Powder coatings are in high demand primarily due to their eco-friendly features as very less amount of volatile organic compounds (VOCs) are found in powder coatings and low wastage during production and consumption. Equipment development is a major contributing factor towards opening up various application areas for powder coatings. In case of wet surface treatment there are some newly developed chrome free equipment processes based on zirconium, titanium and silane compounds. These newly developed systems allow the toxic products to get substituted. These techniques also offer simultaneous degreasing and pickling, which significantly reduces processing time. Technological advancements in the field of Ultra Violet and Infra-Red curing facilities is estimated to fuel production speed of powder coating systems. UV and IR curing solutions are used in the powder coatings industry as they enable rapid curing of the coating to a solid state.
Powder Coatings market is estimated to be around US$ 12,054.4 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.0% during the forecast period (2022 to 2030).
Drivers
Powder coating is a type of coating, which is applied as a free-flowing, dry powder. Unlike conventional liquid paint which is delivered via an evaporating solvent, powder coating is typically applied electrostatically and then cured under heat or with ultraviolet light.
Introduction of fine-tuned products and sustainable powder coatings designed for specific applications and growing market penetration through geographical expansion is expected to create more opportunities for in powder coatings market. For instance, Sherwin Williams have launched its new Powdura ECO Hybrid Coatings line. The Company notes that the polyester resin used in these coatings contains 25% pre-consumer recycled plastic (rPET). On an average one pound of powder coatings contain the rPET equivalent of 7 to 10 single-use water bottles depending upon final product formulation. Such new sustainable product launches are expected to create lucrative opportunities for market.
The emerging economies of Asia Pacific and Middle East Asia regions have witnessed strong growth in non-residential sectors including consumer goods, Information Technology, telecom, and retail resulting in growth of powder coatings demand. Powder coatings have numerous advantages over other coatings, such as lower operating costs, immediate availability, negligible VOC emission, excellent appearance, and uniform thickness. Thus, increased usage of paints and coatings is estimated to drive market growth for Powder Coatings.
Among region, Asia Pacific held dominant position in the global powder coatings market in 2021 with a revenue share of 46.9%, followed by Europe. Growing demand for furniture in Asia Pacific due to growing population, increased urbanization and growing retail and hospitality sector is expected to drive growth of the global powder coatings market over the forecast period.
Figure 1. Global Powder Coatings Market Volume Share (%), By Region, 2021
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Market Restraints
Growing awareness of environmental issues has increased the need for environmental legislation all around the world. To decrease the environmental impact of hazardous substances like metal oxides and suspended solids legislators have begun to draught and enact strict environmental regulations. As a result, solvent-based paints and coatings are slowly losing ground to water-based alternatives. The powder coating industry faces many environmental challenges with the increasing focus on meeting state and local regulations regarding wastewater discharge. Powder coating operations have metals, oil & grease, and suspended solids in their waste streams generated during cleaning and pre-treatment phases of their operation. Such factors are expected to restrain the market growth during forecast period.
Powder Coatings Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | 12,054.4 Mn |
Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 6.0% | Forecast Period: | 2022-2030 |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Akzo Nobel N.V, Arkema S.A., Asian Paints Limited, Axalta Coating Systems, BASF SE, Bayer AG, Berger Paints India Limited, DSM, Jotun A/S, Kansai Paint Co., Ltd., PPG Industries, Inc., Somar Corporation, The Sherwin-Williams Company, and The Valspar Corporation |
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Restraints & Challenges: |
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Market Trends
Demand for powder coatings is increasing in the automotive industry due to its heat resistant properties, breathability, and elasticity. In automotive industry powder coating is majorly used for coating automotive engines, chassis, wheels, filters, joysticks, mirrors, wipers, horns, and other parts of vehicles. Transparent powder coating is being developed as a varnish for car bodies. Powder coatings have been traditionally used in these areas and have gained confidence. They have proven to be exceptionally durable and corrosion-free, along with the capability to impart high-quality aesthetics.
Figure 2. Global Powder Coatings Market Volume Share (%), By End-use Industry, 2021
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Among end-use industry appliances held the largest value share of 34.05% in the global powder coatings market in 2021. In home appliances industry powder coatings is used on front and side panels of various appliances such as refrigerators, dryer drums, air-conditioner cabinets, washer tops and lids, water heaters, dishwasher racks, freezer cabinets, and cracks of microwave ovens. For some applications, pre-coated blank stock is coated and then post-formed in the desired shape.
Powder coatings market was negatively impacted by the effect of COVID-19 pandemic. The COVID-19 outbreak disrupted the production of raw materials used in the manufacture of powder coatings. Several countries such as the U.S., China, Japan, India, Singapore, Thailand, and Germany are the major manufacturing and consumption hubs for these coatings. These countries were majorly affected due to corona virus, which in turn affected the supply chain of powder coatings
Recent Developments
Competitive Section
Major players operating in the global Powder Coatings market include Akzo Nobel N.V, Arkema S.A., Asian Paints Limited, Axalta Coating Systems, BASF SE, Bayer AG, Berger Paints India Limited, DSM, Jotun A/S, Kansai Paint Co., Ltd., PPG Industries, Inc., Somar Corporation, The Sherwin-Williams Company, and The Valspar Corporation.
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