The global Powder Coatings Market is valued at USD 14.2 Billion in 2022 and is projected to reach a value of USD 22.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.9% between 2023 and 2030.
There is a growing focus on environmental regulations to reduce volatile organic compounds (VOCs), encouraging the transition from solvent-borne paints to powder coatings. Recent developments include introducing low-temperature cure technologies and specialized powders that meet strict durability standards, such as the AAMA (American Architectural Manufacturers Association) 2605 and Qualicoat Class 3 standards. These standards mandate a 10-year Florida durability, requiring coatings to successfully pass an array of rigorous tests encompassing dry adhesion, wet adhesion, boiling water adhesion, impact resistance, abrasion resistance, muriatic acid resistance, mortar resistance, nitric acid resistance, detergent resistance, window cleaner resistance, 4000-hour humidity resistance, 4000-hour salt spray resistance, with a stringent criterion of a maximum color change of 5.0 units and 50% gloss retention.
Powder Coatings Market Size, 2022 To 2030 (USD Billion)
- AkzoNobel has developed an online calculator that allows powder coatings customers to quickly determine the energy and carbon savings they could achieve by using the company's Interpon products and services. This calculator is the first of its kind in the industry and is part of AkzoNobel's ongoing efforts to reduce carbon emissions throughout their entire value chain by 50% by 2030.
- The Asia Pacific region generated more than 40.2% of revenue share in 2022.
- North America is expected to grow at the quickest rate from 2023 to 2030.
- The polyester thermoset segment accounted for the most significant market growth in 2022.
- The Electrostatic spray segment revealed the most significant market growth in 2022.
- The Appliances segment accounts for the most considerable revenue of 25.8% in 2022.
The powder coatings market has grown significantly due to its innovative application technique and wide range of material formulations. Powder coating is the newest surface finishing technique. It involves charging fine pigment particles and resin and applying them to electrically grounded parts, which then melt to form a smooth coating. Sustainability is a crucial aspect of the powder coatings market and is a significant economic driver. Powder coatings have a low carbon footprint, minimal environmental impact, and are cost-effective. They comply with environmental regulations by emitting negligible volatile organic compounds (VOCs). The durability and longevity of powder-coated products also contribute to reduced maintenance costs and overall energy efficiency, making them a sustainable coating option. Efforts are being made to develop greener powder coatings by formulating raw materials without harmful substances and reducing monomer content. Industry leaders, like AkzoNobel, are taking initiatives to promote sustainability, such as providing an online energy savings calculator. As the powder coatings market expands globally, innovations and strategic developments will continue to shape its economic trajectory.
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Top Market Trends
- The market for powder coatings is expanding due to the growing emphasis on environmental sustainability standards. Compared to liquid coatings, powder coatings release fewer volatile organic compounds (VOCs). In response to consumer demand for eco-friendly choices, Axalta Coating Systems has developed powder coatings that incorporate sustainable materials and minimize carbon emissions.
- Manufacturers continuously improve powder coating technology to create more efficient and durable coatings, such as PPG Industries' specialized offerings for specific applications like electrical fuse boxes and medical equipment.
- The rising popularity of powder coatings for decoration drives manufacturers to offer a broader selection of colors and textures, exemplified by IFS Coatings' "Color Matching Service," which enables customers to customize their unique shades and textures.
- With its versatility and superior qualities, powder coatings are gaining traction across industries, like automotive and furniture, leading to a growing demand, exemplified by Sherwin-Williams' provision of tailored solutions for sectors including automotive with weather and UV-resistant coatings.
- Manufacturers aim to enhance powder coatings' scratch resistance, reduce the orange peel effect, and improve adhesion properties while increasing process efficiency to minimize energy consumption and waste generation. An illustration is the advancement of thermoplastic powder coatings by companies like AkzoNobel, which provide better chip resistance and application efficiency.
The Global Powder Coatings Market is categorized into the below-mentioned segments as:
The global Powder Coatings market can be categorized into Resin Type, Coating Methods, End Use Industry, Region. The Powder Coatings market can be categorized into Thermoset, Thermoplastic based on Resin Type. The Powder Coatings market can be categorized into Electrostatic Spray, Fluidized Bed, Other Coating Methods based on Coating Methods. The Powder Coatings market can be categorized into Appliances, Automotive, General Industrial, Architectural, Furniture, Other End Use Industries based on End Use Industry. The Powder Coatings market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.
Below tree is interactive. You can click the nodes to get more information.
Based on Resin Type
Polyester Thermoset Expected to Hold the Largest Share in Forecast Period
The polyester thermoset segment mentioned the maximum growth of the powder coatings market in 2022. Polyester powder coatings are a cost-effective and versatile option when compared to resins like epoxy or polyurethane. They adhere well to different substrates and provide various colors and finishes. Their easy application process requires minimal equipment and expertise. The growth of polyester in the market is driven by factors like the booming construction and industrial sectors, especially in regions like Asia Pacific. Polyester's cost-effectiveness and versatility make it a preferred choice for durable and affordable coatings. Its suitability for infrastructure development projects and the rise in consumer goods demand further contribute to its popularity. This is due to its scratch resistance, color options, and easy application process.
