According to the latest industry analysis by Fact.MR, the powder coatings market was valued at US$ 12.72 billion in 2021 and is projected to witness a year-on-year growth rate of 5.0% in 2022, reaching US$ 13.48 billion. From 2022 to 2032, the market is expected to grow at an impressive CAGR of 6.0%, with the total market size anticipated to reach US$ 24.15 billion by the end of the forecast period.
Over the coming years, the powder coating market is anticipated to be driven by the growing demand for automobiles, including cars and commercial vehicles, in developing nations like China, India, and Brazil, as well as for replacement or spare parts in developed nations like the United States and the United Kingdom. Additionally, the growing use of powder coatings on many automotive parts is also expected to drive the market.
Powder Coatings Market – Key Takeaways:
- Epoxy based powder coatings capture over a third of overall market value, owing to their enhanced features.
- Given their high-quality finish and durability, acrylic-based powder coatings are likely to garner huge traction.
- Europe is leading the pack in the global powder coatings market; East Asia and Southeast Asia & Oceania would offer potential growth avenues.
- Consumer goods would be the key application area, while furniture is reflecting increasing application scope.
“Driven by uptight sustainability norms, industry executives are moving from liquid-based coatings to powder coatings. Powder coatings have low VOC content and thus reduce the risk of combustion during storage and application. Further, they curb the possibilities of health hazards to industrial workers,” opines Fact.MR in its new research study.
Powder Coatings Market – Key Driving Factors
- Excellent resilience against chipping, and corrosion, as well as enhanced cost- and time-efficacy are broadening the adoption of powder coatings.
- Increasing usage in automobiles, home-appliances, and industrial machinery & equipment to widen investment opportunities.
- Market players are transforming manufacturing processes with Industry 4.0 technologies – artificial intelligence (AI), and cloud computing.
Competitive Landscape
Powder coating manufacturers are investing in R&D and are rolling out innovative offerings and utilizing automation technologies to form collaborations with demanding customers. Key players in powder coatings market include Akzo Nobel N.V., PPG Industries, Inc., BASF SE, Eastman Chemical Company, Nippon Paint Holdings Co., Ltd., Bayer AG (Covestro AG), Eisenmann, Evonik Industries AG, and Sherwin-Williams.
- PPG Industries announced in April 2022 that it had successfully acquired the Milan, Italy-based industrial coatings company Arsonsisi’s powder coatings production division.
- In September 2021, BASF’s Coatings division began using Covestro’s Ultra line of coating hardeners. In order to comply with the stringent occupational safety standards regarding the use of isocyanates, BASF was able to enhance its array of refinish coatings.
- PPG introduced CORAFLON platinum coatings for architectural metals in May 2021. The proprietary coatings process offers better corrosion resistance and high transfer efficiency rates of over 20% when compared to conventional fluoroethylene vinyl ether coatings. Globally, PPG CORAFLON Platinum products come in a range of hues, metallic finishes, glosses, and micas.
