Powder Coating Market Size By Resin (Thermoplastic, Thermoset), By Application (Architectural & Furniture, Automotive & Transportation, Household Appliances & Consumer Goods, Medical & Healthcare, Industrial), By Substrate (Metal, Non Metal), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Russia, China, Japan, India, South Korea, Vietnam, Australia, Indonesia, Thailand, Mexico, Brazil, Argentina, Saudi Arabia. UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: January 2017 | 200 Pages | Report ID: GMI379 Report Format: PDF

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Industry Trends

Powder Coating Market size was over 1,900 kilo tons in 2015, and will witness gains at over 6% CAGR from 2016 to 2024.

China Powder Coatings Market size, by application, (kilo tons), 2013-2024   
China Powder Coatings Market size, by application, (kilo tons), 2013-2024   

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Rising applications across end-use industries such as automotive, industrial, and consumer goods will drive the powder coating market demand. Stricter government regulations about VOC emissions will further boost the growth. These are solvent free, eco-friendly and emit less volatile organic compounds when compared with liquid paints.

Powder manufacturers are developing products with reduced heat requirement and wood producers are focused on development of uniform density wood products which makes them suitable for powder coatings. These products help maintain the external appearance of the surface on which they are applied, and are therefore popular among furniture manufacturers. The global furniture market is anticipated to witness gains over 4.5% by 2024 and will be driven by factors like rising utilization extra home space for an office. APAC is expected to witness significant growth due increasing foreign investments and growth of service sector in the region.

Development of new products with special features like ultra-reflective powder coating which increase the effective output of commercial lighting fixtures will also contribute towards powder coating market growth.  This allows makers of lighting fixtures to obtain more light from a specified power input for any light source.

Powder application equipment advances have also contributed to the industry growth. Utilization rates are around 90 percent or higher, against 30-80 percent efficiency for most other spray coating processes like water paints or electrostatic liquid systems.

Powder Coating Market, By Resin

Thermoset resin market share will witness strong growth exceeding 4.5% by 2024. These products offer shock resistance well as corrosion resistance to automobile parts, industrial equipment and various household appliances which increases lifespan of product. Consumer inclination towards durable products is expected to drive powder coating market demand.

Epoxy polyester hybrid segment is expected to account for more than 50% of the powder coating market share by 2024. These products coating are competitively prices as compared to its counterparts which makes them suitable for usage in high volume applications such as electrical enclosures, consumer appliances, agricultural and heavy duty equipment.

Polyesters are expected to witness growth at 3.9% CAGR during the forecast timeframe. Polyesters provide better sustainability in sun light, owing to this, they are highly utilized in outdoor furniture and in auto spare parts manufacturing industry.

Powder Coating Market, By Application

Architectural & furniture applications accounted for over 30% of the global consumption 2015 and will witness gains at over 4.5% CAGR during the estimated timeframe. It is mainly utilized in metal furniture as it offers better gloss and resistance to scratch as compared to other coatings.

Automotive & transportation applications will witness the highest gains of over 6% during the forecast timeframe. This can be attributed to increased preference of auto manufacturers towards these coatings owing to substantial cost reductions and other benefits offered by these products. Major auto parts utilizing includes wheels, frames rims and chassis.

Household appliances & consumer goods have been a high-volume application area, accounting for more than 20% of global powder coating market size in 2015. Key areas of powder coating in this segment includes AC cabinets, refrigerators, vacuum cleaners, microwave cavities and freezer cabinets.

Powder Coating Market, By Substrate

The metal substrate segment held more than 90% of the total powder coating market in 2015 with more than 5% CAGR expected from 2016 to 2024. Nonmetallic products that can be powder coated include glass, wood plastic and composites. Nonmetallic substrates market is driven by introduction of medium density fiber board (MDFD) which has intensified use of powder coatings in wood based furniture.

Powder coatings demand will be supported by advancement in functionalities in terms of durability, scratch resistance, gloss retention, and resistance to chalking. It is preferred in regions of extreme weather conditions as it protects metal parts when exposed to severe heat. Development of products which can be applied and cured at low temperatures has opened markets for its applications in nonmetallic and heat sensitives substrates like wood and plastics.

Powder Coating Market, By Region

North America led by the U.S. accounted for over 18% of the total demand in 2015. U.S. powder coating market is driven by industrial applications. Machinery manufacturing accounted for over 7% of the total regional shipments in 2015. They are highly utilized in heavy machineries like HVAC, boilers furnaces and heaters.

China and India powder coating market together will hold over 20% of the global industry consumption. While Southeast Asian countries like Thailand and Malaysia present great opportunities for local sales, they also offer critical production advantages over other countries. The China powder coatings market size will be driven by government regulation imposed on coatings. In January 2015, China Ministry of Finance levied 4% consumption tax on coatings manufacturers on the sale of any product whose ready to spray VOC level exceeds 420g/L. Additionally, it is mandatory for new automotive OEM units to use only low VOC or waterborne coatings.

Thailand was ranked among the top 10 auto producers in 2015 with total car production of around 1.9 million units in 2015. The country also has around 709 Tier-1 auto parts suppliers and 1700 Tier 2 and 3 suppliers. Amongst the top 100 auto component manufacturers in the world, 50 operates factories in Thailand which offers a great potential for the powder coating market growth.

Latin America powder coating market consumption is expected to surpass 250 kilo tons by 2024 witnessing gains over 6.5%. This growth can be attributed to Mexico and Brazil together accounting for more than 60% of the total consumption. Mexico is witnessing strong growth in furniture industry, as number of companies have moved parts of their manufacturing operations in the country.

The country offers better logistical options while shipping products to the target market; the U.S and Canada and incur low overhead cost when compared with other offshore destinations. Mexico’s proximity to major consuming markets gives it an added advantage therefore offering a huge opportunity in furniture application of powder coatings.

Competitive Market Share

Global powder coating market is highly fragmented with the top four industry participants accounting for less than 40% of the total share. Some of major participants are AkzoNobel, PPG, Sherwin Williams, Axalta, BASF Nippon Paints, DuPont and Jotun. It is considerably unorganized with presence of local and regional market players fighting for domestic share.

Powder coatings manufacturers are focusing on offering better and newer products to their customers. Research studies undertaken by major companies are inclined towards increasing functionality products, such as ability to self-clean, impart antimicrobial property and increase light reflectivity.

PPG Industries recently launched a cross-link polymer technology which is introduced through ENVIROCRON HTE powder coatings. This product maximizes first pass transfer-efficiency rates for difficult-to-coat applications and provide faster built rates than traditional polyester coatings. 

Powder Coatings Industry Background

The global paints and coatings industry is witnessing a moderate growth and is expected to continue by 2024. The ecosystem consists of water based formulations, solvent based formulations and powder coatings. The business landscape is driven by APAC, with high amount of product developments, and mergers witnessed in the industry. Huge investment by major companies will also act as a market driver from the supply side.

What Information does this report contain?

Historical data coverage: 2013 to 2015; Growth Projections: 2016 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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