Energy Efficient Powder Coatings Market size is poised to witness substantial growth trajectory between 2023 and 2032 led by growing utilization across furniture, automotive, and electronics manufacturing.
The growing energy costs worldwide have propelled the demand for energy-efficient and sustainable powder coatings amidst the ongoing transition to cleaner and greener environment. Lately, low-temperature-cure powder coating technology is evolving rapidly as a result of the soaring energy prices as well as the increasing need for saving industrial and residential energy consumption. Low-cure energy-efficient powder also offers multiple benefits including zero level of solvent and VOCs, time & cost-efficiency, and higher availability in a wide variety of colors and textures.
However, the outbreak of the COVID-19 pandemic had significant impact on the energy efficient powder coatings market. Due to the unprecedented supply chain disruptions, lockdown regulations, and temporary shutdown of manufacturing units, several specialty chemical companies reported massive losses. Furthermore, the fallout between Russia and Ukraine aggravated the situation by fostering inflation, leading to skyrocketing costs of raw materials, and shortage in supply.
Based on product diversification, the energy efficient powder coatings market is bifurcated into thermoset and thermosetting segments. The demand for thermoset powder coatings is expected to gain significant traction since they require lower curing temperatures and can be easily derived from a variety of resins such as polyurethanes, polyesters, acrylics, and epoxies. Among these, epoxy powder coatings are projected to record higher preference in the upcoming period owing to their benefits, such as superior chemical resistance, high flexibility, and adhesion.
With increasing industrial application, several manufacturers are expanding their production capabilities and investing heavily to meet the growing demand for epoxy coatings. For instance, in June 2021, Aditya Birla Advanced Materials disclosed plans to invest in the expansion of its epoxy resins production and curing agents business.
Furthermore, the surging sales of electrical and electronic products worldwide has positively influenced the demand for epoxy powders dramatically. These powders offer excellent electrical insulation properties, corrosion & moisture resistance, and thermal stability. Over the past decade, the demand for smart appliances has escalated notably driven by rapid urbanization and the increasing disposable incomes. According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the consumer electronics and appliances sector is anticipated to double by 2025.
From a regional frame of reference, North America energy efficient powder coatings market size is anticipated to amass sizeable expansion over 2032 owing to the booming manufacturing output in the U.S. and Canada. With the growing population and promising manufacturing foothold, the demand for heavy machinery has witnessed sustainable growth in the recent past. Moreover, the rapid penetration of smartphones and next-generation electronic devices will spur industry growth in the region.
The competitive landscape of the global energy efficient powder coatings market includes players, such as BASF SE, AkzoNobel N.V., PPG Industries, Inc., Asian Paints Ltd., IGP, Axalta Coatings Systems, and Kansai Paints, amongst others. These companies are foraying into strategic agreements with end-user participants to strengthen their business footprint. For instance, in December 2022, Axalta entered a multi-year agreement with Steer Automotive Group, the largest private vehicle repair organization in the U.K. to supply its premium refinish products across the latter’s 57 U.K. sites.