Global powder coatings market is estimated to be valued at US$ 12,054.4 Million in 2021, according to the Global Powder Coatings Market Report, by Resin Type (Thermoset, Thermoplastic), by Coatings Method (Electrostatic Spray Coating, Fluidized Bed Coating, Electrostatic Fluidized Bed Process, Flame Spraying), by End-use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global Powder Coatings market was valued at US$ 12,054.4 Million in 2021. Powder coating is one of the most popular finishing coating across various end use industries such as appliances, automotive, general industrial, architectural and furniture, and it is also becoming across popular other industries. Powder coatings possess incredible resistance to abrasion and corrosion, especially compared to liquid coatings. Additionally, several companies add compounds to their powder coatings to enhance anti-corrosive or anti-abrasive properties, maintaining the quality of the coating for a longer period. The use of powder coatings is increasing rapidly in consumer goods as these coatings do not contain solvents, exhibit higher flexibility than conventional liquid coatings, and comply with environmental regulations.
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Key Trends and Analysis of the Global Powder Coatings Market:
- Among resin type, thermoset resin type segment held the largest market share in 2021, in the global powder coatings market, owing to the advantages of thermoset resins in paints, as an activator or hardener. Thermoset powder coatings are composed of various resins such as epoxies, polyesters, acrylics, and polyurethanes. These resins type coatings lower curing temperature as compared to thermoplastic resins. The most significant development in thermoset powder coatings is the capacity to engineer resin types with different properties for use in different applications such as consumer goods, architectural, automotive, general industries, furniture, and others.
- Increasing disposable income, growing population and changing lifestyle is increasing the demand for automobiles, furniture, electronics, industrial and household appliances, agricultural equipment, and other products. Powder coatings are used to coat the surfaces of various components such as engine parts, pipes and fixtures, metal parts used in household appliances, and other products. Thus, an increasing disposable income, growing population and changing lifestyle is expected to boost demand for powder coatings across developing countries.
- Increasing production and demand for automotive vehicles in developing countries such as China, India, South Africa and Brazil coupled with growing aftermarket of automotive component in developed economies such as the Germany, France, Russia, the UK, and the U.S. is expected to boost the demand for powder coatings. Additionally, increasing application of powder coatings on numerous parts of automobiles is expected to drive the powder coating market during the forecast period. For instance, in 2021, The Shanghai Automotive Industry Corporation was China’s leading vehicle manufacturer. The company sold over 5.46 million vehicles and delivered more than 5.81 million vehicles in 2021, a year-on-year increase of 5.5 percent. Thus increased automotive vehicle sales likely to boost market for powder coatings used in automotive paints and coatings.
Key Takeaways of the Global Powder Coatings Market:
- Europe held the second largest market share in global powder coatings market in 2021, owing to the presence of major industrial economies, such as Germany, France and the U.K. with a continuously increasing number of manufacturers and suppliers of automobiles, home appliances, and furniture. The presence of major automobile manufacturing units in Europe is driving demand for powder coatings in the region.
- 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. These key players are adopting various organic and inorganic growth strategies to increase their business operations and revenues.
- Technology launches, merger & acquisitions, joint ventures and Research &Development activities are key strategies adopted by players in the global powder coatings market. For instance, In June 2021, AkzoNobel made an agreement with Kansai Paint to acquire its paints and coatings activities in the African region to further strengthen its African footprint. This agreement is expected to be completed by 2023, which is subject to regulatory approvals. Kansai Paint has presence in 12 countries in Africa such as South Africa, Ghana, Kenya etc.. Kansai Paint has regional consolidated revenue of around US$ 279 million. The transaction includes the Plascon brand, which has more than 100 years of heritage in South Africa. The intended acquisition also includes automotive and protective coatings, and coatings for wood and coils.