Waterborne coatings along with powder coatings were developed to compete with traditional solvent-based coatings. The goal was to lower the amount of volatile organic compounds (VOCs) emitted by the paint's solvents while increasing the percentage of resin. Consumers are preferring or shifting towards powder coatings from liquid coatings. This can be attributed to the numerous advantages associated with powder coatings over liquid coatings types such as low VOCs, non-toxic, lower carbon dioxide emissions, lesser hazardous waste generation, improved film thickness, better scratch resistance, excellent color retention & corrosion protection, great film integrity and more. APAC Powder Coatings market size is forecast to reach US$10.7 billion by 2026, after growing at a CAGR of 7.6% during the year 2021-2026
In the upcoming years, it is projected that manufacturers will be constantly launching new powder coating products in the Asian market to increase their global reach. For instance, AkzoNobel Powder Coatings introduced the Interpon Futura Collection for 2022-2025 in March 2022, unveiling three completely new, on-trend color palettes – Merging World, Healing Nature, and Soft Abstraction. The Interpon D Futura Collection is, for now, available from stock to customers in Europe, Africa, the Middle East, and will be launched in North America and Southeast Asia later this year. Such product launches in the Asian region in the future will increase market potential, thereby acting as an opportunity for the APAC powder coatings market growth.
The COVID-19 outbreak wreaked havoc on the automotive ad construction sector, posing significant economic concerns. As a result of the government's severe measures to slow the spread of the coronavirus, automotive manufacturing, and construction output growth decreased, causing widespread fear and financial difficulties for the powder coatings industry in APAC. Several projects remained unfinished as a result of a lack of funding. The construction industry also experienced problems including supply chain disruption, a shortage of subcontractors and materials, and contract terminations to save costs, all of which slowed the growth of the powder coatings market in APAC. Construction in several Asia-Pacific countries was temporarily halted. For instance, in reaction to the enlarged state of emergency declared by the Japanese government over the COVID-19 epidemic, prominent Japanese building companies such as Kajima Corporation, Obayashi Corporation, and Taisei Corporation have paused construction activity nationally until early May 2020. According to the Ministry of Trade & Industry, construction nearly stopped altogether, shrinking 95.6% quarter on quarter, far more than any other sector in Singapore. With the temporary decrease in construction activities, the demand for powder coatings had significantly fallen, which had an immediate major impact on the powder coatings industry in 2020. Furthermore, powder coatings manufacturers across Asia-Pacific had to shut down their production facilities and services as countries adopted partial or absolute lockdown policies to deal with the pandemic, which hindered the production of powder coatings. Manufacturers were stranded on raw material orders due to a major effect on the logistics industry due to the lockdown in the COVID-19 area. However, governments took the initiative to gain the construction momentum back by heavily taking initiatives to accelerate the growth of construction activities. For instance, the Australian government launched the HomeBuilder initiative to keep the residential building industry afloat during the coronavirus outbreak. HomeBuilder offers a US$25,000 grant to qualifying owner-occupiers to construct a new home or substantially renovate an existing home. As a result, the market paced back to its pre-covid market level.
India is growing at the fastest CAGR in the APAC powder coatings market, owing to the flourishing construction and automobile sector in the country, which is accelerating the demand for powder coatings in India. According to Invest India, the Construction industry in value terms is expected to record a CAGR of 15.7% to reach US$738.5 billion by 2022. According to Invest in India, the construction industry in India is expected to reach US$1.4 Trillion by 2025. By 2030, more than 40% of the Indian population is expected to live in urban India (34% today) which is likely to create a demand for 25 million additional affordable units. According to Invest India, by 2026, India is projected to be the third-largest automotive market in the world in terms of volume. According to the India Brand Equity Foundation (IBEF), Indian passenger vehicle sales increased and reached 3,10,294 units in October 2020, compared with 2,71,737 units in October 2019, a 14.19% growth. As per the Federation of Automobile Dealers Associations (FADA), passenger vehicle sales in November 2020 stood at 291,001 units, compared with 2,79,365 units in November 2019, registering a 4.17% growth in India. In such context, India's increasing automobile production and construction activities are anticipated to result in an increase in demand for powder coatings in India during the forecast period.
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APAC Powder Coatings Market Growth Drivers:
Growing investments in the construction sector
Powder coating comes in a variety of colors and options, including customized options, which is vital to the construction industry. One of the fastest-growing markets for powder coating in the construction sector owing to the durability provided by powder coatings. With the wide variety of colors and finishes available in powder coatings, more and more construction companies are turning to powder coatings to provide long-term exterior finishes for outdoor venues and public works projects. As environmental awareness and regulations continue to gain momentum, more architects and building owners are specifying powder coatings for their projects. Also, owing to its long-lasting nature and its resistance to UV rays the demand for powder coating has increased in the construction industry. Recently, the construction industry has become the biggest focus area for the Government of India. India plans to spend US$ 1.4 trillion on infrastructure during the year 2019-23 to have a sustainable development of the country. With increasing investments in infrastructure development projects, the demand for powder coatings surging in the coming years. Furthermore, the Chinese government approved 26 infrastructure projects worth approximately USD 142 billion in 2019, according to the National Development and Reform Commission of China, which are anticipated to be completed by 2023. Powder coatings are likely to benefit from rising infrastructure expenditure and the construction of more complex structures. Furthermore, the country boasts the world's largest construction market, accounting for 20% of all worldwide construction investments. By 2030, the country is estimated to spend roughly USD 13 trillion on construction. Powder coating has plenty of advantages in the construction industry. One of the hottest trends for construction is low-emitting products and sustainable buildings, which means buildings that are constructed, designed and operated to boost economic as well as environmental productivity and performance. These increased demands are boosting the market for powder coating in the construction sector. In the Asia Pacific, about 55% of the powder coating produced is used to decorate and protect new construction as well as to maintain existing structures, including residential homes and apartments, public buildings, plants, and factories.
The Major Players in this Market Include
The major companies in the APAC Powder Coatings market include PPG Industries Inc., The Sherwin Williams Company, AkzoNobel N.V., KCC Corporation, Axalta Coating Systems, Nippon Paint Holdings Co. Ltd., Jotun A/S, Dai Nippon Toryo Co. Ltd., Kansai Nerolac Paints Limited, and Berger Paints India Limited. The key focus of the companies has shifted towards product launch and expansion.
In October 2020, AkzoNobel was building a plant in Chungli District, Taoyuan City, Taiwan, that will allow customers in Taiwan more access to the company’s advanced powder coatings solutions. The fully automated plant, which represents a €20 million investment, will have the increased production capacity to fulfill growing demand in the architecture, auto accessories, telecommunications, electronic components, furniture, domestic appliances, sports equipment, and machine tools markets.
In May 2020, PPG acquired Global Coatings Manufacturer Wörwag, a global manufacturer of coatings for industrial and automotive applications. The acquisition of Wörwag is another step forward in PPG’s strategic growth plan that will provide further value to our customers and shareholders.
In March 2020, PPG acquired Alpha Coating Technologies, a Light Industrial Powder Coatings Manufacturer, of powder coatings for light industrial applications and heat-sensitive substrates. Financial terms were not disclosed.
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