New York, United States , July 10, 2023 (GLOBE NEWSWIRE) -- The Global Powder Coatings Market Size to grow from USD 22.6 Billion in 2022 to USD 35.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
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A type of dry coating known as powder coatings is applied to surfaces in a powdered state. A combination of finely ground particles, including as resins, pigments, curing agents, flow modifiers, and other additives are commonly used to create them. The electrostatically charged powder coating is subsequently sprayed onto the intended surface. Following the application of the powder coating, the coated item is heated in an oven where the powder particles melt and fuse together to produce a continuous and long-lasting layer. Crosslinking or curing are terms used to describe this process. As a consequence, a strong, protective, and aesthetically pleasing coating forms on the surface and offers resistance to abrasion, corrosion, chemicals, and UV rays.
These nations' increased car manufacturing will be a major market driver. The need for coatings used in the manufacture of vehicles, notably powder coatings, will rise as the automotive industry develops. These coatings provide automotive components with toughness, corrosion resistance, and aesthetic appeal, helping to expand the market. The market is projected to advance due to the increased need for medical equipment, particularly in the healthcare industry. Powder coatings are commonly used in medical device applications because to their outstanding performance, sanitary attributes, and capacity to meet strict regulatory criteria. The need for medical device powder coatings is projected to rise as the healthcare sector develops in these emerging countries. Powder coatings offer high performance qualities including toughness, resistance to scratches, and special features like anti-corrosion and anti-bacterial capabilities. Due to its characteristics and accessibility of a wide range of colours, powder coatings are a common option for the furniture sector. Low operational expenses are a factor in the industry's widespread usage of powder coating applications.
When it comes to covering edges and sharp corners, powder coatings may run into trouble. Particles may be less attracted to or unable to cover some areas uniformly due to the electrostatic nature of powder coating application. In these situations, solvent-based coatings, such as paints, are occasionally used as substitutes to successfully cover these substrates. These limitations may have an effect on the expansion of the powder coating industry, especially in those applications that call for accurate coating coverage of edges and intricate geometries. These issues are continually being addressed by developments in powder coating technology, such as enhanced application methods and tools, in order to increase the capabilities and application scope of powder coatings.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on, "Global Powder Coatings Market Size, Share, and COVID-19 Impact Analysis, By Product (Polymer Coated Fabric, Rubber Coated Fabric, Fabric Backed Wall Coverings), By Application (Transportation, Protective Clothing, Industrial, Furniture, Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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Resin Insights
Polyester resin type segment holds the highest market share over the forecast period.
Based on the resin type, the global powder coating market is segmented into epoxy, polyester, acrylic, polyurethane. Due to the advantages of polyester, such as chemical resistance, rapid drying, surface protection, abrasion resistance, and temperature resistance, this polyester resin segment has the biggest market share during the anticipated time. The category will expand over the projected period as a result of an increase in product demand for uses including radiator grills, bumpers, door handles, bicycles, etc.
Epoxy segment, on the other hand is witnessing the fastest market growth over the forecast period. Epoxy powder coatings benefit from having quick-drying characteristics. This shortens the total manufacturing time and improves productivity across a range of sectors, including electronics, appliances, and the automobile. Epoxy powder coatings offer outstanding surface protection by creating a strong and long-lasting layer. They extend the life of coated surfaces by offering protection against corrosion, chemicals, and abrasion.
Application Insights
Consumer goods segment is dominating the market with the largest market share over the forecast period.
On the basis of application, the global powder coating market is segmented into consumer goods and automotive. Among these, consumer goods segment is dominating the market with the largest market share over the forecast period. Over the course of the projection period, rising purchasing power, rising standards of living, and growing urbanisation are anticipated to drive the consumer goods industry. Powder coatings are often used on consumer goods because they don't contain solvents, are more flexible than traditional liquid coatings, and follow environmental regulations. Additionally, it is projected that product demand would rise in the next years as a result of the rising need for household appliances in nations like Thailand, Vietnam, the Philippines, China, and India.
Automotive segment, on the other hand is estimated to witness the fastest market growth over the forecast period. A rise in demand in emerging economies like China, India, Mexico, Brazil, South Africa, and Malaysia is expected to enhance vehicle sales.
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Regional Insights
Asia Pacific region accounted the largest market share over the forecast period.
Asia Pacific region is dominating the market with the largest market share over the forecast period. As China and India continue to expand their infrastructure, it is projected that the usage of powder coating in architectural applications, such as aluminium extrusions used in building facades, kitchen windows, doorframes, and other architectural components, will rise. The increasing preference for anodized aluminium extrusion, however, is expected to limit the need for powder coating in architectural applications over the projected period in Asia Pacific.
On the other hand, Europe is predicted to see the quickest market growth over the projection period. Expanding vehicle manufacturing is projected throughout the projection period in Austria, Germany, Romania, Hungary, and Turkey. Due to REACH regulations that restrict VOC emissions during the coating process, automobile manufacturers are now compelled to employ powder coatings rather than liquid coating. It is anticipated that lowering VOC emissions will help automakers get carbon credits.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Powder Coatings Market include PPG Industries, Inc., Asian Paints, 3M, Primatek Coatings OÜ, Emil Frei Gmbh & Co. KG, The Sherwin-Williams Company, Tiger Coatings Gmbh & Co. KG, SOMAR, Jotun, KCC Corporation, Kansai Paint Co. Ltd, Hentzen Coatings, Inc., IGP Pulvertechnik AG, Duluxgroup Ltd., Protech Powder Coatings Inc., IFS Coatings, Nippon Paints Holdings Co., Ltd., Anhui Meijia New Material Co., Ltd, Neokem, Berger Paints India, and Cloverdale Paint Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Powder Coatings Market based on the below-mentioned segments:
Powder Coatings Market, Product Analysis
- Polymer Powder Coatings
- Rubber Coated Fabric
- Fabric Backed Wall Coverings
Powder Coatings Market, Application Analysis
- Transportation
- Protective Clothing
- Industrial
- Furniture
- Others
Powder Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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