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

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 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.  '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) '

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.  

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.  

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.