Powder Coatings Market Analysis

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.