CHICAGO, April 4, 2023 /PRNewswire/ -- The report "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spary, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028", size is estimated at USD 14.7 billion in 2022 to USD 19.9 billion by 2028, at a CAGR of 5.2%, between 2023 and 2028. The rapid growth of the Automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth. The powder coating market is divided into five key regions: Asia Pacific, Europe, North America, Europe, the Middle East & Africa, and South America. China and India, among other countries, are leading the powder coatings market globally.
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Thermoset segment is expected to account for the largest share in 2022.
Thermoset powder coatings are used in wide range of application includes automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.
Appliances segment is expected to account for the largest share in 2022.
Thermosetting powder coatings are used to coat a variety of products in the appliance industry, including refrigerators, washing machines, dryers, ovens, microwave ovens, and dishwashers. The coatings provide a high-quality finish that resists chipping, scratching, and fading, making them suitable for use in household appliances. The global appliances market is expanding due to technological advancements, housing sector growth, rapid urbanization, improved standard of living, rise in per capita income, an increasing number of smaller households, and change in consumer lifestyle. Consumers are increasingly inclined to use eco-friendly and energy efficient appliances. These factors are positively influencing the powder coating market.
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Asia Pacific is expected to register highest CAGR during the forecast period.
The Powder Coatings market has been extensively researched in North America, Europe, Asia Pacific, The Middle East & Africa and South America. Asia Pacific powder coating market was dominated by the region. The presence of major end-use industries in the region contributes to the region's dominance. In comparison to other regions the market in Asia Pacific is expected to witness a high growth rate. The demand is attributed to the adoption of EV and high spending on appliances. Other Asia Pacific countries, such as India, Indonesia, South Korea, Singapore have seen an increase in demand for powder coatings as residential construction activities have inceased. Affordable interest rates, shift toward nuclear families, Rising income levels, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the powder coatings market growth.
Key Market Players:
The powder coatings market has various small, medium, and large players. Some of the major market players are Axalta coating systems,llc (US), AkzoNobel N.V. (The Netherlands), The Sherwin-Williams Company (US), PPG Industries, Inc (US), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), among others, have framed their strategies to penetrate and create bases in these emerging markets. Furthermore, companies are concentrating on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured considering to regulations implemented by associations and governments.
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