Powder Coating Market Trends Analysis Research Report (By Resin: Polyester, Epoxy, Epoxy-Polyester, Polyurethane, Acrylic;: Automotive, Consumer Goods, Architectural, Furniture, Oil and Gas, Pipeline) - Market Analysis, Segment Forecasts, Regional Outlook 2023 – 2030
Aug-2024 Formats | PDF | Category: Chemical and Material | Delivery: 24 to 72 Hours
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.”
Based on powder coating market, it is the manufacturing, supply and application of dry finishing materials in order to achieve lasting, resistant and attractive coatings over substrates to protect and decorate the object. Powder coatings are different from traditional liquid paints in dry powder form and are electrostatically charged for application. The thermal gun heats the powder coating to cure and form a high-performance, durable, excellent quality coating that is resistant to corrosion, impact, scratch, damage, water, chemicals, Ultra violet light, weather and many other severe factors. Powder coating is strictly thermosetting powders, thermoplastic powders, epoxy, polyester, acrylic, polyurethane, epoxy-polyester conjugate, and special coating powders for industrial and architectural use, car, furniture, consumer goods, home appliances, construction and other infrastructures where it is been used.
The market has been evolving rapidly over the past ten years with a number of factors driving the industry; rising consumer demand for environmentally friendly coating solutions, state-of-the art advancements and significant industrial expansion. The ever burgeoning capital markets have established a definitive trend beginning to flourish away from solvent-borne liquid coatings into powder coating systems; that are subject to low VOC emissions, have a high utilization efficiency and reduced hazardous waste production. Substantive research and development of better curing processes, innovative coating application machinery and new powder coating formulations has resulted in using the powder coating process for finishing high-performance products in sectors such as automotive manufacturing, electrical equipment, aerospace components, industrial machinery, medical devices and architectural construction.
Environmental consciousness and tight material regulations are factors contributing to an upward trend in the market. Governments across the globe are prompting manufacturers to adopt coating techniques that are environmentally friendly and economical in terms of resource consumption through stringent environment regulations. Powder coatings have a clear advantage over liquid coatings since they emit no solvents. Their overspray can be collected and re-used, providing a significant savings in material costs. Also, consumers are demanding longer life, high quality and visually pleasing products hence manufacturers are using powder coating for improved corrosion properties, scratch resistance and color stability.
Emerging technologies that are impacting the competition include advances in low temperature curing powder coatings, UV-curable powder coatings, antimicrobial coatings, anti-corrosion formulations, textured coating patterns, metallic effects, as well as super-durable architectural coatings. The use of AI, robotics, automated spray systems, Industry 4.0 manufacturing, digital process controls are leading to better coating consistency, reducing waste during coating production and lowering operating costs. New resin technologies, nanotechnology enabled coatings, as well as intelligent functional coatings with self-cleaning, anti-fingerprint, anti-conductive and heat resistant properties are opening new product development opportunities across the industrial markets.
The Powder Coating Market is also highly influenced by changes in regulation. As regulations on VOC emissions, hazardous air pollutants, safety, chemical handling and use, performance requirements, and standards become stricter, armor coating producers need to fall in line so as not to miss out on business. Global quality standards, greener manufacturing practices, as well as eco-friendly building standards, need for powder coatings in architecture are gaining momentum. The focus is on developing recyclable packing, bio-based rawmaterials and smarter curing systems.
Asia-Pacific continues to be the largest market in terms of consumption owing to increasing industrialization, growth in manufacturing capacities, infrastructure development and high industry demand from automotive, construction, appliance and electronics segments. The top five countries of China, India, Japan, South Korea and South-East Asia continues to lead in demand owing to increasing manufacturing output and investments in modernized manufacturing technologies. North America still accounts for a large share of demand owing to increasing automotive production, modernized plant infrastructure and increasing awareness for sustainable coating technologies. Europe continues to grow strongly on account of stringent environment guidelines, demand for eco-friendly industrial coatings & ongoing developments on specialty powder coatings.
With the industries moving towards greener processes, product build and application longevity, the Powder Coating Market is expected to achieve sustained long term growth. Increasing investments in greener coating technologies, new material innovations, smart manufacturing systems, electric vehicle manufacturing, green power infrastructures, and architectural modernization will generate strong opportunities for coating manufactures, raw material suppliers, equipment providers and industry end-users during the forecast period.
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.
Powder Coating 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
Powder Coating Market Trends 2024
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.
Powder Coating 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.
Powder Coating Market
- Epoxy-Polyester
- Epoxy
- Acrylic
- Polyester
- Polyurethane
- Others
Powder Coating Market
- Automotive
- Consumer Goods
- Architectural
- Furniture
- Oil and Gas
- Pipeline
- Others
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 Developments 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.
