Powder Coatings Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022-2027

Report Code: CMR 0113 Report Format: PDF + Excel

Powder Coatings Market Overview

The Powder Coatings Market size is forecasted to reach US$18.2 billion by 2027 after growing at a CAGR of 6.1% during the forecast period 2022-2027. Powder coating is a dry finishing process in which free-flowing, thermoplastic or thermoset powder material is applied to a surface, melted and then allowed to dry and harden into a protective coating. Powder coating based on thermoplastic polymers is derived from polyolefins, polyvinyl chloride, polyvinyl fluoride, polyester and so on whereas thermoset-based powder coatings are derived from epoxy, polyester, acrylic, polyurethanes and so on. Powder coating imparts a high-quality, durable finish, that allows for improved efficiency and is eco-friendly. Powder coatings are based on polymer resin systems. The environmental advantages offered by powder coatings compared to liquid coating methods drives the powder coatings market. The pandemic resulted in shortages of raw materials and supply chain disruptions. According to Echemi, a chemical industry B2B website, there were shortages of neopentyl glycol that is used in many of the resins for powder coatings and triglycidyl isocyanurate which is a curing agent used in polyester powder coatings. This resulted in price hikes of over 60% in the Powder Coatings industry.

Powder Coatings Market Report Coverage

The “Powder Coatings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments of the Powder Coatings industry.

By Resin Type: Thermoset (Epoxy, Polyester, Acrylic, Fluoropolymer, Polyurethanes and Others) and Thermoplastic (Polyamide, Polyolefin, Polyethylene, Polyvinyl Chloride, Polypropylene and Others).
By Coating Method: Fluidized Spray, Electrostatic Fluidized Bed, Electrostatic Spray and Others.
By SubstrateMetal (Steel, Aluminum and Others) and Non-Metal (Plastic, Wood, Ceramics, Glass and Others).
By End-Use Industry: Automotive [Two-wheelers (Scooters and Bikes) and Three/Four-wheelers (Passenger Cars, Heavy Commercial Vehicles and Light Commercial Vehicles)], Construction (Outdoor Construction and Indoor Construction), Appliances (Refrigerator, Water Coolers, Vending Machines, Washing Machines, Air Conditioners/Coolers, Electrical Fans, Kitchen Blenders/Mixers, Vacuum Cleaners, Water Heaters, Ovens & Chimneys, LPG Cylinders and Others), Electrical & Electronics (Transformers, Generators, ATM Machines, Industrial/Commercial Systems, Electrical Motor Stators/Rotors, Electric Meters & Connectors, Computer Room Floor System and Others), General Industrial (Industrial Carts & Power Tools, Storage & Racking, Escalators & Elevators, Lockers, Walls & Fittings, Water Pumps, Steel Drums, Pipes & Rebars and Others), Furniture (Outdoor Metal Furniture, Beds & Chairs, Benches and Others), Medical, Transportation & Equipment (Railways, Industrial Transportation, Construction Equipment, Agricultural Equipment, Marine, Aerospace) and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Denmark, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa)

Key Takeaways

  • The Asia-Pacific region dominates the powder coatings market on account of the increasing construction activities and the recovering automotive industry. According to Invest India, the construction industry in India is expected to reach $1.4 trillion by 2025.
  • There are two types of powder coatings, thermoplastic and thermoset. Thermoplastic powders are commonly derived from polyolefins, polyvinyl chloride and polyvinyl fluoride while thermosetting powders are derived from acrylic, epoxy and polyester resins.
  • Thermoplastic powder coating melts and flows when heat is applied but continues to have the same chemical composition once it cools and solidifies. On the other hand, thermoset powder coatings will not melt when heated after curing.
  • The major opportunity for this market is developing thin-film coatings.
  • A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the powder coatings market report.

Figure: Asia-Pacific Powder Coatings Market Revenue Share, by End-Use Industry, 2021 (%)

Powder Coatings Market

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Powder Coatings Market Segment Analysis – by Resin Type

The thermoset segment held a dominant Powder Coatings Market share in 2021 and is expected to grow at a CAGR of 7.2% during the forecast period of 2022-2027. In the powder coating process, as the powder heats and melts it flows around the surface of the object and undergoes a chemical change called cross-linking which forms a hard and durable coating. Thermosetting coatings do not re-melt when they are cooled after heat is re-applied. In its powdered state, thermoset material tends to have a much lower molecular weight than other coating materials, usually requiring less heat to melt, making it more energy efficient. Thermoset powders are commonly derived from epoxy, acrylic, polyester and polyurethane groups. The most frequently employed are epoxy and polyester-based resins. Epoxy resin-based thermoset powders form a tough impact-resistant coating that has excellent corrosion resistance, so they are used for internal applications. Polyester-based coatings have the added advantage of being highly UV resistant, making them an ideal choice for outdoor applications. Thus, the thermoset segment is anticipated to dominate the powder coatings market.

