Powder Coatings Market size is anticipated to reach over USD 25.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Rising demand for aerospace & marine coatings will complement the industry outlook. Powder coatings are extensively used to prevent corrosion of boat fixtures and marine equipment, due to prolonged exposure to saltwater. Marine equipment such as steering wheels, antenna mounts, bow rails, and pedestal chair mounts are made up of aluminum and stainless steel, which can be easily degraded upon contact with atmospheric factors. The high use of metal components increases the need for powder coatings to ensure a superior and long-lasting finish. Similarly, powder coatings also have automobile applications. Nearly 25% of the automotive coating needs come from wheels, whereas 40% come from underhood components.
High popularity of biodegradable fusion-bonded epoxy resins
Global powder coatings market share from fusion-bonded epoxy resins is estimated to surpass USD 850 million by 2032. Fusion-bonded epoxy (FBE) thermoset coatings are biodegradable & eco-friendly solutions used to protect steel pipes from the impact of harmful chemicals and other external factors. They are applied to maintain the integrity of piping connections, industrial pipes, and concrete reinforcing bars. FBE-coated pipes can easily withstand dry conditions and temperatures as high as 85°C. FBE offers exceptional adhesion to steel and ensures long-term resistance to corrosion.
Widespread demand across agricultural & construction applications
In terms of revenue share, agricultural/construction equipment application is poised to reach over USD 1.2 billion by the end of 2032. Equipment deployed in agricultural and construction spaces is coated with powder coatings to ensure long-term protection of equipment from different chemical and atmospheric elements. These coatings also enable color retention and corrosion resistance. Manufacturers of agriculture and construction equipment are increasingly adopting powder-coating processes owing to the vast range of economic, environmental, and production benefits. For instance, these coatings allow the utilization of powder overspray, reduce volatile organic compounds (VOCs), and improve finish quality.
Growing use of non-metallic coatings in home appliances for insulation
In terms of volume, global powder coatings market share from non-metal substrates is expected to reach over 400 kilotons by 2032. Nonmetallic substrate encompasses objects and materials made of ceramics, plastic, medium-density fiberboard, wood, and glass. Non-metallic coatings are mainly used in decorative coating applications, along with architectural structures and home appliances. The increasing use of non-metallic coatings in electronics can be attributed to their chemical and physical properties. Low thermal and electrical conductivity make these coatings ideal insulators in electronics.
Browse key industry insights spread across 650 pages with 571 market data tables and 12 figures & charts from the report “Powder Coatings Market Size By Resin (Thermoplastic, Thermoset, Fusion Bonded Epoxy), By Application (Architectural, Jobbers, Agriculture & Construction Equipment, Pipeline, Oil & Gas, Appliances, General Metal [Outdoor Furniture & Playground Equipment], Automotive & Transportation Components [Wheels]), By Substrate (Metallic, Non Metallic), COVID-19 Impact Outlook, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Surging automotive production across European countries
Europe powder coatings market is projected to exhibit over 5.5% CAGR between 2023-2032. Rapidly surging automotive production and increasing consumer demand for high-performance wheels will offer lucrative business prospects to powder coating manufacturers. In recent years, the European government has implemented stringent emission standards and norms such as the Registration, Evaluation, Authorization, & Restriction of Chemicals (REACH). Meanwhile, EU countries such as France, Germany, the UK, Russia, Spain, and Italy have reported significant growth in the automotive sector, thus accelerating the demand for powder coatings for vehicle and vehicle parts.
Strategic developments to boost powder coatings industry expansion
Jotun Powder Coatings, Kansai Paints, AkzoNobel N.V., Dupont Coating & Color Technologies Group, Asian Paints, BASF, Protech Oxyplast Powder Coating, PPG Industries, RPM International, The Valspar Corporation, Vogel Paint Inc., Dulux Powder & Industrial Coating, Somar Corporation, Marpol, Axalta Coating System, Nippon Paint Co. Ltd., Cloverdale Paint Inc., Hentez Coating Inc., The Sherwin-Williams Company, and Evonik Industries are some of the leading companies in the global powder coatings market. These participants are implementing strategic expansion plans to gain a competitive advantage.