Based on Coating Methods
Electrostatic Spray Anticipated to Dominate the Market in the Projected Period
The electrostatic spray segment dominated the growth of the powder coatings market in 2022. The advantages of electrostatic spraying include minimal overspray and waste, leading to cost savings and reduced environmental impact. It also ensures uniform coverage, resulting in a flawless finish. The method is fast, enhancing productivity and reducing material usage and costs. It can be used on various substrates, including complex shapes and designs. The growth of electrostatic spray is driven by advancements in spray guns, application equipment, and control systems, making it more appealing. Its reduced VOC emissions and material usage align with environmental regulations. The method is also advantageous in regions with rising labor costs. It is not limited to the automotive industry and finds utility in other sectors such as furniture, appliances, architecture, and medical devices.
Based on End Use Industry
Appliances segment Accounted for the Most Enormous Market growth
The appliances segment is accounted to have the most significant market growth in 2022. Powder coatings provide superior durability and scratch resistance, which is essential for appliances that experience daily wear and tear. This enhances the lifespan of the products and increases customer satisfaction. Additionally, a large variety of vibrant and long-lasting colors are available with powder coatings, which enables manufacturers to design aesthetically pleasing appliances that appeal to modern consumers. Powder coatings' smooth, non-porous surface facilitates cleaning and maintenance while lowering the possibility of bacterial accumulation. Additionally, powder coatings have environmental benefits, including lower VOC emissions, which align with the preferences of environmentally conscious consumers.
Based on Region
Asia Pacific is Anticipated to Lead the Market in the Forecast Period
Asia Pacific is anticipated to lead the powder coatings market in 2022. The fast growth of cities and industries in countries like China, India, and Vietnam is causing a need for durable and attractive protective coatings. Powder coatings are an excellent solution for this demand because they are resistant to scratches, chemically robust, and come in many colors. Moreover, the region is becoming more conscious of sustainability, and powder coatings have low emissions and are green. Advances in powder coating technology are also attracting new businesses and making the application process faster, more efficient, and cost-effective. The increasing disposable income in many Asian countries leads to higher living standards and more spending on consumer goods and home improvement projects. This drives the demand for appliances, furniture, and other long-lasting goods coated with powder.
The powder coatings market is highly competitive, with key players implementing strategic initiatives and innovations to adapt to the dynamic market. AkzoNobel, a leading company, has demonstrated a strong commitment to sustainability by introducing industry-first tools. One such tool is an online energy savings calculator that allows customers to calculate the energy and carbon reduction achievable with AkzoNobel's Interpon products and services. This aligns with the company's goal of reducing carbon emissions by 50% across the entire value chain by 2030. In addition, AkzoNobel has launched a new super durable Interpon D powder coating designed for the Indian market. This coating provides aluminum surfaces with the look and texture of natural stone, addressing the demand for stone-effect finishes. It offers a more versatile and practical solution compared to natural stone, eliminating the inconvenience, cost, and maintenance associated with it.
The players in the global Powder Coatings market include AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Sherwin Williams (U.S.), BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Nerolac Paints Limited (India), Jotun IFS Coatings (U.S.), The Valspar Corporation (U.S.), Tiger Coatings (Austria) among others.
Recent Market Developments
- In June 2023, AkzoNobel has introduced the first-ever energy savings calculator for the powder coatings industry, which is now accessible to all customers. With this tool, users can easily determine the amount of energy and carbon emissions that can be reduced by using AkzoNobel's Interpon products and associated services.
- In April 2023, AkzoNobel has introduced a super durable Interpon D powder coating specifically designed for architects and designers in the Indian market. This coating allows aluminum surfaces to mimic the attractive appearance and texture of stone, removing the need for using the actual material which can be costly and troublesome.
- In September 2023, PPG has recently finished expanding its powder coatings plant in Sumaré, Brazil. The project, which cost them $2.7 million (equivalent to 13 million Brazilian reals), has increased the plant's production capacity by 40%. It is predicted that the facility will reach maximum productivity by the end of this month.
- In September 2023, Sherwin-Williams General Industrial Coatings Division, which offers liquid, powder, and electro-coat technologies with a range of color and gloss options, has launched three new services. These services aim to provide quick and dependable support to businesses of all sizes.
- In July 2023, BASF and Zhejiang Guanghua Technology Co. Ltd. (KHUA) have agreed to supply Neopentyl Glycol (NPG) from BASF’s Zhanjiang Verbund site to KHUA. This agreement represents an important step in the ongoing partnership between the two companies.
Segmentation of the Global Powder Coatings Market
By Coating Methods
- Electrostatic Spray
- Fluidized Bed
- Other Coating Methods
By End Use Industry
- General Industrial
- Other End Use Industries
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- AkzoNobel N.V. (Netherlands)
- PPG Industries (U.S.)
- Sherwin Williams (U.S.)
- BASF SE (Germany)
- Axalta Coating Systems (U.S.)
- Kansai Nerolac Paints Limited (India)
- Jotun IFS Coatings (U.S.)
- The Valspar Corporation (U.S.)
- Tiger Coatings (Austria)
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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