According to Precedence Research, the global powder coating market size was valued at USD 12.02 billion in 2019 and is projected to reach over USD 20.1 billion by 2027, expected to register a growth at a CAGR of around 6.1% during period 2020 to 2027.
Underlining need for more sustainable solutions and progress in construction and manufacturing industries is developing new openings for powder coatings sector. Coating formulators and raw material providers are responding with the improvement of novel powder coating technologies that can be manufactured and applied more proficiently, show enhanced performance characteristics, and possess a superior variety of prospective end uses. For the previous numerous years, the powder coatings sector has been, and endures to be, in a phase of growth and revolution during manifold market spaces. The emergence of technologies that address the current issues for manufacturing productivities and cost are driving these needs. One instance is the expansion and development of compact process systems.
Development of global powder coatings market is credited to influences like augmented consumer expenditure, climbing per capita income, fluctuating consumer inclinations plus progression in technology. Greater utilization rate as than liquid forms are amongst the fundamental reasons impacting the complete product application possibility. The infrastructural development is also a crucial factor motivating the product requirement on an international scale. Proficiency and over spray are amongst the vital aspects leading the market economics.
However, current pandemic of COVID-19 has disturbed the production of raw materials employed for coatings and paints manufacturing. Major economies of Asia Pacific such as Japan, India, China, Thailand and Singapore are the centers for paints and coatings manufacturing industry. Present pandemic of COVID-19 in this region severely impacted the affected the supply of these raw materials.
Application of powdered enamels is a superior resource-conserving and environmental friendly process in the arena of industrial coating technology. As a result, powder coatings have recognized themselves in the numerous applications in a countless range of industries such as furniture manufacturing, household appliances, architecture, equipment and machinery manufacturing, automotive industry and consumer goods. There is constant growth in the sale of powder coatings with innovative applications being established. Among different application segments assessed in this report, furniture and appliances segment is considered to advance at a stable pace during the prediction period. Furthermore, new application market such as IT and telecom are also expected to offer lucrative growth where uses of powder coatings are broadly explored.
The emergence of powder-on-powder application which involves application of topcoat and primer with one cure step has offered novel prospects for powder coatings. Further, powder coatings have attained more extensive access in new-fangled applications. It is, precisely, lower baking temperatures that have allowed access to innovative substrates such as MDF, wood and plastic. The technology is unveiling new fangled likelihoods and novel markets. This drift is vastly reinforced by enhancements in process control and application equipment that provide a broader range of application sectors such as dry-on-dry systems.
Resin Type Insights
Out of different types of resins used in this market, polyester resin type occupied more than 40% of the revenue share in 2019. This progress is credited to its advantageous characteristics including chemical resistance, quick-drying, quick-drying, temperature resistance, surface protection and abrasion resistance. Rush in demand of product in applications such radiator grills, as door handles, bumpers, wheel rims, metallic structural components and bicycle is expected to bolster growth of the market during next few years.
Globally, Asia Pacific emerged as largest market for powder coating industry and gathered more than 35% of the market chunk in 2019. The optimistic stance towards the construction sector of South Korea, India, China, Japan, Malaysia, Indonesia and Vietnam is proposed to endorse the practice of powder coatings. Besides, promising government guidelines with an objective to create investments public-private collaborations and from FDI is further complementing the growth of the market. Automotive sector in Asia Pacific is projected to advance significantly on account progress in transportation infrastructure, increasing disposable income and shifting lifestyle. The green coatings engineering corporations and research institutions have profoundly capitalized to improve eco-friendly, cutting-edge, and harmless powder coatings.
The U.S. perceives higher powder application in the architectural sector whereas conventionally it’s prominently liquid. China is sighted a huge wave of powder usage in numerous industrial areas like ACE and commercial vehicles. Powder on dissimilar substrates in the place of traditional ones is also a drift that is achieving tractions as the application competence and powder technology progresses.
Key Companies & Market Share Insights
Growing stipulation to augment the outdoor and indoor air quality taking into account the health effects of VOC’s, moving producers emphasis on plummeting VOC content. Nominal VOC emissions, than liquid paints would deliver robust business prospect for industry participants as they can obey economically and easily with the guidelines of U.S. environmental protection agency.
Certain noteworthy market manufacturers competing in the industry are as follows:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of resin type, application and region as follows:
By Regional Outlook
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