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Powder Coatings Market Size
Powder Coatings Market size exceeded USD 14.52 billion in 2023 and is anticipated to exhibit over 5.5% CAGR from 2024-2032. Growing focus on VOC reduction is estimated to complement the market expansion.
Technological advancements in fluoropolymer powders and polyester-TGIC have enabled the introduction of novel powder coatings which are resistant to fading, durability, and weatherability equivalent to liquid architectural coatings. Outdoor stadium seating, window & door frames, modular furniture, guard rails, light poles, and plumbing fixtures are some of the common architectural applications of powder coatings.
High spending on construction activities will creates new business opportunities in the powder coatings industry. Powder-coated products have a widespread application in the architectural sector. These coatings are available in a variety of finishes and colors and offer exceptional durability. Global low temperature powder coatings industry size is anticipated to surpass USD 166.3 million by 2032 driven by increasing focus on sustainability and eco-friendly solutions.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 14.52 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.5% |
| 2032 Value Projection: | USD 23.27 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 650 |
| Tables, Charts & Figures: | 583 |
| Segments covered: | Resin, Application, Substrate |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Global demand for powder coatings is largely driven by the growth of the infrastructure. The regional government's housing subsidies and socioeconomic development will have a favourable effect on the architectural and decorative market, implicitly promoting industry share. The consumption habits and expectations of consumers in various areas must be taken into account. In negotiations between retailers and producers, the workforce in this sector frequently represents themselves as negotiators. In order to supply specialized shops and hardware stores, wholesale suppliers frequently buy products from manufacturers.
The main trends that are being followed by powder coatings market participants include features like affordability, excellent quality, environmental friendliness, quick paint application, and simplicity of use. By publishing their catalogues online and selling their goods through online marketplaces, manufacturers are constantly working to increase their exposure. In order to acquire a competitive edge, major manufacturers are also investing in capacity expansion and hiring industry experts. To guarantee the ongoing retail of their products, manufacturers work to forge direct relationships with consumers. To obtain an advantage in the market, they also employ strategies like growing their product line and creating supply chain agreements.
High cost of machinery and tools required in powder coating applications could restrain industry growth. Specialized electrostatic spray equipment is one such tool that is needed for applying powder coating on various surfaces. Technological advancements have improved the way powder coatings are applied. However, sophisticated equipment for powder coating is higher in terms of cost.
Powder Coatings Market Analysis
Powder coatings market value from thermoset resins is expected to reach USD 23.5 billion by 2032. Thermoset is a type of solid resin used in powder coating products, which contains a heat-stimulated catalyst that forms cross-linking upon exposure. There is an increasing demand for these resins as they offer features like high levels of temperature, impact, and corrosion resistance. Thermoset powder coatings consist of thermosetting polymers that need relatively lower curing temperatures than their thermoplastic counterparts. They are extensively used by appliance manufacturers to coat products such as water heaters, refrigerators, dishwasher racks, dryer drums, freezer cabinets, and air-conditioner cabinets.
The powder coatings market revenue from the general metal application is set to surpass USD 8.5 billion by 2032. General metal powder coatings are applied on metal fabricated goods to provide protection against corrosion. With increasing residential construction activities and growing recreational infrastructure investments, general metal applications of powder coatings have picked up pace. These include coating requirements for exterior components such as garden furniture, playground equipment, and fencing products. Manufacturers are developing advanced powder coatings with color consistency, durability, anti-gassing, and variable bake to address the surging demand for general metal powder coatings.
In terms of volume, the powder coatings market from the metal substrate segment is projected to cross 6.5 million tons by 2032. Metallic substrates comprise of parts, objects, and materials made from metals such as copper, iron, steel, lead, aluminum, and their alloys. Metal coating is an effective method to prevent corrosion and deterioration of parts. Metallic powder coatings are either bonded or unbonded. Bonded metallics are easier to apply and offer a smoother finish to the end products. Post-pandemic recovery of the steel sector in developing economies will escalate the use of powder coatings.
Asia Pacific powder coatings market is anticipated to expand at over 6% CAGR between 2023 and 2032. Rising disposable income, rapid urbanization, sustainable economic growth, and improving lifestyles in countries such as India, South Korea, and China will pave the way for industry expansion across the region. Over the last decade, the architectural and home décor landscape has undergone a significant transformation with an increasing inclination toward western trends and culture. Consumers are preferring modular kitchens & lighting along with multifunctional furniture. Furthermore, the region is expected to emerge as a hotspot for powder coating manufacturers due to the abundance of raw materials.
Powder Coatings Market Share
Some of the leading companies in the global powder coatings market include:
- Kansai Paints
- AkzoNobel N.V.
- Asian Paints
- BASF
- Axalta Coating System
- PPG Industries
- RPM International
- The Valspar Corporation
- The Sherwin-Williams Company
- Dulux Powder & Industrial Coating
- Jotun Powder Coatings
- Somar Corporation
- Marpol
- Protech Oxyplast Powder Coating
- Dupont Coating & Color Technologies Group
- Nippon Paint Co. Ltd.
- loverdale Paint Inc
- Vogel Paint Inc
- Hentez Coating Inc
- Evonik Industries.
These companies are launching new products to gain a competitive advantage over other market players.
Impact of COVID-19 Pandemic
The COVID-19 pandemic resulted in unprecedented repercussions on the powder coatings industry. Finishing and coating shops worldwide reported significant disruptions. According to a survey of over 200 shops in the powder coating industry conducted by Finishing and Coating, more than 77% of shops reported a negative impact of pandemic-driven supply chain issues on finishing operations.
Due to lockdown restrictions and social distancing norms, businesses struggled with day-to-day operations to meet manufacturing goals. While many small-scale units shut down, large-scale companies continued to work with a limited workforce and adhere substantial losses due to uncertain productivity. The pandemic also limited innovation in paints and coatings due to a lack of laboratory activities.
This market research report on powder coatings includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD Million from 2018 to 2032 for the following segments:
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By Resin
- Thermoplastic
- Nylon
- Others(PVC, Polyolefin, ABS, Polycarbonate)
- Thermoset
- Epoxy
- Polyester
- Polyurethane
- Acrylic
- Epoxy polyester hybrid
- Fusion bonded epoxy
By Application
- Architectural
- Jobbers
- Agricultural/Construction equipment
- Pipeline
- Oil & Gas
- Appliances
- General Metal
- Furniture
- Others
- Automotive & transportation components
- Wheels
- Others
- Others
By Substrate
- Metal
- Non-Metal
The above information is provided on a regional and country basis for the following:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Netherlands
- Poland
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Thailand
- Latin America
- Brazil
- Argentina
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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