Market Overview In 2021, the global powder coatings market reached a size of USD 12.18 billion, and it is anticipated to demonstrate a revenue Compound Annual Growth Rate (CAGR) of 5.0% throughout the forecast period. The surge in demand for powder coatings in medical equipment and their increased application in automotive components are crucial factors projected to contribute to the market’s revenue growth.
Medical Industry Application Powder coatings are increasingly preferred in the medical sector due to their antibacterial properties, ensuring a hygienic environment. This characteristic makes them suitable for various medical facilities, including wheelchairs, hospital beds, and surgical suite interiors. In medical settings, powder coatings effectively combat mildew, germs, parasites, and viruses, enhancing their significance in the healthcare industry.
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Environmental Advantages One significant advantage of powder coatings is their lack of solvents, resulting in fewer Volatile Organic Compounds (VOCs) emitted during application. Additionally, these coatings pose a low combustion risk during storage and application. The absence of solvents also minimizes health risks to the workforce, as powder coatings can be easily washed away when they come into contact with human skin.
Home Appliances Demand The demand for powder coatings is high in the home appliance sector due to their superior quality and durability. These coatings find applications in a wide range of electrical appliances, such as clothes dryers, air conditioners, dishwashers, microwaves, and refrigerators, offering advantages like high corrosion resistance with a single coat application.
Agricultural and Industrial Usage Powder-coated finishes are prevalent in the agriculture industry, providing a protective layer against rust and wear for equipment exposed to harsh elements. The powder coating trend extends to large surfaces on expensive devices like wagons, tractors, and storage silos. This protective layer is equally beneficial for smaller mechanical components and parts.
Government Initiatives Favorable government initiatives and stringent regulations aimed at reducing Volatile Organic Compound (VOC) emissions are fostering the adoption of powder coatings. European regulations restricting the use of solvents in paint products, owing to their high VOC emissions, further contribute to the growing consumption of powder coatings.
Market Dynamics Driver: The increasing demand for environmentally friendly powder coatings, which release minimal or zero solvents, is a significant market driver. These coatings offer advantages such as lower environmental impact, reduced hazardous waste, and enhanced durability.
Restraint: High initial costs associated with powder coating, including the installation of curing ovens, may act as a constraint, particularly for larger parts that require more extensive and powerful equipment.
Resin Type Analysis The global powder coatings market is segmented into thermoset and thermoplastic resin types. Thermoset, specifically polyester, epoxy polyester hybrid, epoxy, acrylic, polyurethane, among others, dominates the market due to its high resistance to temperatures and durability. Epoxy polyester hybrid resin, a blend of epoxy and polyester, finds application in furniture coatings.
Thermoplastic resins, including nylon, polyolefin, PVC, PVF, and PVDF, exhibit high impact and chemical resistance, making them suitable for various applications such as food handling equipment, laboratory equipment, and automobile components.
Coating Type Classification The market is categorized by coating type into electrostatic spray coating, fluidized bed coating, electrostatic fluidized bed process, and flame spraying. Electrostatic spray coating, which imparts an electrical charge to powder particles, accounts for the largest revenue share. This method produces flawless finishes and is particularly advantageous for tubular items.
Fluidized bed coating, also known as granulation, is used in thermoset powder applications requiring a high film build, while flame spraying, a thermal spray process, is cost-effective and provides impact and wear resistance.
Application Overview The market’s application segmentation includes consumer goods, appliances, architectural, automotive, general industries, furniture, and others. The appliances segment is poised for rapid revenue growth, with powder coatings extensively used in various appliances like air conditioners, dishwasher doors, and microwave ovens. The automotive industry also witnesses widespread use of powder coatings, particularly on scratch-resistant and UV-resistant wheels.
Regional Insights The Asia Pacific region is expected to dominate the market in terms of revenue share, driven by growing economies, rising income levels, and increasing standards of living in countries such as China, India, Japan, Malaysia, Singapore, and Vietnam. Government initiatives promoting environmentally friendly coatings further support the region’s revenue growth.
Europe is anticipated to experience a higher revenue growth rate, attributed to increased consumption of thermoset resins-based powder coatings in the automotive and aerospace & defense sectors. The aerospace industry’s demand for powder coatings that withstand harsh environments propels the European market.
North America is expected to register steady revenue growth, driven by rising environmental concerns and heightened awareness regarding the harmful effects of solvent-based coatings.
Competitive Landscape The global powder coatings market exhibits a moderately fragmented competitive landscape, with key players operating at both global and regional levels. Major companies such as PPG Industries, Inc., The Sherwin-Williams Company, Akzo Nobel N.V., and others are actively engaged in product development and strategic alliances to expand their market presence.
Recent Developments
- PPG launched PPG ENVIROCRON extreme protection edge coatings in March 2019, utilizing innovative powder coatings technology for superior edge corrosion protection.
- Akzo Nobel announced plans to expand its Changzhou powder coatings plant in China in July 2019, with a USD 3 million investment to support additional supplies of metallic powder coatings, acrylic powder coatings, and powder primers for the automotive sector.
Market Segmentation The report provides a comprehensive segmentation based on resin type, coating type, substrate, application, and region. Key segments include thermoset and thermoplastic as resin types, electrostatic spray coating, fluidized bed coating, electrostatic fluidized bed process, and flame spraying as coating types, and consumer goods, appliances, architectural, automotive, general industries, furniture, and others as application categories.
Report Scope
- Market Size in 2021: USD 12.18 Billion
- CAGR (2021-2030): 5.0%
- Revenue Forecast in 2030: USD 19.00 Billion
- Base Year for Estimation: 2020
- Historical Data: 2019-2020
- Forecast Period: 2022-2030
- Quantitative Units: Revenue in USD Billion
- Report Coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends
- Segments Covered: By Resin Type, Coating Type, Substrate, Application, and Region
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