Powder coating is a dry finishing process in which powder material made from different resins is applied to a surface & is then cured under heat to provide an even coating. This process is suitable for various materials, including metals, plastics, glass, and medium-density fiberboard. It is used for both functional & decorative surface coatings in a wide range of colors, finishes, and textures.
The Global Powder Coatings market is anticipated to grow at a CAGR of around 5.27% during the forecast period, i.e., 2023-28. This attributes to the wide application of this type of coating in industries such as automotive, furniture, industrial products, appliances, architecture, etc., combined with the expansion of activities in these industries in different regions of the world.
In addition to this, factors such as economic expansion, rising disposable income, and expanding manufacturing industries are further contributing to enhancing market growth. The superiority of these coatings in terms of their strength & durability over liquid coatings would accelerate its demand from different segments such as architecture, industrial applications, etc.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: Saudi Arabia, The UAE, Egypt, Turkey , Israel, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||PPG Industries Inc., Akzo Nobel N.V., Axalta Coating System, Sherwin-Williams Company, Jotun Group, RPM International Inc., Arkema S.A., Nippon Paint Holdings, IGP Powder Coatings, 3M, Tiger Coatings GmbH & Co.KG, Kansai Nerolac Paints Ltd., A & I Coatings, Others|
|Unit Denominations||USD Million/Billion|
Further, the rising awareness of solvents & volatile organic compounds (VOCs) is leading to minimizing their use by different sectors. Since powder coatings are themselves solvent- & VOC-free and generate less waste than conventional painting techniques, they are becoming a prominent choice for the chemical market as an effort to get green. Also, the market is witnessing continuous inventions in the industry to serve different types of demand, such as distinctive & differentiating finishes made by the end-user industries. The requirement for powder coatings with various colors, textures, and special effects is rising in response to consumers' growing preferences for individualized & visually pleasing products, which is favorably affecting the market's expansion. For instance,
Thus, the global powder coating market is anticipated to rise over the next several years, as a result of ongoing research & development projects. Therefore, the surging end-user industry demand & growing public awareness of the advantages of powder coatings for the environment is presumed to positively impact the market across the world.
Key Driver: Transition of the Automotive Industry Towards Sustainability
The global inclination towards the adoption of clean & green solutions in the aftermath of climate change has been resulting in the growth of the electronic vehicle industry worldwide. Different countries, such as Germany, Brazil, India, etc., have been constantly engaged in building up their capabilities to manufacture electric vehicles. These countries are also taking several initiatives, like financial incentives, tax credits, etc., to raise the adoption rate of such vehicles to reduce the carbon footprint of their countries. Hence, this, combined with the rise in the percentage of environmentally responsible consumers, is pushing the growth of the automotive industry.
Further, continuous technological advancements in the automotive industry to explore different technologies such as lithium batteries, ethanol-blended fuel, and others, as well as the integration of such vehicles with other advanced technologies like renewable energy, would lead to the growth of the automotive industry, thus influencing the demand in the market during the forthcoming period.
Possible Restraint: Numerous Regulatory Norms Related to Coating Powders to Impede the Market Growth
The coating powders, such as TGIC (triglycidyl isocyanurate), TMA (tri-mellitic anhydride), etc., become toxic with the involvement of the resins in the manufacturing process, as when these resins are heated, they breakdown into multiple harmful chemicals. Direct skin contact & breathing in such powders present in the air can lead to significant health hazards such as asthma, dermatitis, skin sensitization, respiratory irritation, and various others. Thus, governments of different regions have laid regulatory measures related to the use of such coatings frequently.
Also, the waste produced during cleaning & pre-treatment of such coatings in sea, rivers, and others, in the form of suspended solids, grease, etc., makes the market a target for government authorities. Hence, compliance with the large number of norms that are carried out frequently becomes a difficulty for the manufacturers, further hampering the growth of the market worldwide.
