countries during the previous decade. The growth of these businesses drives the need for powder coatings.

Complications in generating thin films

Powder coatings provide metal goods with a thick texture. These coatings make it harder to achieve thin finishes. The thickening of the polymer might result in an uneven texture. For thin films, uniform flow and leveling are required. Although any powder coating may be designed for thin film applications, not all chemistries are appropriate. Because of the size of particles and glass transition temperature of the powder, the texture of the thin film of powder coating becomes increasingly orange peeling. Powder coating with particle sizes ranging from 30 to 50 micrometers should be used for optimal material handling and ease of application. An effective thin film application requires a link between the colors and opacity of powder coating pigments.

Powder coatings in the automotive industry bring potential opportunities.

In the automobile industry, 2018 was a year of breakthroughs and technical developments. With the global autonomous industry anticipated to be over USD 60 billion in 2030, sustainability is critical to the future of self-driving automobiles. Market forecasts for 2023 remain cautiously positive, with light vehicle sales expected to rise significantly. Investments in China's automotive industry offer substantial development potential for powder coating companies, as this is one of the coating's primary applications.

Powder coating is applied on automotive engines, frames, wheels, filters, joysticks, mirrors, wipers, horns, and other vehicle components. Transparent powder coating is being researched as an automobile body varnish. Powder coatings have always been utilized in these sectors and have garnered trust. They have shown to be extremely robust and corrosion-free, as well as capable of imparting high-quality aesthetics.

Environmental challenges and local regulations regarding wastewater discharge

With an increased emphasis on maintaining state and municipal requirements regulating wastewater discharge, the powder coating sector challenges several environmental issues. Powder coating processes create waste streams including metals, oil, grease, and suspended particles during the cleaning and pre-treatment phases of their operations. Many state and municipal environmental requirements make it difficult for powder coating producers to meet. Heavy metal pollution in wastewater has been a problem for metal finishing businesses that utilize various electroplating methods.
Powder Coating Market Segment Analysis:
By Type, the Thermoset segment dominated the market with the highest market share in 2023 and is expected to maintain its dominance at the end of the forecast period. Thermoset powder coatings are made from a variety of resins, including epoxies, polyesters, acrylics, and polyurethanes. They require a lower curing temperature than thermoplastic resins. It is critical to heat the powder-coated substrate to allow the thermoset to flow evenly throughout the surface.

The ability to design resin types with diverse qualities for use in different applications is the most significant advancement in thermoset powder coatings. Polyesters and acrylics are now more commonly employed in the automobile and appliance sectors, whereas epoxy resin powder coating was previously used. The majority of thermoset powder coatings offer excellent corrosion, impact, and temperature resistance. The need for thermoset powder coatings would be driven by these two industries and driving the segment growth.

The majority of powder coatings manufactured today are thermosetting. As a result, the end-user has a wide range of powder coating chemistries to choose from. Although functional powder coatings are widely used for protection, the vast majority of powders are used in decorative applications where color, gloss, and appearance are important. The majority of decorative coatings are applied as thin coatings as frequently as electrostatic spray and thermosetting powder coatings.

There are far too many applications for decorative thermosetting powder coatings to list. Appliances (refrigerators, stoves, washers, etc.), various automobile parts, clear coating of brass and other metal parts, lawnmowers, and so on are a few examples. Decorative thermosetting powder coating will be utilized in general where appearance and durability are required.The Thermoplastic segment is expected to grow substantially at a CAGR of 4% during the forecast period. Several factors, including relatively simple manufacturing and application methods, the absence of complicated curing mechanisms, raw materials that are often commodity polymers, acceptable properties for a wide range of applications, and so on, contributed to the market popularity of these coatings.

Thermoplastic powder coatings have some unique properties. Some of them have excellent solvent resistance (polyolefins), excellent weathering resistance (polyvinylidene fluoride), exceptional wear resistance (polyamides), a reasonable price/performance ratio (polyvinyl chloride), or a high aesthetic appearance (polyesters). These properties, combined with the system's simplicity, resulted in a sizable market share for thermoplastic powder coatings. Thermoplastic coatings are available in a variety of performance classes and gaining popularity amongst the end-user industries.

By End-Use Industry, the Appliances segment held the largest market share in terms of value and volume in 2023 and is expected to grow at a significant CAGR during the forecast period. Powder coatings are used in the appliance industry on the front and side panels of refrigeration systems, dryer drums, air-conditioner cabinets, washer tops and lids, boilers, dishwasher racks, freezer cabinets, and microwave oven cracks. Pre-coated blank stock is coated and then post-formed in the desired shape for some applications.

The global appliances market continues to grow as a result of technological advancements, housing sector growth, rapid urbanization, an increase in per capita income, an improved standard of living, a shift in consumer lifestyle, and an increasing number of smaller households. Consumers are increasingly interested in eco-friendly and energy-efficient appliances. These factors would then drive the Powder Coating Market.

Powder coatings are widely used in consumer goods because they do not contain solvents, are more flexible than conventional liquid coatings, and meet environmental regulations. Besides that, rising domestic appliance demand in India, China, Vietnam, the Philippines, and Thailand is expected to drive product demand during the forecast period.The automotive segment is expected to grow at the fastest rate during the forecast period. The increased production of automobiles in the United States, Mexico, Argentina, Brazil, South Africa, Indonesia, and China is anticipated to increase product demand for automotive accessories. Moreover, rising demand for automobiles in China, India, Mexico, Brazil, South Africa, and Malaysia is expected to drive automotive sales in these countries.

