In terms of revenue, the Global Powder Coatings Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.9% from 2023 to 2030.
Powder coating is a unique method of applying paint to a part compared to traditional wet painting methods. Instead of suspending solid particles in a liquid carrier, powder coating involves the application of dry paint. This process includes electrostatically charging finely ground pigment and resin particles, which are then sprayed onto electrically grounded parts. The charged powder particles stick to the surfaces until they melt and fuse in a curing oven, creating a flawless coating. It's worth noting that the part also goes through a pre-treatment process, similar to what conventional liquid-coated parts undergo. This preparation is usually done before applying the powder coating.
The demand for floor coatings in manufacturing facilities is increasing due to industrialization in developing nations. These coatings have desirable qualities, such as being easy to clean and cost-effective. They can be used on different types of floors like concrete and terrazzo. Additionally, the industrial floor coatings market is expected to grow because of safety regulations and the focus on efficient industry operations. Consumers also prefer coatings that make their floors look luxurious and professional. Furthermore, there is a growing demand for durable coatings that protect floors from cracks. Due to the popularity of these coatings for their abrasion and impact resistance, market growth is anticipated due to this trend.
Key Highlights from the Report
- Based on the segmentation of Resin Type, the Polyester Thermoset segment dominates the Powder Coatings market in 2022 due to the advantages of polyester, including its ability to withstand chemicals, temperatures, abrasions, and surface protection, as well as its short drying time.
- Furthermore, based on the Coating Methods segmentation, the Electrostatic Spray segment was responsible for a significant portion of the market's growth in 2022 owing to the growing demand for thermoset powder coating for various end-use industries.
- Moreover, based on the End-Use Industry segmentation, the Appliances segment saw the largest rise in the market in 2022 owing to the growing purchasing power, high standards of living, and rapid urbanization.
- Finally, based on the Region, Asia Pacific holds the significant market share within the Powder Coatings market in 2022 owing to the technological advancements in powder coating processes.
The market for Powder Coatings is anticipated to expand for a number of reasons. These include the expected recovery of the economy, an increase in the automotive industry, and a rise in construction activities. Additionally, a push for reduced volatile organic compounds (VOCs) in paints encourages a transition from solvent-borne paints to Powder Coatings. Despite a slowdown in innovations in 2020, the market is stabilizing after the COVID-19 pandemic, and previous development programs are resuming. Recent advancements include the development of low-temperature cure technologies and powders that meet strict durability standards set by organizations like the American Architectural Manufacturers Association (AAMA) and Qualicoat. These standards require coatings to pass various tests to ensure quality and performance.
Asia Pacific led the Powder Coatings market in 2022. The need for durable and aesthetically appealing coatings is fuelled by the rapid industrialization and urbanization of nations like China, India, and Vietnam. Powder Coatings are an ideal solution for this demand because of their superior scratch resistance, chemical resilience, and wide range of colours. Additionally, there is a increasing emphasis on sustainability in the region, and Powder Coatings align perfectly with this trend by being eco-friendly with lower emissions. Technological advancements in powder coating processes also attract new players and make the application process faster, more efficient, and cost-effective. The rising disposable income in many Asian countries leads to higher living standards and increased spending on consumer goods and home improvement projects. This fuels the demand for powder-coated appliances, furniture, and other durable goods.
The Global Powder Coatings Market is Segmented as follows
- Resin Type
- Coating Methods
- Electrostatic Spray
- Fluidized Bed
- Other Coating Methods
- End Use Industry
- General Industrial
- Other End Use Industries
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Powder Coatings Market is
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)
The Global Powder Coatings Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|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 impact analysis