Powder Coatings Market Segment Analysis – by Application

The construction segment held a dominant Powder Coatings Market share in 2021 and is expected to grow at a CAGR of 8.3% during the forecast period of 2022-2027. Powder coating can be used for metal components such as door frames, railings, window frames, fencing, shelters, storefronts, façade or other areas of buildings. According to WSP, around 25% of the overall construction cost is the façade, with the metal contributing a major part of the cost. Powder coating can prevent corrosion and minimize re-coating as it imparts a long-lasting coating. The powder coat is more resistant to scratching, fading, erosion or other types of damage that can ruin the aesthetic appeal of a building The latest trend in the construction industry is low-emitting products and sustainable buildings. According to the U.S. Green Building Council (USGBC), 1,105 projects have been certified with LEED certification for green buildings in the U.S. in 2021. Powder coatings are solvent and VOC-free and produce less waste than other coating methods, making them a clear choice for green buildings. Thus, the construction industry is expected to dominate the market.

Powder Coatings Market Segment Analysis – by Geography

The Asia-Pacific region held the dominant Powder Coatings Market share up to 60% in 2021 owing to the rising consumption of powder coatings from the automotive, construction and appliances sector. The construction activities in the region rebounded after the initial lockdown in 2020. The government of India has made several investments in construction and infrastructure to aid in development. As per a report by the Indian Construction Equipment Manufacturers Association (ICEMA), the construction equipment industry recorded a 47% growth in the second quarter of FY2021-22. According to a news report in Reuters, in FY22-23, US$529.7 billion will be invested to further drive economic growth across the country. China’s construction sector is expanding rapidly. according to the National Bureau of Statistics, China’s construction output is estimated to be worth approximately US$4.3 trillion in 2021. China plans to invest US$1.43 trillion in key construction projects as part of its 14th five-year plan. As per the National Development and Reform Commission (NDRC), the Shanghai plans call for a total investment of US$38.7 billion over the next three years. The Japanese construction industry is expected to boom as the World Expo will be hosted in Osaka, Japan in 2025. Therefore, this region is set to dominate the Powder Coatings market.

Powder Coatings Market Drivers

Environmental Advantages of Using Powder Coatings

Powder coating is the green process of choice for finishing operations. It produces less waste than other finishing processes such as liquid coating. The use of powder coating aids in eliminating waste because, after application, the powder coating overspray can be reclaimed and reused. These types of reclamation practices keep overhead costs low while minimizing environmental impacts. Solvents contain volatile organic compounds (VOCs) which are detrimental to the environment. In liquid coatings, the average VOC content is between 3.5 to 5.5 pounds per gallon, which is approximately one-third to one-half of each gallon of the liquid coating being emitted into the environment during the application process. Since powder coating lines do not require the use of solvents, they do not emit VOCs and can operate with reduced energy, faster curing and lower temperatures. This makes powder coatings highly attractive from an environmental perspective. Innovations in the powder coatings industry strive to make it even better. For instance, in early 2020, Sherwin-Williams General Industrial Coatings division launched the Powdura ECO line made from a resin that uses pre-consumer recycled polyethylene terephthalate (rPET). Thus, the environmental advantages offered by using powder coatings drive the market.

Growing Usage of Powder Coatings in Electric Vehicles

The growth of electric vehicles (EVs) can be attributed to increasing oil prices and growing awareness regarding climate change. According to the International Energy Agency (IEA), in 2021, sales of electric cars (including fully electric and plug-in hybrids) doubled to a new record of 6.6 million. Sales kept rising in 2022 as well, with 2 million electric cars sold worldwide in Q1 2022, up almost 75% compared to Q1 2021. To keep EV motors and batteries operating efficiently, it’s important to maintain an optimum temperature range. Sometimes EV motors can generate operating temperatures that may exceed 200°C. Powder coatings are used to insulate battery boxes and isolate thermal activity. To take advantage of the growing EV market, powder coating manufacturers are launching products that cater to EVs. For instance, in January 2022, Arkema announced high-voltage coating solutions for electric vehicles. The two new polyamide 11 powder coating grades with UL certification were introduced for use in electric vehicle battery systems and other applications. Thus, the growing usage of powder coatings for EVs drives the market.