The Architectural segment is expected to grow steadily during the forecast period owing to the fastest-growing markets for powder coatings due to their durability of powder coatings. Besides that, the advancement of polyester resin technology, specifically stable, low-gloss formulas, opened up architectural market opportunities that supported the growth of powder coatings. Many building projects organizations are turning to powder coatings purpose of providing long-term exterior finishes for outdoor venues and public works projects due to the variety of colors and finishes available. And these factors are expected to drive the market growth in Architectural industries.
Powder Coating Market Regional Insights:
The APAC region dominated the Power Coatings market with the highest market share of about 42% in 2023 and is expected to grow at a CAGR of 4.2% during the forecast period. The Asia Pacific is the fastest-growing and largest Powder Coating Market. With the European and North American economies contracting and markets saturated, demand is shifting to the Asia Pacific region. Powder coating manufacturers are focusing on this market because it has the most robust construction industry, accounting for roughly 42% of global construction investments. Powder coating has grown in popularity in the construction industry due to its eco-friendliness and aesthetic value. These coatings are mostly used to make building structures more appealing, low maintenance, and long-lasting.

Countries such as India, China, and Indonesia are heavily investing in a variety of end-use industries, which is likely to influence the growth of the Powder Coating Market in these regions. Demand is increasing in the region as income levels rise. Many foreign players are investing in these countries markets to meet the demand for powder coatings. The development of infrastructure in China and India is expected to increase the use of powder coating in architectural applications such as aluminum extrusions used in building facades, kitchen windows, doorframes, and building facades. However, over the forecast period, the key preference for anodized aluminum extrusion is expected to constrain demand for powder coating in architectural applications in the Asia Pacific region.

China's construction sector is growing at a rapid pace. According to the National Bureau of Statistics of China, construction output in China was worth approximately CNY 29.31 trillion in 2022. In addition, Capital expenditure on infrastructure has increased by 35.4% in the Indian Union Budget 2022-23, from INR 5.54 lakh crore to INR 7.50 lakh crore, which includes a total of 2,000 km of the rail network and 60,000 houses under the PM Aawas Yojna, among other things. This development helps the market during the forecast period.

The North American region is expected to grow rapidly during the forecast period owing to the Growth in the automotive industry in the United States. The rising concerns about VOC emissions from the coating in automobile production are expected to drive demand for powder coatings in the United States. Moreover, increased automobile production in Mexico and a shift in manufacturers from the European Union are expected to increase the use of powder coating in the Mexican automobile industry.

Growing automotive manufacturing in Austria, Germany, Romania, Hungary, and Turkey is expected to increase the demand for powder coating in automobiles during the forecast period. REACH regulations limiting VOC emissions in the coating process have compelled automotive manufacturers to use powder coatings instead of liquid coating. Reducing VOC emissions is expected to benefit automobile manufacturers by allowing them to receive carbon credits. Besides that, the growing housing sector in Eastern Europe and Russia is expected to boost demand for MDF, which would drive demand for powder coatings over the forecast period.
Powder Coating Market Scope: Inquire before buying



Powder Coating Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 15.41 Bn.


Forecast Period 2024 to 2030 CAGR:
4.2%
Market Size in 2030:
US $ 20.55 Bn.


 Segments Covered:
by Type
Thermoset
Thermoplastic


by Resin
Epoxy
Polyester
Epoxy-Polyester (Hybrid)
Acrylic
Polyurethane
Others


by Coating Method
Electrostatic Spray
Fluidized Bed
Others (Electrostatic Fluidized Bed Process And Flame Spraying)


by End-Use Industry
Appliances
Automotive
General Industrial
Architectural
Furniture
Other (Oil & Gas, Biopharma, Wastewater, Pipes, Fittings, Filters, Flanges, Valves, And Tanks)



Powder Coating Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Powder Coating Market, Key Players are:
1. The Sherwin-Williams Company (US)
2. PPG Industries, Inc. (US)
3. Axalta coating systems (US)
4. RPM International Inc. (US)
5. Valspar (US)
6. Hentzen Coatings, Inc. (US)
7. IFS Coatings (US)
8. BASF SE (Germany)
9. Bayer AG (Germany)
10. Emil Frei Gmbh & Co. KG (Germany)
11. Arkema S.A. (France)
12. SOMAR (Japan)
13. Kansai Paint Co., Ltd (Japan)
14. Nippon Paint Holdings Co., Ltd. (Japan)
15. Berger Paints India Limited (India)
16. Asian Paints Limited (India)
17. Jotun (Norway)
18. TIGER Coatings GmbH & Co. KG (Austria)
19. KAPCI Coatings (Zimbabwe)
20. DuluxGroup Limited (Australia)
21. Primatek Coatings OÜ (Estonia)
22. KCC Corporation (South Korea)
23. IGP powder Technik AG (Switzerland)
24. DSM (Netherlands)
25. Akzo Nobel N.V (Netherlands)

FAQs:

1. Which is the potential market for Powder Coatings in terms of the region?
Ans. APAC is the potential market for Powder Coatings in terms of the region.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is the rising usage of Powder coatings in the automotive industry.

3. What is expected to drive the growth of the Powder Coating Market in the forecast period?
Ans. A major driver in the Powder Coating Market is the Rising need for Environmentally Friendly coating.

4. What is the projected market size & growth rate of the Powder Coating Market?
Ans. Powder Coating Market size was valued at USD 15.41 Bn. in 2023 and the total Powder Coatings revenue is expected to grow by 4.2% from 2024 to 2030, reaching nearly USD 20.55 Bn.

5. What segments are covered in the Powder Coating Market report?
Ans. The segments covered are Type, Resin, Coating Method, End-Use Industry, and Region.