USD 14.88 billion
Powder Coatings Market Size, Share, Growth Analysis, By Resin type(Thermoset (Polyester, Hybrid/Epoxy Polyester, Epoxy, Acrylic), By End Use Industry(Appliances, Automotive, Consumer Goods, General Industrial), By Coating Method(Electrostatic Spray, Fluidized Bed, Others (Electrostatic Fluidized Bed, Flame Spraying)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2334 |
Region:
Global |
Published Date: August, 2024
Pages:
184
|Tables:
97
|Figures:
76
Powder Coatings Market Insights
The Global Powder Coatings Market size was valued at USD 7.40 Billion in 2022 and is poised to grow from USD 7.80 Billion in 2023 to USD 11.88 Billion by 2031, at a CAGR of 5.40% over the forecast period (2024–2031).
The powder coatings market is witnessing notable growth backed by factors like durability and performance and technological advances. Powder coatings provide high durability, aesthetic appeal, and corrosion resistance, fueling the market demand. Moreover, improvements and innovations in technology like application techniques and enhanced color options are notably impacting the market growth. However, the powder coatings market is hindered by application limitations since these coatings may not be suitable for all types of substrates and heavy market competition by liquid coatings, which have wider applications than powder coatings. Yet, the market is observing some opportunities including a growing number of eco-friendly solutions and innovative application techniques.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Polyester
Fastest Growth
Polyester
Growth Rate
7.8% CAGR
Global Powder Coatings Market ($ Bn)
Country Share for North America Region (%)
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Powder Coatings Market Segmental Analysis
The Global Powder Coatings Market is segmented by Resin Type, End Use Industry, Coating Method, and Region. Based on Resin Type, the market is segmented into Thermoset (Polyester, Hybrid/Epoxy Polyester, Epoxy, Acrylic, Polyurethane), Thermoplastics (Polyvinyl Chloride, Polyvinyl Fluoride). Based on End Use Industry, the market is segmented into Appliances, Automotive, Consumer Goods, General Industrial, Architectural, Furniture, Others. Based on Coating Method, the market is segmented into Electrostatic Spray, Fluidized Bed, Others (Electrostatic Fluidized Bed, Flame Spraying). By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Resin Type
Based on resin type, the powder coatings market is categorized into thermoset and thermoplastics. The thermoset segment is further sub-segmented as polyester, hybrid/epoxy polyester, epoxy, acrylic, and polyurethane, while the thermoplastics segment is sub-segmented as polyvinyl chloride, polyvinyl fluoride. The thermoset (polyester resin) segment is projected to hold a major share of the market in the coming years owing to its strong performance and durability. Polyester resins when blended with urethane or epoxy, deliver exceptional weather resistance, comprising protection against rain, extreme temperatures, and UV light, making them suitable for extreme environment applications, thus driving its demand and segment growth.
Conversely, the thermoplastics segment is anticipated to grow at a considerable rate owing to better recyclability and reusability features. These powder coatings can be reprocessed and reheated without degradation, allowing reusing and recycling of coating material. This property is mainly attractive for industries that emphasize reducing wastage and sustainability. Another reason for the market growth includes ease of application and adherence to environmental regulations.
Analysis by End-Use Industry
Based on end use industry, the powder coatings market is categorized as appliances, automotive, consumer goods, general industrial, architectural, furniture, and others. The consumer goods segment is anticipated to hold major market share over the forecast period owing to growing demand for numerous types of consumer electronics and aesthetic appeal offered. Powder coatings offer several finishes, comprising matte, high gloss, and textured options, which allow producers to meet the unique demand of consumers for look of electronics, household appliances, and other products. Also, color versatility of these coatings helps the products to stand out and align with modern design trends, thus driving the segment growth.
On the other hand, the automotive segment is anticipated to grow significantly over the forecast period owing to better weather resistance and enhanced performance. Powder coatings deliver unique and outstanding resistance to factors like UV rays, extreme temperatures, and moisture, which make them suitable for automotive applications that are exposed to extreme weather conditions. These coatings for automotive industry are specially designed to withstand wear and tear, comprising abrasions and scratches, aiding in maintaining the vehicle’s functional and aesthetic integrity, impacting the segment’s growth.
Global Powder Coatings Market Size By Resin Type
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Powder Coatings Market Regional Insights
Region-wise, Asia-Pacific held a majority share of the powder coatings market in the past years and is expected to continue to lead in future as well owing to speedy industrialization and supportive government initiatives. The region’s manufacturing base is growing stronger, especially in nations like South Korea, India, and China, driving the demand for powder coatings in industrial uses comprising automotive components and machinery. In addition, the market growth in the region is also driven by regulations and government initiatives. Most nations of the region are adopting strict regulations, motivating the use of environment-friendly coatings having low VOC emissions, thus driving the market in the region. The key powder coating companies operating in the Asia-Pacific include Akzo Nobel N.V., 3M, PPG Industries, Jotun, The Sherwin-Williams Company, and more.
The market in North America is expected to showcase significant growth in the coming years owing to the growing number of innovations and advanced technologies and well-established industrial and automotive sectors. The developed countries of North America like Canada and the United States are key center for R&D in powder coating technologies. This emphasis on modernization is resulting in the emergence of novel application techniques and advanced formulations. Also, the automotive industry in the region is well-established with a leading number of production facilities, demanding advanced technologies in powder coatings.
