Powder Coating Market to Cross $21.32 billion Revenue by 2030

Powder Coating Market Overview

“The global Powder Coating Market is expected to grow rapidly at a 5.42% CAGR consequently, it will grow from its existing size of from $15.95 billion in 2023 to $21.32 billion by 2030.”

Powder coating is a dry finishing technique that uses an electric charge to fuse a powder to a metal's surface, resulting in a smooth, harder finish that is then cooked in a curing oven.

Powder coating, without a liquid carrier, produces thicker coatings without sagging or running, resulting in minimal visual differences between horizontal and vertical surfaces.

How Does Powder Coating Work?

Powder coatings are created from polymer resin systems mixed with curatives, pigments, leveling agents, and other additives. They are melted, cooled, and milled into a homogeneous powder resembling baking flour. ESD is a process used to apply powder coating to metal substrates, where an electrostatic charge is applied to the powder particles, which are then attracted to the grounded side.

Powder coating is applied to parts by chemically reacting with heat in a curing oven. This results in long molecular chains with high cross-link density, making them difficult to break down. This method is commonly used for non-metallic substrates like plastics and medium density fiberboard (MDF).

Powder coatings are used in fluidized bed applications, where preheated components are dipped in a fluidizing powder hopper. The coating melts and flows onto the part, with post-curing possible depending on the item's mass, temperature, and powder type. Powder coatings are simple, environmentally friendly, cost-effective, and durable.

Technological advancements in fluoropolymer powders and polyester-TGIC have led to the development of innovative powder coatings with fading resistance, durability, and weatherability, comparable to liquid architectural coatings, commonly used in outdoor stadium seating, window frames, modular furniture, guard rails, light poles, and plumbing fixtures.

High construction investment is expected to boost the powder coatings industry, which is widely used in architecture due to its durability and variety of finishes and colors. The global low temperature powder coatings business is predicted to exceed USD 157.65 million by 2030.

Key Takeaway:

In 2022, the polyester resin segment will account for more than 30% of total sales.

In 2022, the consumer goods segment will have a revenue share of roughly 28.6%.

With a revenue share of more than 40.5% in 2022, Asia Pacific has led the market.

>>> Download Sample Report Now: https://marketreportservice.com/request-sample/powder-coating-market-54538

Market Dynamics

Growth Factors

The powder coatings industry is experiencing growth and change due to the need for sustainable solutions and progress in manufacturing and construction sectors. Coating formulators and suppliers are developing revolutionary powder coating technologies that can be produced and applied more skillfully, exhibit improved performance traits, and have a wider variety of potential end uses. These technologies address manufacturing productivity and cost issues, such as the evolution of small-scale process systems.

The global powder coatings market is growing due to factors like increased consumer spending, rising per capita income, changing customer preferences, and technological advancements. High usage rates in liquid forms affect product application possibilities. Infrastructure development drives demand, while overspray and proficiency are key drivers of market economics.

The COVID-19 pandemic has significantly impacted the production of raw materials for coatings and paints, particularly in major Asian economies like Japan, India, China, Thailand, and Singapore, causing a significant decrease in supply.

Growth Drivers

• Spending on building is rising
• Demand in the automotive, aerospace, and marine industries is rising
• Reduce VOC emissions as a priority
• positive future for the furniture sector
• less expensive to apply than liquid coatings

Trends

Powder coatings market participants prioritize cost, quality, environmental friendliness, quick paint application, and ease of use. Manufacturers increase their visibility by online catalogs and marketplace sales, investing in capacity development and hiring industry specialists. They also establish personal customer relationships for continued retail sales. To gain a competitive edge, they expand their product line and establish supply chain agreements. These strategies aim to maintain customer relationships and maintain market dominance.

Restraints

The high cost of equipment and instruments for powder coating applications, including specialized electrostatic spray apparatus, may hinder industry growth. Technological advancements have improved the application of powder coatings, but the cost of modern equipment remains higher.

Market Segment Analysis

Application Insights

Powdered enamels are a cost-effective and environmentally friendly industrial coating technology used in various industries like consumer products, home appliances, furniture, and machinery. Sales of powder coatings are increasing due to new applications. The furniture and appliances segment is expected to grow at a steady rate, while new markets like IT and telecom are also expected to offer lucrative growth. This study highlights the potential for powder coatings to continue expanding in various industries.

