Austin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- According to SNS Insider Research, The Powder Coatings Market is expected to grow significantly on account of a combination of dynamic factors, which include the rising demand for durable and eco-friendly coatings in industries related to applications in the automotive, appliances, and general industrial sectors. Higher consumer awareness of the value that powder coatings offer, including lower VOCs and superior finish quality, is also leading to higher adoption rates. Added to this are drives toward sustainability and environmentally friendly manufacturing and construction, where powder coatings can be perceived as a cleaner alternative in comparison to traditional liquid coatings. The advancement of technology, and new formulations that further improve performance characteristics such as low-temperature curing powders and broad color options, is equally drawing a more exhaustive pool of customers. Another factor enhancing the market accessibility of consumers for this particular product is the growth of e-commerce and online retailing for powder coatings. This entire set of factors is expected to continue driving the Powder Coatings Market upward in the near future as well.
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What is the growth of the Powder Coatings market?
The Powder Coatings Market Size was valued at USD 15.6 billion in 2023 and is expected to reach USD 24.5 billion by 2032 and grow at a CAGR of 5.1% over the forecast period 2024-2032. The main drivers of the growth of the global Powder Coatings market are the growth in the adoption of Powder Coatings in food sectors, growing interest in protein consumption & nutricosmetics, increased applications in the healthcare sector, and growing usage of biomaterials from Powder Coatings.
Top 10 Companies Operating in the Powder Coatings Industry Worldwide
- AkzoNobel
- PPG Industries
- Sherwin-Williams
- Axalta Coating Systems
- Jotun
- BASF SE
- RPM International Inc.
- Tiger Coatings GmbH
- Cardinal Paints
- TCI Powder Coatings
Which Segment Dominated the Powder Coatings Market?
The Automotive segment dominated in 2023, holding a share of around 35% of the market share. The primary reason for this large portion is the increased need for high-performance and durable coatings in the automotive sector. Powder coatings provide excellent scratch resistance, corrosion resistance, and UV resistance, making them suitable for automobile manufacturing. Examples of powder coatings adopted across different automotive manufacturers for increasing the glamour and extending the life of the vehicles are driving market growth.
Key Segments:
By Type
- Thermoset
- Polyurethane
- Acrylic
- Others
Thermoplastic
- Polyvinyl chloride (PVC)
- Nylon
- Polyolefin
- Polyvinyl Fluoride (PVF)
By Coating Method
- Electrostatic spray
- Fluidized bed
- Others
By End Use Industry
- Appliances
- Automotive
- Agriculture
- General Industrial
- Architectural
- Furniture
- Others
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What are the driving factors of the Powder Coatings market?
- Strict legislation on VOC emissions is forcing companies to opt for more environment-friendly powder coatings. This does not align with the ambition of making the world a greener place as conceptualized by the international community, and consumers are looking for environment-friendly consumer goods.
- Powder coatings have better durability and performance - scratch resistance, chipping, and fading. The highest demand indicator for such coatings is linked to the long-term solution that will save them on maintenance costs, as customers want solutions that last longer.
- Continuous innovations in powder coating formulations and application techniques enhance the product performance continuously and broaden their applications. For example, new developments in low-temperature curing and customization options are increasingly making powder coatings more attractive.
What are the opportunities for the Powder Coatings Market?
- Growth in Asia-Pacific and Latin America presents attractive opportunities for expanding economies. High growth in industrialization and urbanization across these regions will mean high demand across various industries.
- Growing use of powder coatings outside the traditional areas, for example, electronic/electrical appliances and furniture, is considered a potential opportunity for market growth. The manufacturer is encouraged to innovate and develop specialized formulations of products customized to the industry type.
Which Region Dominated in the Powder Coatings Market?
Europe region dominated the Powder Coatings market in the forecast period with an estimated market share of around 40%. Europe includes Germany, France, the UK, Italy, Spain, and the Rest of Europe. Health benefits in Powder Coatings achieved high awareness levels and led to the emergence of the supplements market in powder coatings. Manufacturers came up with flavored soft drinks, among which cappuccino-flavored Powder Coatings and soy-flavored Powder Coatings emerged. These beverages are marketed with the selling point of comprising protein mix or accompanying fruits. The growth of the market is further being driven by the rising application of Powder Coatings in different food products and beverages and the changing consumer preferences. Moreover, the preference for minimally invasive or non-invasive technologies along with increasing demand for Powder Coatings in the biomedical industries utilized by developed economies in the European market further increases market growth.
The Powder Coatings Market is on a robust growth trajectory, triggered by upscaling in applications of a diversified range of end-use industries. As such, automotive and appliance are the most notable applications for powder coatings. Market leaders have been focusing more on innovation and sustainability, which leads to improved product lines. Current developments in the area point to a strong commitment towards capability expansion and tapping into emerging markets to ensure that the momentum going forward in succeeding years will continue.
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Recent Developments
- August 2024: Qemtex announced an opening of their powder coating plant in the United Arab Emirates, to reach the world market-a strong strategic step to grow their working footprint and cover the serious need in that region.
- June 2024: Arkema added post-consumer PET to its powder coating resins. This aligns with the fact that there appears to be a continued trend toward sustainability and recycling within the coatings industry.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Powder Coatings Market Segmentation, by Type
8. Powder Coatings Market Segmentation, by Coating Method
9. Powder Coatings Market Segmentation, by End-use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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