Global Powder Coatings Market Size By Geography
- Largest
- Fastest
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Powder Coatings Market Dynamics
Drivers
Stringent Environmental Regulations and Policies
- Governments from across different nations are focusing on and imposing strict regulations for the use of VOC chemicals because of their damaging impacts on human health and the environment. Powder coatings are highly preferred due to their minimal or no impact than VOC emissions, which makes them the best eco-friendly choice.
Optimal Durability and Performance of Powder Coatings
- Powder coatings deliver outstanding durability, comprising resistance to chemicals, corrosion, and extreme temperatures. This increased their preference for high-demanding applications in industrial, automotive, and architectural sectors. Moreover, powder coatings need minimal maintenance due to their durable nature, making them ideal for residential and commercial applications.
Restraints
Technological Challenges to Restrain Market Growth
- The curing procedure powder coatings usually need certain conditions and high temperatures, which may not be available in all the production facilities. Moreover, application issues are hampering the adoption of powder coatings since it is difficult to achieve uniform coating, mainly on the large surfaces and complex shapes, leading to increased wastage or uneven results.
Environmental and Health Issues with Powder Coatings
- While powder coatings are usually highly eco-friendly, their overspray may become a cause of concern. Proper recovery systems and containment are essential to avoid dust settlement and material loss. Also, inhalation and handling of fine particles of powder coatings may pose health issues to laborers if required safety measures are not imposed.
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Powder Coatings Market Competitive Landscape
The global Powder Coatings market is a highly competitive global market driven by a large number of international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles in Powder Coatings Market
- PPG Industries, Inc. (United States)
- The Sherwin-Williams Company (United States)
- Akzo Nobel N.V. (Netherlands)
- Axalta Coating Systems, LLC (United States)
- Kansai Paint Co. Ltd. (Japan)
- RPM International Inc. (United States)
- Jotun (Norway)
- Asian Paints (India)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Protech Group (United States)
- Tiger Coatings GmbH & Co. KG (Austria)
- Anhui Meijia New Material Co., Ltd. (China)
- Berger Paints India Limited (India)
- Powdertech Surface Science (United Kingdom)
- Somar Corporation (United States)
- Cloverdale Paint Inc. (Canada)
- Freilacke (Austria)
- Diamond Vogel (United States)
- IFS Coatings (United Kingdom)
- 3M (United States)
- Erie Powder Coatings (United States)
- Keyland Polymer (United Kingdom)
- Primatek Coatings OU (Estonia)
- Cardinal (United States)
- Modern SAK Factory for Powder Paint (Saudi Arabia)
- Hentzen Coatings, Inc. (United States)
- Vitracoat (Netherlands)
- WEG (Brazil)
- Europolveri S.p.A. (Italy)
- Pulverit S.P.A. (Italy)
- ST Powder Coatings S.P.A. (Italy)
- IBA Kimya A.S. (Turkey)
- Neokem (Greece)
- Teknos Group (Finland)
- KCC Corporation (South Korea)
- CWS Powder Coatings GmbH (Germany)
- Pulver Inc. (United States)
Recent Developments
- In May 2024, PPG Industries announced they will invest USD 300 million to aid the mounting demand for coatings and paints in the automobile industry. The investment in advanced manufacturing will begin in 2024 and last for four years.
- In May 2024, Sherwin-Williams’s novel Pipeclad Frac-Shun ERC established a fresh coatings segment with a structure that attacks soil erosion in pipes placed near the fracking rigs, majorly decreasing downtime maintenance costs and improving productivity in drilling.
- In June 2024, Jotun introduces CX-rated powder coating (anticorrosive) solution. With this product, industries can access proven technologies to protect crucial machinery operating in highly challenging surroundings.
Powder Coatings Key Market Trends
- Mounting Use of Powder Coating for EVs: For electric vehicles, powder coatings offer several advantages due to their chemical resistance, high dielectric strength, and toughness that are highly suitable for stators, bus bars, rotors, and battery packs covers. They also aid long-term battery performance by safeguarding it against several threats including corrosion. With new electric vehicle designs and technologies that need single coat to offer many functions will gain traction due to performance and cost.
- Emergence of Smart Powder Coatings: Smart coatings respond in a measured manner to certain external stimuli and offer functions more than protective or decorative fields. Anti-microbial coatings avoid the growth of microbes and bacteria on coating surfaces. The retro-reflective coatings enhance visibility of riders in the dark by reflecting extreme light back to the source. The anti-graffiti coatings allow easy removal of annoying graffiti from different metals.
Powder Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, strong and beneficial features of powder coatings and increasing number of end-use industries are driving the growth of the market. Nonetheless, limited substrate compatibility and environmental and health concerns are some barriers to market growth. Asia-Pacific is anticipated to dominate the market owing to speedy industrialization, rising GDP and emerging markets, and strong market demand. Moreover, sustainability and green initiatives and development of novel formulations are some opportunities for the powder coatings market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.40 Billion |
| Market size value in 2031 | USD 11.88 Billion |
| Growth Rate | 5.40% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Powder Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Powder Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Powder Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Powder Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Powder Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Powder Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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