Powder Coatings Market Challenge

High Initial Investment

The major restraint in the Powder Coatings market is the high initial investment required to set up the powder coating equipment. Liquid coating applications only require a spray gun and a spray area. Comparatively, a powder coating workshop needs a spray gun, spray booth and curing oven. The addition of the curing oven adds significantly to the initial start-up costs for powder coating. The size of the curing oven purchased needs to take into account the maximum part size that can effectively be handled. Larger, thicker and heavier parts require a larger and more powerful oven, which further adds to the overall equipment costs. While metals can be powder coated using electrostatic spray deposition, non-metals require a fluidized bed powder coating application. The need for a fluidized bed also increases the overall equipment costs for the establishment of a complete powder coating facility. This can prove to be a challenge for the powder coatings market.

Powder Coatings Industry Outlook

Product launches, acquisitions and R&D activities are key strategies adopted by players in the Powder Coatings market. The top 10 companies in the Powder Coatings Market are:

  1. PPG Industries
  2. AkzoNobel Powder Coatings
  3. BASF SE
  4. Axalta Coating Systems
  5. The Sherwin Williams Company
  6. Jotun
  7. Valspar Corporation
  8. Nippon Paint Holdings Co. Ltd.
  9. Kansai Nerolac Paints Limited
  10. Tiger Coatings

Recent Developments

  • In June 2022, Polychem launched a new powder coating collection called the Effects Collection. The collection features powder special effects, such as speckles, translucents, metallics, sparkle translucent, veins, patina effects, river textures, fine textures and dramatic illusion colors, available in a variety of colors.
  • In May 2022, AkzoNobel Powder Coatings launched a comprehensive range of ready-to-ship powder coatings ranges specifically for the North American market. The range comprises approximately 500 unique powder coatings, with a broad variety of premium quality colors, textures and finishes.
  • In February 2022, PPG announced that it has entered into an agreement to acquire the powder coatings business of Arsonsisi, an industrial coatings company based in Milan, Italy. The acquisition will enable PPG to expand its powder coatings offering in the Europe, Middle East and Africa (EMEA) region.

