Solution providers in the powder coatings market are coming out new curing processes to improve the properties of their formulations, and hence bring cost saving and performance gains for end-use industries. Several players in the powder coatings market are reaping lucrative gains by their focus on improving the environmental attractiveness of solventless systems. To this end, they have been actively working toward unveiling an array of biodegradable powder coating compositions for various substrate applications.
Powder Coatings Market Outlook 2031
- The global powder coatings market was valued over US$ 11.8 Bn in 2021
- It is estimated to grow at a CAGR of 6.6% from 2022 to 2031
- The global powder coatings market is expected to reach US$ 21 Bn by the end of 2031
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Environmental Friendliness of Solventless Coatings Systems Propel Demand
The powder coatings market evolved rapidly on the back of the growing popularity of solventless coatings systems especially for metal substrates for achieving wear-resistant coatings. In contrast to fluid-based coating methods, these are environmentally friendly since they release negligible amounts of VOC, less hazardous chemicals, and enable a uniform coating throughout the surface, regardless of the area of the application.
Sizable demands for powder coatings in the automotive and electronics industries year-over-year have fueled the growth of powder coatings market. The end-use industries have witnessed widespread uptake of powder coatings, especially those made with epoxy-polyester hybrids. These meet the requirement of good aesthetic appeal—gloss and wide gamut of colors—and functional properties in household appliances.
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Analysis of Key Players in Global Powder Coatings Market
Leading producers of powder coatings across the globe include Akzo Nobel N.V., PPG Industries, Axalta Coating Systems, The Sherwin-Williams Company, and BASF SE.
Chemical Companies Focus on Improving Weathering Characteristics
Among the two types of powder coatings, thermostat has emerged as the leader, with major share in the global powder coating market in 2017. A large part of the demands have been attributed to the popularity of epoxy-based powder coatings. Outstanding adhesion and wide range of curing schedules drive the popularity of powder coatings. Overall, the higher durability and resistance to UV light has spur the demands for thermostat segment, propelled by the rising applications in coating appliances. Focus of chemical companies to improve the weathering properties and external durability especially of hybrid powders is boosting the market.
The construction industry has been a consistent source of revenue streams for manufacturers of powder coatings. There has been copious demands for powder coatings as protection mechanism for metal furniture. Another marked impetus to the expanding industrial demands in the powder coatings market comes from their application in coating agriculture equipment. Strides made in agricultural product will indirectly bolster the potential demand in the powder coating market.
Advances in polymer chemistry is a key factor unlocking new potential in the powder coatings market. Further, advances in new metal pretreatment processed are becoming key enablers for new demand potential in the market.
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Widening Scope of Use to Fuel to Trigger Growth of the Powder Coatings Market
Powder coatings find utilization in an extensive range of industries, including automobiles, furniture, general industrial, electronics, architecture, and others. With new usages being created, the global powder coatings market is foreseen to observe considerable growth. In the years to come, the mechanical and appliance businesses are rapidly expanding. IT and telecommunications are two emerging areas where usage of powder coatings is being thoroughly explored.
Powder coating is also used on window handles, bumpers, door handles, and other elements of vehicles, such as breaking parts, shock absorbers, and radiator coil springs. Furthermore, the Asia Pacific area is seeing increased spending as a result of steady economic progress. The growth of the manufacturing, appliances, electronics, and automotive industries has been pushed by steel companies’ investments over the last decade in developing regions, such as the Middle East and the Asia Pacific region. The development of these industries is likely to drive demand in the global powder coatings market in near future.
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