Powder Coatings Market Trends, Growth, & Share-2031

(MENAFN- Straits Research) Introduction

100% solid powder coatings are a homogeneous blend of polymers, pigments, and additives. These coatings are solvent-free and durable. A spray cannon electrically charges powder particles and directs them to the coating target. The powder melts, flow out, and forms a tough film when heated.

Powder coatings protect and decorate. Colors and textures vary. Technology has improved performance. It's durable, scratch-resistant, glossy, and chalk-resistant. It's used on weather-exposed metal parts. It's AAMA-compliant and eco-friendly. Powder coating is cost-effective since it lacks solvents and VOCs (VOCs). Over-sprayed powder coating can be recycled, lowering costs.

Market Dynamics Expansion in a variety of end-use industries

Powder coatings are used in various industries, including automotive, appliance, furniture, architectural, and general industrial ones. With new applications being created, there is an increased demand for powder coatings. The future will see steady growth in the furniture and appliance industries. Applications of powder coatings are being investigated intensively in emerging areas, including IT and telecom. Other auto parts, such as radiator coil springs, shock absorbers, braking parts, door handles, bumpers, window handles, and others, are also powder coated. Due to consistent economic expansion, more investments are coming to the Asia Pacific region. In the growing nations of the Asia Pacific and the Middle East, investments by steel corporations have accelerated the development of the appliance, construction, automotive, and electronics sectors over the last ten years. The expansion of these sectors is driving the need for powder coatings.

Demand for eco-friendly coatings drives the market growth

Reduced VOC consumption has boosted the market (VOCs). These coatings contain no VOCs, minimizing atmospheric pollution, safe storage, and fire hazard. VOCs are vaporizing compounds that produce ground-level air pollution. Nitrogen oxides mix with VOCs to generate smog, which can cause nose, throat, eye irritations, headaches, memory loss, vision impairments, and cancer.

Increasing environmental awareness among manufacturers boosts coatings manufacturing. Manufacturers must observe tight environmental standards on solvent and VOC emissions. Manufacturers who violate VOCs regulations incur fines. These coatings reduce air pollution and meet standards. These coatings don't use petroleum solvents; thus, they don't release VOCs. Compliant coatings will boost the market.

Growth opportunities for the global powder coatings market

Powder coatings are being used more frequently in the automotive industry

The automotive sector saw a lot of technological developments and inventions in 2018. With the global market for autonomous vehicles predicted to be worth USD 60 billion in 2030, sustainability is crucial to developing self-driving cars. Market forecasts for 2022 are cautiously optimistic, and sales of light vehicles are expected to rise, albeit slightly. Given that one of the primary uses for this coating is in the automobile sector, investments in the Chinese automotive sector provide makers of powder coatings with the potential for rapid expansion.

Automotive engines, chassis, wheels, filters, joysticks, mirrors, wipers, horns, and other elements of cars are all coated in powder. As a varnish for vehicle bodies, transparent powder coating is now being researched. Powder coatings have long been employed in various fields and have garnered trust. In addition to having the potential to impart high-quality aesthetics, they have demonstrated incredibly durable and corrosion-free.

Regional analysis of the global powder coatings market

Based on region, the market is broken down into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The Asia Pacific is the fastest-growing powder coatings market. As European and North American markets decrease, demand shifts to the Asia Pacific. This region has the most vital building industry, accounting for 40% of global construction investment. India, China, and Indonesia are developing extensively in numerous end-use industries, which could boost their powder coatings markets. Rising incomes boost demand in the region. Foreign players invest in these nations' powder coating markets.

Early in 2020, coronavirus spread throughout China. In a short time, the epidemic spread to Japan, South Korea, and Thailand, causing rapid positive cases and death. National governments across the Asia-Pacific announced lockdowns, reducing traffic, building, mining, and manufacturing. COVID-19's impact is expected to be greater in China, a global manufacturing hub. The powder coatings market in the Asia-Pacific is predicted to decline in 2020.

Key Highlights

• The global market for powder coatings was valued at USD 12.4 billion in 2021, and it is anticipated to reach USD 23.36 billion by 2030 at a CAGR of 7.29%.
• The global powder coatings market is divided into five parts resin type, a coating method, substrate, end-user, and region. The powder coatings industry is divided into thermoset and thermoplastic segments based on resin type. Epoxy polyester hybrid, epoxy, polyester, acrylic, polyurethane, and others are further segments of thermoset. Polyvinyl chloride, nylon, polyvinyl fluoride (PVF), and polyolefin are other subcategories of thermoplastic. Epoxy resin type holds the most significant market share.
• The electrostatic spray coating, fluidized bed coating, electrostatic fluidized bed procedure, and flame spraying segments of the powder coatings market are based on the coating method.
• Based on substrate, the powder coatings market is divided into metallic and non-metallic segments.
• The powder coatings market's domestic, automotive, general industries, architectural, consumer goods, construction equipment, and furniture sectors are divided according to the end-user. The consumer goods segment dominated the market.
• Based on region, the market is broken down into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific dominates the market.

Competitive Players

AkzoNobel NV

Sherwin Williams Company

Arkema

RPM International Inc.

PPG Industries Inc.

Axalta Coatings Systems

Allnex

DSM

Asian Paints Ltd.

BASF

Berger Paints

Diamond Vogel

Dulux Group

Eastman Chemical Company

Evonik

Recent Developments

Recent Developments

• April 2023- AkzoNobel introduced a superdurable powder coating , Interpon D, for architects and designers in the Indian market. This coating can give aluminum surfaces the gorgeous natural appearance and texture of stone without the hassle or expense of using the actual material.
• May 2023- PPG announced the closure of a EUR 13.5 million investment to improve its powder coatings manufacturing facility in Brazil, Indiana.

Segmentation

By Resin Type

Thermoset Resin

Thermoplastic Resin

By End-User Industry

Appliances/ Consumer Goods

Automotive

General Industrial

Furniture

Architectural

Others

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