< Key Hightlight >

The Powder Coatings market is projected to grow from USD 13.8 billion in 2021 to USD 16.8 billion by 2026, at a CAGR of 3.9% between 2021 and 2026. Strong growth can be witnessed in the powder coatings market in the Asia Pacific region, especially in China, India, and South-East Asian countries. The increasing use of Powder Coatings in the appliance and automotive industry is projected to create new opportunities for the market players. The penetration of powder coatings is expected to increase in the long term and is projected to witness a high CAGR during the forecast period. The abundant availability of raw materials, especially in Asia Pacific, is expected to support the production of powder coatings.

The appliances industry, being highly dependent on China, was the hardest hit by COVID 19. However, it is expected to witness a V-shaped growth trajectory as the demand for appliances, especially refrigerators, grew even during the initial phase of the pandemic. The introduction of antimicrobial surfaces on appliances is also expected to trigger the demand for powder coatings.

“Automotive segment is projected to be the largest end-use market of Powder Coatings.”

The automotive industry is expected to lead the overall Powder Coatings end use market, in terms of value, between 2021 and 2026. The powder coatings market in the automotive segment is anticipated to witness healthy growth owing to increased competition among players, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. Asia Pacific accounts for the largest share of the automotive coatings market owing to large demand and production of automobiles, rising number of joint ventures among key players, and favorable political and economic scenarios. While the major challenge that Europe and North America face is the economic slowdown, the market for powder coatings in both the regions is anticipated to benefit from stringent environmental regulations. 

“Thermoset resin is the fastest-growing segment of the Powder Coatings market.”

Thermoset powder coating is the preferred powder coatings technology for industrial applications. Epoxies and polyesters are predominantly used. Epoxies are preferred for their overall physical properties, while polyesters exhibit better outdoor weathering properties. The resin component in the formulation will largely determine the processing and performance properties of powder coatings. The thermoset resin segment is expected to lead the growth during the forecast period. Thermoset powder coatings are used on a wide array of automotive, appliances, and general industrial products.

“Asia Pacific is the fastest market for Powder Coatings during the forecast period.”

Asia Pacific is projected to be the largest and the fastest-growing market for Powder Coatings during the forecast period. The high growth in the region is fueled by booming economies in China, India, and a few smaller countries such as Indonesia and Taiwan. Thermosetting powder coatings are preferred more than thermoplastic powder. As the end-use industries in the Asia Pacific are growing rapidly, especially in China and India, the market for powder coatings is increasing significantly. The demand for powder coating has increased in countries such as India, Indonesia, Malaysia, and Vietnam because of the growing automotive, furniture, appliances, industrial, and agriculture sectors.

Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments. 

Breakdown of Primary Interviews:

• By Company Type: Tier 3 – 46%, Tier 2 – 36%, and Tier 1 – 18%

• By Designation: D Level – 27%, C Level – 18%, and Others – 55%

• By Region: Asia Pacific – 45%, North America – 18%, Europe – 9%, South America- 9%, and the Middle East & Africa – 9%

The key companies profiled in this report are PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), and Jotun A/S (Norway).

Research Coverage:

The Powder Coatings market has been segmented based on resin type (thermoset and thermoplastic), coating method (electrostatic spray, fluidized bed), end-use industry (appliances, automotive, general industrial, architectural, furniture, others), and region (Asia Pacific, Europe, North America, Middle East, South America, and Africa). The end-use industry segments are further analyzed for each country in the respective regions.

Reasons to Buy the Report

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.