Pune, India, June 13, 2023 (GLOBE NEWSWIRE) -- The global powder coating market growth is slated to reach USD 18.95 billion by 2028, registering a 6.2% CAGR during the forecast period. According to a report by Fortune Business Insights™ titled "powder coating market, 2021-2028," the market growth will be positively impacted by the rising demand for industrial equipment and machinery in the automotive, infrastructure, and construction industries. The market size was USD 11.58 billion in 2020 and has increased to USD 12.46 billion in 2021.
Powder coating is a dry finishing process that has gained popularity in recent years due to its durability, resistance to chipping and fading, and environmental friendliness. The process involves applying a free-flowing, dry powder to a surface and then curing it under heat to create a hard, protective coating. Powder coatings are available in a variety of formulations, each with its own unique properties suited for different applications. Overall, powder coatings offer several advantages over traditional liquid coatings, making them a popular choice in various industries.
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List of Key Players Profiled in the Powder Coating Market Report:
- Axalta Coating Systems, LLC (Philadelphia, U.S.)
- The Sherwin-Williams Company (Cleveland, U.S.)
- Asian Paints (Mumbai, India)
- Kansai Nerolac Paints Limited (Mumbai, India)
- TCI Powder (Americus, U.S.)
- Berger Paints India Limited (West Bengal, India)
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- BASF SE (Ludwigshafen, Germany)
- Jotun (Sandefjord, Norway)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.2% |
| 2028 Value Projection | USD 18.95 Billion |
| Market Size in 2021 | USD 12.46 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 120 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Powder Coating Market Growth Drivers | Surging Demand for Eco-friendly Coatings to Boost Market |
| Prominent Companies Focus on Well-Established Supply Chain Networks to Consolidate Position |
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COVID-19 Impact:
The production of raw materials used in powder coating manufacturing was brought to a halt by the COVID-19 outbreak. The primary manufacturers of these coatings and suppliers of raw materials are Asian nations, including India, China, Japan, Singapore, and Thailand. Unfortunately, the recent coronavirus epidemic in the Asia Pacific region has caused a disruption in the availability of these essential materials. For instance, China is a leading provider of resin, supplying one million tons of it to the global market. As a result of the shortage of raw materials, the production of paints and coating products has been significantly slowed down.
Market Segments:
Based on the resin, the market is divided into Thermoset and Thermoplastic.
The powder coating market size is categorized based on its application into various segments, including agriculture, appliance, architectural, automotive, furniture, construction and earthmoving equipment (ACE), general industries, and others. Among these segments, the appliance segment is projected to have the largest market share for powder coatings. These coatings are commonly utilized in a variety of household appliances, such as floor cleaners, microwave ovens, freezer liners, dryer drums, racks and cabinets, dishwasher doors and racks, mixers, and blenders.
The market is classified geographically into five major regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Include?
The report offers a thorough evaluation of the growth drivers, restraints, opportunities, and challenges that the market is likely to encounter during the forecasted period. Moreover, it provides extensive research on the regional advancements of the market that will impact its growth during the projected timeframe. The report also presents comprehensive insights into the key strategies employed by market players, such as partnerships, mergers and acquisitions, and product launches, to maintain their market position over the forecasted period.
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Driving factor:
The manufacturing of powder coatings is being promoted due to manufacturers' increasing awareness of pollution prevention. Companies are required to obtain licenses and comply with strict environmental regulations regarding the amount of solvent and VOCs released into the air. Violations of VOC content regulations can result in penalties and fines for manufacturers. Powder coatings offer a solution that reduces air pollution while still complying with standards and restrictions. These coatings are made without using petroleum solvents and therefore do not emit VOCs that are harmful to the environment. The reduction in the use of volatile organic compounds (VOCs) is expected to drive the growth of the powder coating market.
Regional Insights:
The growth is attributed to increasing demand from various end-use sectors, including appliances, automotive, architecture, furniture, agriculture, construction and earthmoving equipment, and general industries. With increased government investment in infrastructure development projects, the construction and infrastructure industry in India and China is expected to experience significant growth. Powder coatings are becoming increasingly popular in the building industry due to their eco-friendly nature and aesthetic appeal. The automotive industry is expected to drive rapid growth in Europe.
Competitive Landscape:
In the market, both global corporations and local firms with established supply chain networks and a comprehensive understanding of market regulations and suppliers are competing. The market comprises a few large enterprises, as well as numerous small and medium-sized organizations at the global and regional levels. To gain a competitive advantage, companies are engaging in mergers and acquisitions, expanding their manufacturing facilities, investing in research and development, building infrastructure, and seeking vertical integration opportunities across the value chain.
Development:
Sherwin-Williams has launched a new range of ultra-durable powder coatings for metal building products that offer excellent UV and weathering resistance. The newly introduced Echelon coatings line is a part of Sherwin-Williams' Syntha Pulvin architectural coatings range and is designed to provide long-lasting aesthetics with minimal maintenance.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Resin Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global powder coating market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global powder coating market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Resin (Volume/Value)
- Thermoset
- Epoxy Polyester
- Polyester
- Epoxy
- Polyurethane
- Acrylic
- Others
- Thermoplastics
- Polyvinyl chloride (PVC)
- Nylon
- Polyolefin
- Polyvinyl Fluoride (PVF)
- Thermoset
- By Coating Method(Volume/Value)
- Electrostatic spray
- Fluidized Bed
- Others (Including Electrostatic Fluidized Bed Process, Flame Spraying, etc.)
- By Application(Volume/Value)
- Appliance
- Automotive
- Architectural
- Furniture
- Agriculture, Construction and Earthmoving Equipment
- General Industries
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Resin (Volume/Value)
- North America powder coating market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Resin (Volume/Value)
- Thermoset
- Epoxy Polyester
- Polyester
- Epoxy
- Polyurethane
- Acrylic
- Others
- Thermoplastics
- Polyvinyl chloride (PVC)
- Nylon
- Polyolefin
- Polyvinyl Fluoride (PVF)
- Thermoset
- By Coating Method(Volume/Value)
- Electrostatic spray
- Fluidized Bed
- Others
- By Application(Volume/Value)
- Appliance
- Automotive
- Architectural
- Furniture
- Agriculture, Construction and Earthmoving Equipment
- General Industries
- Others
- By Country (Volume/Value)
- U.S.
- By Application(Volume/Value)
- Appliance
- Automotive
- Architectural
- Furniture
- Agriculture, Construction and Earthmoving Equipment
- General Industries
- Others
- By Application(Volume/Value)
- Canada
- By Application(Volume/Value)
- Appliance
- Automotive
- Architectural
- Furniture
- Agriculture, Construction and Earthmoving Equipment
- General Industries
- Others
- By Application(Volume/Value)
- U.S.
- By Resin (Volume/Value)
TOC Continued...!
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Frequently Asked Questions (FAQs):
Is there a market for powder coating?
Answer: The global powder coating market size was USD 11.58 billion in 2020 and is projected to grow from USD 12.46 billion in 2021 to USD 18.95 billion in 2028 at a CAGR of 6.2% during 2021-2028.
How big is the powder coating market?
Answer: The Size was USD 11.58 billion in 2020 and is projected to grow USD 18.95 billion in 2028
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