Wilmington, Delaware, United States, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global powder coatings market is likely to expand at a CAGR of 6.6% between 2022 and 2031. Powder coating is a coating type generally applied as a dry, free-flowing powder. Powder coating is usually electrically charged before heating or exposing to ultraviolet light and then cured, as opposed to traditional liquid paint, which is applied using an evaporating solvent. Thermoplastic or thermoset polymers are used to make the powder in powder coatings and are typically used to achieve a hard finish, which is more durable than regular paint.
Utilization and demand for powder coatings is increasing in the automobile industry. Powder coatings have better corrosion resistance and abrasion resistance qualities. These could also help in resisting ultraviolet rays of the sun, acid rain, and offer protection from rain and weather damage too. These properties offered by powder coatings are likely to create business opportunities for manufacturers in the market during the forecast period.
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According to TMR report, the global powder coatings market was valued at US$ 11.8 Bn in 2021 and is anticipated to reach US$ 21 Bn by the end of 2031. Powder coatings have eco-friendly characteristics; hence, demand for these coatings is anticipated to rise significantly in the next few years.
Key Findings of Study
- Government-imposed Stringent Environmental Regulations on Harmful Coatings: Various rules and regulations have been imposed on handling, storage, and transportation of multiple specimen chemicals and their effluents, emissions, and other pollutants. This has led to high demand for less harmful alternatives such as powder coatings. An added advantage of powder coatings is that these do not require any specific handling, storage, or transportation methods. Thus, the imposition of stringent environment regulations on harmful coatings is projected to propel powder coatings market expansion in the near future.
- Increase in Demand in Automotive Industry: Powder coatings offer irresistible value proposition for consumers, and are thus gaining popularity in the automotive sector. Powder coating is used for automobile parts such as door handles, roof racks, and the interior & exterior trims to protect from rain and heat. Furthermore, low operational cost and corrosion & abrasion resistance are anticipated to increase popularity of powder coatings in the next few years. These factors are projected to create growth opportunities for the global powder coatings market during the forecast period.
Key Drivers
- Rise in demand in the automotive industry is projected to augment market growth during the forecast period
- Environment-friendly characteristics of powder coatings is anticipated to increase adoption in future
- Increase in demand in applications such as metal furniture, construction, agriculture, and other industries is projected to accelerate market expansion in the near future
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Regional Growth Dynamics
- Asia Pacific accounted for 40% market share in 2021. The trend is expected to continue during the forecast period. This is ascribed to rise in disposable income of people and surge in living standards in Malaysia, Singapore, China, and Japan.
- Europe held 31% market share in 2021. The market in the region is anticipated to witness significant growth in terms of revenue during the forecast period. This is attributed to the imposition of stringent regulatory standards on polluting products.
- Rise in awareness about the dangerous effects of solvent-based coatings is likely to drive the market in North America during in the forecast period
Key Players
Prominent players in the global powder coatings market are Marpol Private Limited, DuluxGroup Limited, RPM International, Inc., BASF SE, SOMAR, Kansai Nerolac Paints Limited, Asian Paints Limited, Berger Paints India Limited, The Valspar Corporation, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., KAPCI Coatings, PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems., and Akzo Novel N.V.
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Powder Coatings Market Segmentation
Type
- Thermoset
- Epoxy
- Polyester
- Epoxy Polyester Hybrid
- Acrylic
- Others (including low temperature powder coatings and anti-microbial powder coatings)
- Thermoplastics
- Polyvinyl Chloride (PVC)
- Nylon
- Polyolefin
- Polyvinylidene Fluoride (PVDF)
Coating Method
- Electrostatic Spray
- Fluidized Bed
Application
- General Metals
- Metal Furniture
- Agriculture, Construction, and Earthmoving Equipment (ACE)
- Automotive
- Architecture
- Appliances
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- China
- India
- Australia
- ASEAN
- Rest of Asia Pacific
- GCC
- South Africa
- Rest of Middle East & Africa
- Brazil
- Mexico
- Rest of Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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