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.
Key Benefits to Stakeholders:
- This study offers a quantitative examination of Powder Coating Market trends, estimations, and dynamics from 2023-2030 to identify potential opportunities in this space.
- Porter’s five forces study emphasizes the value of buyers and suppliers in helping stakeholders to make profitable business decisions while expanding their network.
- Undergoing in-depth analyses on market size and segmentation is vital in identifying current Powder Coating Market opportunities.
- Each region’s largest countries are mapped according to their revenue contribution for an accurate picture of this global industry.
- The Powder Coating Market research report offers a thorough examination of its major players. As such, purchasing this report provides many advantages to any organization looking to enter this competitive industry.
Reasons to Purchase Powder Coating Market Report:
- Current and Future Prospects of Powder Coating Market in both developed and emerging markets.
- Porter’s Five Force Analysis to help analyze various perspectives within this market. Major regions should experience rapid increases during this time.
- Uncover the most up-to-date industry developments, Powder Coating Market shares, and top market players’ strategies.
Research Methodology:
To estimate and validate the size of the Powder Coating Market as well as several of its dependent submarkets in its entirety, both top-down and bottom-up methodologies were used. Secondary research identified key players within the market while primary sources and verified primary sources provided an accurate picture of all percentage share breakdowns and splits within this global industry.
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Table of Contents
- Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
- Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
- Executive Summary
3.1. Market Snapshot
- Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
- Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
- Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
- Global Powder Coating Market
7.1. Powder Coating Market
7.1.1. Epoxy-Polyester
7.1.1.1. Market Revenue and Forecast
7.1.2. Epoxy
7.1.2.1. Market Revenue and Forecast
7.1.3. Acrylic
7.1.3.1. Market Revenue and Forecast
7.1.4. Polyurethane
7.1.4.1. Market Revenue and Forecast
7.1.5. Polyester
7.1.5.1. Market Revenue and Forecast
7.1.6. Others
7.1.6.1. Market Revenue and Forecast
- Global Powder Coating Market
8.1. Powder Coating Market
8.1.1. Automotive
8.1.1.1. Market Revenue and Forecast
8.1.2. Consumer Goods
8.1.2.1. Market Revenue and Forecast
8.1.3. Architectural
8.1.3.1. Market Revenue and Forecast
8.1.4. Furniture
8.1.4.1. Market Revenue and Forecast
8.1.5. Oil and Gas
8.1.5.1. Market Revenue and Forecast
8.1.6. Pipeline
8.1.6.1. Market Revenue and Forecast
8.1.7. Others
8.1.7.1. Market Revenue and Forecast
- Global Powder Coating Market
Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast
9.1.2. Market Revenue and Forecast
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast
9.1.3.2. Market Revenue and Forecast
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast
9.1.4.2. Market Revenue and Forecast
9.2. Europe
9.2.1. Market Revenue and Forecast
9.2.2. Market Revenue and Forecast
9.2.3. UK
9.2.3.1. Market Revenue and Forecast
9.2.3.2. Market Revenue and Forecast
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast
9.2.4.2. Market Revenue and Forecast
9.2.5. France
9.2.5.1. Market Revenue and Forecast
9.2.5.2. Market Revenue and Forecast
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast
9.2.6.2. Market Revenue and Forecast
9.3. APAC
9.3.1. Market Revenue and Forecast
9.3.2. Market Revenue and Forecast
9.3.3. India
9.3.3.1. Market Revenue and Forecast
9.3.3.2. Market Revenue and Forecast
9.3.4. China
9.3.4.1. Market Revenue and Forecast
9.3.4.2. Market Revenue and Forecast
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast
9.3.5.2. Market Revenue and Forecast
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast
9.3.6.2. Market Revenue and Forecast
9.4. MEA
9.4.1. Market Revenue and Forecast
9.4.2. Market Revenue and Forecast
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast
9.4.3.2. Market Revenue and Forecast
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast
9.4.4.2. Market Revenue and Forecast
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast
9.4.5.2. Market Revenue and Forecast
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast
9.4.6.2. Market Revenue and Forecast
9.5. Latin America
9.5.1. Market Revenue and Forecast
9.5.2. Market Revenue and Forecast
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast
9.5.3.2. Market Revenue and Forecast
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast
9.5.4.2. Market Revenue and Forecast
- Company Profiles
10.1. Axalta Coating Systems
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. The Sherwin-Williams Company
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Arkema Group
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Eastman Chemical Company
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. The Valspar Corporation
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. PPG Industries Inc.
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Akzo Nobel NV
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Evonik Industries AG
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Nippon Paint Co. Ltd.
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
- Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
- Appendix
12.1. About Us
12.2. Glossary of Terms
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