Powder Coatings Market Opportunities, Business Forecast To 2028

  

The global powder coatings market size was valued at USD 12,362.1billion in 2021 and is poised to grow at a significant CAGR of 7.4% during the forecast period 2022-28. Stringent environmental regulations, advantages of powder coatings over traditional wet paint systems, adoption of the technology in the automotive sector, flourishing construction industry together with rapid economic growth in emerging countries, technological advancements and increasing demand from end user industries, such as architectural, appliances, automotive, furniture, agriculture, construction and earthmoving equipment (ACE) are some factors influencing the market growth. However, factors such as fluctuating raw material prices and difficulty in obtaining thin films are limiting the market growth. In addition to these exterior uses, this material is also used inside the engine on radiators, filters, and other parts. Many new models of Volvo and BMW are already using this type of coating, and Ford, GM, and Chrysler are testing it. The success of the technology has been continuous improvement in raw materials, formulating techniques, and manufacturing processes. Powder is here to stay, and there is still room for significant growth in the automotive market as long as the technology continues to advance. Powder coating process is excellent at achieving smooth and even thick coatings, it is difficult to produce the same with thin coatings. This limitation results from how powder coatings are applied, as it is challenging to control the amount and speed at which the powder is applied to the substrate.

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Powder coatings are well established as a finishing technique in the automotive market worldwide. These coatings offer benefits such as toughness and chip resistance. Powder coatings have come a long way in automotive applications since the early 1970s. Within the automotive industry, powder coating is used in a variety of ways, including everything from wheels and hub caps to door handles, bumpers, and even decorative trim. In many cases, powder coating is used to protect the body of the automobile from corrosion or rust.

The global powder coatings market segmentation:

1) By Resin Type: Thermoplastic and Thermoset.

2) By Coating Method: Electrostatic Spray and Fluidized Bed.

3) By Application: Appliances, Automotive, Architectural, Furniture, Agriculture Construction& Earthmoving Equipment (ACE), General Industrial and Others.

 

Asia Pacific accounted for larger revenue share in global powder coatings market with considerable CAGR due to changing lifestyle, growth in transportation infrastructure and rising disposable income. Also, China is the major contributor for the market growth in this region as there is an increase in demand for electric home appliances in the country. In addition, North America held considerable market share during estimated period owing to increasing environmental concerns and rising awareness regarding the harmful effects of solvent-based coatings.

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