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The global powder coating market size is estimated to grow by USD 4.46 billion, at an accelerated CAGR of 5.27% between 2023 and 2028. The sector benefits from its cost-effectiveness over the long term and its ability to ensure consistent color uniformity across metal surfaces. The automotive industry's escalating demand propels market expansion, yet challenges persist. Difficulties in achieving uniform and thin coatings, along with the occurrence of orange peel texture on metal surfaces, pose obstacles. Additionally, the inability to blend different colors within powder coatings presents limitations. Despite these hurdles, innovative solutions and technological advancements offer avenues for improvement. Addressing coating application techniques and enhancing formulation processes can mitigate challenges, ensuring the delivery of high-quality finishes. By proactively tackling these issues, the industry can sustain its growth trajectory and meet the evolving needs of various sectors, including automotive manufacturing.
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The consumer appliances segment is estimated to witness significant growth during the forecast period. It has become the go-to choice for ensuring longevity and aesthetic look for outdoor furniture with powder coated outdoor furniture. The application on coated patio furniture offers remarkable benefits, including enhanced durability, resistance to corrosion, and a wide range of color options. This advanced coating method has gained significant traction in the powder-coated outdoor furniture industry, as it provides a protective layer that withstands harsh weather conditions and regular wear and tear.
The consumer appliances segment was the largest segment and was valued at USD 4.12 billion in 2018. Automotive powder coating offers exceptional durability, protection against corrosion, and an extensive color palette, making it an ideal choice for enhancing the aesthetics and longevity of vehicles. Additionally, it provides efficient processing times, reducing production delays and costs in the automotive industry. In conclusion, the increased durability has had a profound impact on various industries. From powder-coated outdoor furniture, the advantages of this advanced coating method, including superior durability, environmental friendliness, and cost-effectiveness, have driven its widespread adoption. Hence such factors are fuelling the growth during the forecast period.
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape market research and growth during the forecast period. The Asia-Pacific (APAC) market is experiencing a significant increase, primarily fueled by strong consumption in various sectors. Industries such as consumer appliances, automotive, construction, and outdoor furniture are driving the growth of this market. Notably, is playing a crucial role in the expansion of the APAC market. Additionally, it has a high demand in the construction sector. Key countries contributing to the growth of the APAC market include China, India, Japan, and South Korea. These countries are experiencing rapid industrialization and boast a diverse vendor landscape, further propelling market expansion.
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In Western Europe, the powder coatings market is witnessing significant shifts driven by concerns over climate change and air pollution, prompting a move away from fossil fuels towards more sustainable options like waterborne coatings. This transition is particularly pronounced in industries such as automotive, architectural, and furniture, where consumer spending trends favor durable and aesthetically pleasing products. Polyurethane resins are gaining traction for their versatility and durability, especially in construction and architecture applications. Thermoset and thermoplastic powder coatings, along with radiation-curable and high-solid coatings, are preferred for their environmental benefits and superior performance. With a focus on reducing solvents and embracing thermoset and thermoplastic resins like nylon, PVC, polyolefin, and polycarbonate coatings, the industry is poised for sustainable growth. The adoption of electrostatic spray techniques further enhances efficiency and reduces waste, ensuring the continued advancement of powder coatings technology.
Lower long-term cost is a key factor driving the growth of the market. Compared to the liquid coating process, offers significantly lower long-term costs, mainly due to faster throughput and more efficient utilization of coating materials.
Moreover, during the industrial powder coating's curing phase, parts can be swiftly assembled, packaged, and shipped upon cooling, minimizing warehousing time. Manufacturers are facing challenges in developing environmentally friendly products as it involves higher costs and effort. Hence, such factors are driving the market during the forecast period.
The global coating industry has witnessed a transformative shift with the rise of powder coatings. These coatings, celebrated for their exceptional durability, eco-friendliness, and cost-effectiveness, have revolutionized sectors such as furniture and automotive manufacturing. Their superior resilience challenges the traditional dominance of liquid coatings by offering unmatched environmental advantages and long-lasting protection.