Key Trend: Technological Advancements to Support Sustainability in Powder Coating Industry
The move towards sustainability has boosted the number of innovations, carried out by companies such as Allenex, AkzoNobel, etc., to make the powder coating process less carbon-intensive in recent years. For this, companies are targeting different components of the manufacturing process of these coating ranging from raw material to the curing process. For instance:
Hence, such developments in the these coating industry are impacting the market positively as more & more end-user industries are inclining towards the usage of such coating with sustainability benefits. Further, strengthen the hold of the industry in the coming years as the world moves towards sustainability.
Based on Method of Coating:
Among these, Electrostatic Spray Deposition (ESD) acquired a significant portion of the Powder Coatings market. This accounts for the capability of this method to provide uniform & durable coating with more ease as compared to other technologies. Further, the wide applicability of this method to coat a vast range of commodities, including metals, plastics, wood, and ceramics, raised the share of this segment.
Moreover, the cost-effectiveness of the ESD method in comparison to other methods like liquidized bed, makes this technology attractive to a large number of companies. Additionally, the feasibility of integrating the ESD method with automation technologies & the continuous development in the end-user industries, such as automotive, industrial, etc., would accelerate the demand for the electrostatic spray deposition method in the upcoming years.
Based on Application:
Of them, the Automotive industry registered substantial growth owing to the wide-scale application of powder coatings in different segments of the automotive industry, including automotive OEM, automotive refinish, engine components, interior components, wheels & rims, etc. This combined with the high desirability of durable coatings for the automotive industry to protect the vehicle from resistance to corrosion, chemicals, UV radiation, weathering, and wear & tear, and the capability of powder coatings to provide this type of protection made these coatings a choice for automotive coatings. Further, the growing demand for automobiles with expanding urbanization & industrialization in different regions of the world would upscale the automotive industry's share in the market during the forthcoming period.
Geographically, the market expands across:
Among these, the Asia-Pacific acquired a substantial share of the Global Powder Coating market owing to the large-scale development of various industries, including construction, automotive, manufacturing, etc., in different countries of the region like India & China, among others. The governments of these countries have been constantly engaged in building industrial hubs, carrying out favorable business policies to lure high amounts of investments & the global multinational corporations in the region. Hence, such companies have also been establishing their presence in the region to captivate one of the largest shares of the population of the world present in Asia-Pacific. This is further heightening the rate of construction in the different sectors, such as residential, commercial, etc., to provide facilities for the increasing population to have a decent life.
Moreover, this combined with the high rate of urbanization & rising disposable income of the regional population is creating a high demand for this coating in Asia-Pacific for different purposes such as building materials, appliances, industrial products, etc. Therefore, the continuous development in the region would create a positive framework for the market in Asia-Pacific in the upcoming years.
Recent Developments by the Leading Companies
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Frequently Asked Questions
A. The Powder Coating Market is projected to grow at a CAGR of around 5.27 % during 2023-28.
A. The sustainable transition of the automotive industry is expected to drive the Powder Coating Market during 2023-28.
A. PPG Industries Inc., Akzo Nobel N.V., Axalta Coating System, Sherwin-Williams Company, Jotun Group, RPM International Inc., Arkema S.A., Nippon Paint Holdings, IGP Powder Coatings, 3M, Tiger Coatings GmbH & Co.KG, Kansai Nerolac Paints Ltd., and A & I Coatings are the top players in the Powder Coatings Market.
A. Electrostatic Spray Deposition (ESD) is the leading method of coating in the Powder Coatings Market.
A. Asia-Pacific would present growth prospects in the Powder Coatings Market during 2023-28.
A. Technological advancements to support sustainability is the key trend shaping the growth of the Powder Coatings Market.
A. Architectural, Furniture, Automotive, General Industrial, and Appliances are the industry's potential end-users.
A. The large number of regulatory norms related to coating powders is the possible restraint affecting the growth of the market.