Global Powder Coatings Market: An Overview of Trends, Growth, and Opportunities Exclusive Report by Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

May 05, 2023, 06:50 ET

LONDON, May 5, 2023 /PRNewswire/ -- Key Takeaways-

  • This powder coatings market is anticipated to amplify with a CAGR of +7% over the assessment timeline.
  • The market will be influenced by two major factors - the imposition of stringent regulations aimed at reducing VOC emissions and the encouragement of the use of powder coatings through government initiatives.
  • Asia Pacific and North America to dominate the market in terms of revenue share.
  • Lower VOC emissions compared to liquid paints offer a strong business opportunity for market players, as they can comply easily as well as economically with the regulations of the U.S. Environmental Protection Agency.

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Competitive Hierarchy

The powder coatings market is dominated by a limited number of international players holding a significant share and numerous local players operating in individual countries. The major players in this market include Axalta Coating Systems LLC, Akzo Nobel NV, PPG Industries Inc., Jotun, and The Sherwin-Williams Company.

Segmental Outlook

  • The powder coatings market is divided into various segments based on resin type, end-user industry, and geography.
  • The market is categorized by resin type into epoxy, acrylic, polyurethane, polyester, epoxy-polyester, and other resin types.
  • Based on the end-user industry, the market is segmented into automotive, architecture and decorative, industrial, and other industries.

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Region-Wise Outlook

Asia Pacific

The Asia Pacific region held the largest revenue share of the powder coatings market. The growth in infrastructure development in countries like China and India is anticipated to drive the demand for powder coating in architectural applications, such as aluminum extrusions utilized in kitchen windows, building facades, and doorframes. Nevertheless, the preference towards anodized aluminum extrusion is likely to hamper the overall powder coating's demand in architectural applications particularly in the Asia Pacific region in the near future.

North America

The North American market is expected to experience an increase in demand for powder coatings, mainly due to the growing automotive industry and rising concerns over VOC emissions released from coatings used in automobile production.

Elaborating The Key Trends and Dynamics of This Industry

Coatings serve a dual purpose of providing color and texture while also protecting and extending the shelf life of various objects. Powder coatings, in particular, offer several advantages over other types of coatings, including lower operating costs, immediate availability, minimal VOC emissions, consistent appearance, and even thickness. Additionally, they are easy to apply in thick layers, resulting in a smooth and uniform finish.

Major Growth Drivers

The architectural and building market is experiencing rapid growth in the use of powder coatings, largely due to their durability. This growth is further propelled by the expansion of polyester resin technology, particularly in the form of stable, low-gloss formulas, which has created opportunities for powder coating in the architectural market. With a wide range of colors and finishes available, many construction companies are now turning to powder coatings to provide long-lasting exterior finishes for outdoor venues and public works projects.

Challenges

The COVID-19 pandemic has disrupted the production of raw materials used in the manufacturing of coatings and paints. Several major economies in the Asia Pacific region, including Japan, India, China, Thailand, and Singapore, are centers for the paints and coatings manufacturing industry. The pandemic has greatly impacted the supply of these raw materials negatively.

Opportunities

The rising population and increased disposable income of consumers have led to a surge in demand for various products such as furniture, automobiles, industrial and household appliances, electronics, and agricultural equipment. Powder coatings are being widely used to coat surfaces of these products, such as pipes, engine parts, metal parts used in household appliances, and others. Therefore, the growing demand for finished goods has resulted in an increasing demand for powder coatings in these countries.

Restraints

Faraday's cage effect: The application of powder coatings in certain areas, such as inside corners, can be challenging as it may impair the leveling and film flow. In addition, the "Faraday's cage effect" can occur, resulting in a low film thickness in these areas. This effect happens when electrically charged particles are attracted to the nearest point on the surface, causing fewer lines of powder to reach the deeper areas of the surface. As a result, thinner layers are formed in these areas, leading to potential coating defects. To overcome this limitation, solvent coatings such as paints are used to coat the substrate edges where powder coatings cannot be applied. However, this has restricted the growth of the powder coatings market, adversely affecting its growth.

On Special Requirement Powder Coatings Market Report is also available for below region:

North America
  • U.S, Canada
Europe
  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

Launches

In August 2022, PPG announced its plan to invest USD 11 million in doubling the manufacturing capacity of its powder coatings factory located in San Juan del Rio, Mexico. With the expansion project expected to be completed by mid-2023, the factory will be capable of meeting Mexico's projected demand for powder coatings.

In May 2022, AkzoNobel Powder Coatings unveiled a new range of ready-to-ship (RTS) powder coatings, primarily targeted towards the North American market. This range incorporates AkzoNobel's well-known powder coating brands, Resicoat and Interpon, and is specifically designed to cater to time-sensitive coating projects.

Acquisitions

In April 2022, PPG Industries acquired the powder coatings division of Arsonsisi, an industrial coatings company headquartered in Milan, Italy. Through this acquisition, PPG gains access to a state-of-the-art, highly automated powder production facility in Italy that is capable of producing both small and large batches of powder coatings.

Partnerships

In April 2021, a subsidiary of the Jababeka Group, PT Jababeka Morotai, partnered with the OISCA International College Foundation (OISCA International) to develop the Morotai Special Economic Zone (KEK) in the North Maluku Province of Indonesia. As part of this collaboration, a World War II monument and supporting facilities will be constructed within the KEK.

Related Reports:

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