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1. Powder Coatings Market - Market Overview
    1.1 Definitions and Scope
2. Powder Coatings Market - Executive Summary
    2.1 Key Trends by Resin Type
    2.2 Key Trends by Coating Method
    2.3 Key Trends by Substrate
    2.4 Key Trends by End Use Industry
    2.5 Key Trends by Geography
3. Powder Coatings Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Powder Coatings Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Powder Coatings Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Powder Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Powder Coatings Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Powder Coatings Market – By Resin (Market Size - US$ Million)
    8.1 Thermoset
        8.1.1 Epoxy
        8.1.2 Polyester
            8.1.2.1 Pure Polyester (TGIC)
            8.1.2.2 Hydroxyl Polyester (TGIC Free)
            8.1.2.3 Carboxyl Polyester
        8.1.3 Acrylic
        8.1.4 Fluoropolymer
        8.1.5 Polyurethanes
        8.1.6 Others
    8.2 Thermoplastic
        8.2.1 Polyamide
        8.2.2 Polyolefin
        8.2.3 Polyethylene
            8.2.3.1 Low-Density Poly Ethylene (LDPE)
            8.2.3.2 Linear Low-Density Poly Ethylene (LLDPE)
        8.2.4 Polyvinyl Chloride
        8.2.5 Polypropylene
        8.2.6 Others
9. Powder Coatings Market – By Coating Method (Market Size - US$ Million )
    9.1 Fluidized Spray
    9.2 Electrostatic Fluidized Bed
    9.3 Electrostatic Spray
        9.3.1 Corona Charging
        9.3.2 Tribomatic Static Charging
    9.4 Others.
10. Powder Coatings Market – By Substrate (Market Size - US$ Million )
    10.1 Metal
        10.1.1 Steel
        10.1.2 Aluminum
        10.1.3 Others
    10.2 Non-Metal
        10.2.1 Plastic
        10.2.2 Wood
        10.2.3 Ceramics
        10.2.4 Glass
        10.2.5 Others
11. Powder Coatings Market – By End-Use Industry (Market Size - US$ Million)
    11.1 Automotive
        11.1.1 Two-wheelers
            11.1.1.1 Scooters
                11.1.1.1.1 Body Frame
                11.1.1.1.2 Wheels
                11.1.1.1.3 Others
            11.1.1.2 Bikes
                11.1.1.2.1 Wheels
                11.1.1.2.2 Main Stand
                11.1.1.2.3 Oil Tank
                11.1.1.2.4 Others
        11.1.2 Three/Four-wheelers
            11.1.2.1 Passenger Cars
                11.1.2.1.1 Alloy Wheels
                11.1.2.1.2 Chassis
                11.1.2.1.3 Levers
                11.1.2.1.4 Brake Clips
                11.1.2.1.5 Clamps
                11.1.2.1.6 Others
            11.1.2.2 Heavy Commercial Vehicles
                11.1.2.2.1 Under Body Parts
                11.1.2.2.2 Door Frames
                11.1.2.2.3 Wheel Rims
                11.1.2.2.4 Hood Parts
                11.1.2.2.5 Others
            11.1.2.3 Light Commercial Vehicles
                    11.1.2.3.1 Chassis and Frames
                    11.1.2.3.2 Nerf Bars
                    11.1.2.3.3 Wheel Rims
                    11.1.2.3.4 Others
    11.2 Construction
        11.2.1 Outdoor Construction
            11.2.1.1 Windows
            11.2.1.2 Gates, Fencing, & Railings
            11.2.1.3 Façade Profiles and Panels
            11.2.1.4 Metal Ceilings
            11.2.1.5 Industrial Machinery
            11.2.1.6 Others
        11.2.2 Indoor Construction
            11.2.2.1 Curtain Walls
            11.2.2.2 Internal Partitioning
            11.2.2.3 Office/Commercial Spaces
            11.2.2.4 Others
        11.3 Appliances
            11.3.1 Refrigerator
            11.3.2 Water Coolers
            11.3.3 Vending Machines
            11.3.4 Washing Machines
            11.3.5 Air Conditioners/Coolers
            11.3.6 Electrical Fans
            11.3.7 Kitchen Blenders/Mixers
            11.3.8 Vacuum Cleaners
            11.3.9 Water Heaters
            11.3.10 Ovens & Chimneys
            11.3.11 LPG Cylinders
            11.3.12 Others
        11.4 Electrical and Electronics
            11.4.1 Transformers
            11.4.2 Generators
            11.4.3 ATM Machines
            11.4.4 Industrial/Commercial Systems
                11.4.4.1 Control Panels
                11.4.4.2 Server Housing Frame Racks
                11.4.4.3 UPS & Inverters Boxes/Trolleys
                11.4.4.4 Others
            11.4.5 Electrical Motor Stators/ Rotors
            11.4.6 Electric Meters & Connectors
            11.4.7 Computer Room Floor System
            11.4.8 Others
    11.5 General Industrial
        11.5.1 Industrial Carts & Power Tools
        11.5.2 Storage & Racking
            11.5.2.1 Retail
            11.5.2.2 Industrial
        11.5.3 Escalator & Elevators
        11.5.4 Lockers, Walls & Fittings
        11.5.5 Water Pumps
        11.5.6 Steel Drums
        11.5.7 Pipes & Rebars
        11.5.8 Others
    11.6 Furniture
        11.6.1 Outdoor Metal Furniture
        11.6.2 Beds & Chairs
        11.6.3 Benches
        11.6.4 Others
    11.7 Medical
    11.8 Transportation & Equipment
        11.8.1 Railways
            11.8.1.1 Passenger/Commercial Trains
            11.8.1.2 Metro Coaches
            11.8.1.3 Equipment
        11.8.2 Industrial Transportation
            11.8.2.1 Tractors
            11.8.2.2 Factory Transports
        11.8.3 Construction Equipment
            11.8.3.1 Excavators
            11.8.3.2 Trenchers
            11.8.3.3 Bulldozers
            11.8.3.4 Wheel Tractor Scraper
            11.8.3.5 Dump Trucks
            11.8.3.6 Others
        11.8.4 Agricultural Equipment
            11.8.4.1 Farming Vehicles
            11.8.4.2 Tractors
            11.8.4.3 ATV & UTV
            11.8.4.4 Combine Harvester
            11.8.4.5 Tractor Attachments
            11.8.4.6 Plows & Harrows
            11.8.4.7 Fertilizer Spreaders
            11.8.4.8 Wagons or Trailers
            11.8.4.9 Others
        11.8.5 Marine
            11.8.5.1 Boats
            11.8.5.2 Cruises
            11.8.5.3 Cargo Ships
            11.8.5.4 Others
        11.8.6 Aerospace
    11.9 Others
12. Powder Coatings Market - By Geography (Market Size - US$ Million)
    12.1 North America
        12.1.1 the USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 the UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 the Netherlands
        12.2.6 Spain
        12.2.7 Denmark
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Thailand
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 the Middle East
        12.5.2 Africa
13. Powder Coatings Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Powder Coatings Market – Industry/Segment Competition Analysis Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Powder Coatings Market – Key Company List by Country Premium Premium
16. Powder Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
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