The global market for powder coating is projected to grow significantly for the next six years owing to its various superior properties when compared to conventional paints and rising demand for powder coating from various end use sectors such as automotive, furniture and appliances among others. Support from regulatory bodies such as U.S. Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) is also contributing towards market growth.
However, thin films are difficult to obtain which is the major factor inhibiting the market growth. Emerging economies, such as Brazil, India, China, Malaysia and many GCC countries offers huge untapped market potential. Moreover, advancement in technologies is another factor which will provide huge market opportunity over the next six years.
By applications, in 2020, consumer goods accounted for major chunk of the market pie in terms of demand. Rising demand for domestic appliances such as refrigerators, washing machine, microwave oven, Ac’s and freezer cabinet are also projected to augment market growth. Surging vehicle production in Germany, Malaysia, Brazil and China along with rise in demand for luxury cars. Automotive segment is projected to grow with fastest growth rate during the forecast period of 2021 to 2029. Furniture segment is projected to grow with the second fastest growth rate during the forecast period.
By resin type, polyester due to its superior mechanical properties accounted for the largest chunk of the market pie in terms of demand in 2020. It is also projected to maintain its domination during the forecast period. However, growth is projected to be highest from polyurethane segment due to its high retention and resistance properties. Epoxy-Polyester is another lucrative segment with high growth potential.
In 2020, Asia Pacific accounted for more than 45% share of the market in terms of demand. It is also projected to be the fastest growing market owing to high demand for high end luxury cars, industrial appliances and metal furniture’s. In 2020, North America accounted for the second largest share but projected to grow at a below average growth rate during the forecast period due to long time presence and awareness of liquid coatings. In Europe, Western Europe is highly mature market but Eastern Europe offers huge untapped market potential. Middle East and Africa is projected to grow at a substantial growth rate during the forecast period due to rising demand for commercial vehicle.
The report titled “Global Powder Coating Market - Growth, Future Prospects, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global powder coatings market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on resin type, application type and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2019 & 2029. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help the strategic decision makers, the report also includes profiles of the leading powder coatings manufacturers, along with their, product portfolio and key developments. The major players profiled in the report are AkzoNobel, PPG Industries, Sherwin-Williams, Valspar Corporation, Axalta Coating Systems, Nippon Paint and Arkema among others. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global powder coatings market, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.
The global powder coatings market can be categorized on the basis of resin type as:
There are two types of resin in powder coatings namely thermosetting plastics and thermoplastics. Thermosetting resins, owing to its higher stability when compared to their thermoplastics counterparts’ accounts for higher market share. Thermosetting resins segment includes epoxy, polyester, epoxy-polyester, acrylic and polyurethane.
By resin type, polyester accounted for the largest share of more than 30% in 2020 in terms of volume and value. Owing to its superior properties and high weathering, UV resistance, and exterior durability polyester are projected to maintain its market hold during the forecast period of 2021 to 2029. On the other hand owing to enduring resistance to corrosion and humidity in thin film applications polyurethane is projected to be the fastest growing resin type. In 2020, polyurethane generated revenue more than US$ 800 million. Epoxy–polyester resin type is also projected to witness substantial growth during the forecast period of 2021 to 2029.
The global powder coatings market can be categorized on the basis of application as:
In 2020, by application type, consumer goods dominated the market as coatings helps to provide flexible finishing and consistent. This application generated revenue over US$ 3.0 billion in 2020 and is projected to maintain their supremacy in the market for over the next six years. Moreover rising demand for industrial and household appliances such as microwave and washing machine are projected to augment the segment growth. Consumer goods application was followed by general industries application which accounted for more than 15% share of the market in terms of revenue.
However, growth is projected to be fastest from automotive application owing to strong vehicle production growth along with rising demand for high end cars, especially from emerging economies such as India, China, Brazil and Malaysia among others. Furniture segment is projected to grow at the second fastest growth rate during the forecast period of 2021 to 2029.
Asia Pacific is the largest and the fastest growing region owing to rising demand for powder coatings from end use sectors such as automotive, electronics and furniture among others. It accounted for 46.26% share of the market in 2020 in terms of revenue. In Asia Pacific, economies such as China, India, Vietnam, Taiwan, Thailand and South Korea owing to the growing population coupled with rise in disposable income offers huge market potential. European market is projected to witness growth owing to surging automobile production in economies such as Germany, UK, and Romania. Middle East and Africa regions is projected to witness substantial growth due to rising demand of commercial vehicles. However, North America region with more than 80% demand for powder coatings coming from the U.S. is projected to witness more strategic initiatives owing to their mature market demand. Latin America is relatively an under developed market and projected to grow at a below average growth rate.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Powder Coating market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Resin Type
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