Powder coatings are gaining new opportunities due to the development of powder-on-powder application, which combines primer and topcoat application in one curing phase. This technology is now widely available in cutting-edge applications, such as MDF, wood, and plastic, due to lower baking temperatures. Improvements in process control and application equipment, like dry-on-dry systems, further encourage this trend.

Resin Type Insights

In 2022, polyester resin dominated the market due to its chemical resistance, quick drying, temperature resistance, surface protection, and abrasion resistance. The market is expected to expand due to increased demand for products in radiator grills, door handles, bumpers, wheel rims, and metallic structural components in the coming years.

Competitive Landscape of the Powder Coating Market

• Eastman Chemical Company
• PPG Industries, Inc.
• Akzo Nobel NV
• Evonik Industries AG
• Nippon Paint Co., Ltd.
• Axalta Coating Systems
• The Sherwin-Williams Company
• Arkema Group
• The Valspar Corporation

Recent Development in the Powder Coating Market

Growing stipulation to augment the outdoor and indoor air quality taking into account the health effects of VOC’s, moving producers emphasis on plummeting VOC content. Nominal VOC emissions, than liquid paints would deliver robust business prospect for industry participants as they can obey economically and easily with the guidelines of U.S. environmental protection agency.

August 2022: PPG will be investing USD 11 million to double the manufacturing capacity of its powder coatings factory in San Juan del Rio, Mexico. By mid-2023, the expansion project is anticipated to finish, enabling the factory to provide Mexico's estimated demand for powder coatings.

May 2022: AkzoNobel Powder Coatings developed a range of ready-to-ship (RTS) powder coatings, mainly for the North American market. The new range includes AkzoNobel's powder coatings brands, Resicoat and Interpon, and is suited to serve urgent coatings projects.

April 2022: PPG Industries acquired the powder coatings business of Arsonsisi, an industrial coatings company based in Milan, Italy. The acquisition will offer PPG a highly automated powder production factory in Italy, capable of producing small and big batches.

Regional Insights

In 2022, Asia Pacific became the largest powder coating market globally, driven by positive views from countries like South Korea, India, China, Japan, Malaysia, Indonesia, and Vietnam, and government policies promoting FDI and public-private investment partnerships. The automotive industry is expected to grow rapidly in Asia Pacific due to improved transportation infrastructure, rising disposable income, and changing lifestyles. Green coatings engineering companies and research organizations have significantly contributed to the development of eco-friendly powder coatings.

The US and China are increasingly using powder in various industrial sectors, including architecture and commercial vehicles, as the application proficiency and powder technology advance. This trend is also gaining traction on using powder on substrates other than typical ones.

Segments Covered in the Powder Coating Market

Powder Coating Market

• Epoxy-Polyester
• Epoxy
• Acrylic
• Polyester
• Polyurethane
• Others

Powder Coating Market

• Automotive
• Consumer Goods
• Architectural
• Furniture
• Oil and Gas
• Pipeline
• Others 

Powder Coating Market By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Frequently Asked Questions:

What is the current size of global powder coating market?

The global powder coating market size was accounted at USD 15.95 billion in 2023 and it is expected to rake around USD 21.32 billion by 2030.

How much is the CAGR of powder coating market?

The global powder coating market is expected to grow at a CAGR of 5.42% during the forecast period 2023 to 2030.

Which segment accounted for the largest powder coating market share?

How much polyester resin type occupied more than 40% of the revenue share in 2019.

What is the CAGR of Asia Pacific powder coating market?

Globally, Asia Pacific emerged as largest market for powder coating industry and gathered more than 33% of the market chunk in 2019.

Who are the top key players of powder coating market?

Numerous players operating in this sector comprise Asian Paints, BASF, Kansai Paints, Axalta Coating System, Nippon Paint Co., Ltd., PPG Industries, AkzoNobel N.V., The Sherwin-Williams Company, RPM International, and Dulux Powder & Industrial Coating.

Segments Covered in the Powder Coating Market

Powder Coating Market

• Epoxy-Polyester
• Epoxy
• Acrylic
• Polyester
• Polyurethane
• Others

Powder Coating Market

• Automotive
• Consumer Goods
• Architectural
• Furniture
• Oil and Gas
• Pipeline
• Others 

Powder Coating Market By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Research Methodology