Moreover, the momentum signifies a significant transformation in the global market. Industries are recognizing the unique benefits, such as reduced environmental impact and enhanced durability, driving a steady shift away from liquid coatings. Hence, such factors are driving the market during the forecast period.
Difficulty in producing even and thin coating is the major challenge that affects the growth of the market. Powder coatings have gained significant traction in various industries due to their durability and aesthetically pleasing finish. However, there are certain challenges associated with their use, particularly in the application process. Thin coatings can be challenging to produce due to the intricacies of controlling the precise amount of powder applied to the substrate for uniform coverage.
Moreover, applying multi-colored powder paints requires the complete removal and cleaning of excess spray between color changes to prevent cross-contamination of materials. Hence, the above factors will impede the growth of the market during the forecast period.
The market is fragmented in nature. Some significant players include Akzo Nobel NV and American Powder Coatings Inc.
Arkema Group: The company provides powder coatings under the recognized brand name Reafree.
The market analysis and report also includes detailed analysis of the competitive landscape and market forecasting information about 15 market companies, including:
Asian Paints Ltd., Axalta Coating Systems LLC., BASF SE, Berger Paints India Ltd., Covestro AG, FERRO South Africa PTY LTD., Fortunecoat Industries Pvt. Ltd., Jotun AS, Kansai Paint Co. Ltd., Keyland Polymer Material Sciences LLC, Liberty Coatings LLC, PPG Industries Inc., RPM International Inc., Solvay SA, The Sherwin Williams Co., VITRACOAT, and Wacker Chemie AG.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market continues to flourish, driven by a myriad of factors such as architectural trends, growing concerns over climate change and air pollution, and the push away from fossil fuels. With Western Europe leading the charge, the demand for powder coatings, particularly those made from polyurethane resins and thermoset hybrid resin, is on the rise. These coatings, including thermoset and thermoplastic powder coatings, offer exceptional corrosion resistance and durability, making them ideal for applications in various industries such as metals and consumer spending on durable and aesthetically pleasing products. Technological advancements like self-healing powder coatings and the use of nanoparticles are driving innovation, while developments in resin technology and smart process control systems enhance efficiency and quality. Moreover, the market is witnessing a shift towards waterborne and radiation-curable coatings to address concerns over solvents and environmental impact. As demand grows for high-performance coatings with superior properties like moisture and temperature resistance, the powder coatings industry continues to evolve, catering to diverse applications and markets worldwide.
Moreover, the market is experiencing substantial growth fueled by advancements in thermoset coating technologies like epoxies and polyesters. Electrostatic spray methods are enhancing application efficiency, resulting in durable products with superior finishes. Thermoset powder coatings are preferred for their resilience against humidity and rust, while polyester-TGIC-free variants address environmental concerns. Emerging trends favor waterborne and high-solid coatings, offering eco-friendly alternatives to traditional solvent-based options. Thermoplastic resins and thermoset resins are key components, providing versatility and durability to coatings used on various substrates. The market also sees a rising demand for nylon, PVC, polyolefin, and polycarbonate coatings, alongside traditional options like epoxy, polyester, and acrylic coatings, catering to diverse industrial and consumer applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.27% |
Market growth 2024-2028 |
USD 4.46 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.91 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
China, Germany, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, American Powder Coatings Inc., Arkema SA, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Berger Paints India Ltd, Covestro AG, FERRO South Africa PTY LTD., Fortunecoat Industries Pvt. Ltd., Jotun AS, Kansai Paint Co. Ltd., Keyland Polymer Material Sciences LLC, Liberty Coatings LLC, PPG Industries Inc., RPM International Inc., Solvay SA, The Sherwin Williams Co., VITRACOAT, and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market growth and trends, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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