As per Fact.MR, a market research and competitive intelligence provider, the powder coatings market is slated to grow 1.2X in value by 2031.
Developing economies with increasing demand for automotive, home appliances, and industrial machinery present remunerative opportunities for manufacturers of powder coatings.
The application of powder coatings is done on metallic surfaces to provide high-quality finishing. Powder coatings have gained traction and become one of the most general techniques to finish automotive and other parts on account of their long-lasting, durable finish and smooth texture that is resilient to corrosion. Major driver in the growth of powder coating materials was the quest for ecologically friendly substitutes to solvent-laden paints.
Features such as high resistance to abrasion, chipping, corrosion, and wear & tear due to excessive functioning are an added bonus for sustainable market growth. Market players are gaining a competitive edge through product innovation and integration of latest technologically advanced manufacturing processes.
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Key Takeaways from Market Study
- The global powder coatings market is expected to reach a valuation of US$ 15 Bn by 2031.
- Epoxy-based coatings hold more than 30% total market share when categorized based on resins.
- Europe leads the global market with a majority market share of more than 30%. Increasing automotive production is cited as the most visible factor for regional growth.
- Consumer goods account for maximum demand for powder coatings, with a market share of over 23%.
- Increasing application in furniture will expand the segment at a robust CAGR of more than 8%.
“Increasing demand for powder coatings from the automotive & consumer goods sectors to nudge market growth over the coming years,” says a Fact.MR analyst.
How are Environmental Challenges Posing as Restraints to the Market Growth?
The powder coatings industry faces many environmental challenges with increasing focus on meeting state and local regulations regarding wastewater discharge. Powder coating operations have metals, oil & grease, and suspended solids in their waste streams generated during cleaning and pre-treatment phases of their operations.
It is difficult for powder coating manufacturers to meet state and local environmental regulations. Metal finishing companies that use various electroplating processes have been facing the challenges of heavy metal contamination in wastewater.
Hence, demand for eco-friendly and non-hazardous powder coatings is rising in the market, presenting lucrative opportunities for non-hazardous powder coating manufacturers.
Country-wise Analysis
What is Driving Demand for Powder Coatings in the U.S.?
Demand for powder coatings in the U.S. has been increasing due to rising disposable income, leading to increased demand for consumer products, automobiles, and furniture. Also, presence of many powder coating manufacturers in the U.S. is further nudging market growth in the country.
The U.S. powder coatings market is expected to expand at a CAGR of 5.2% across the forecast period.
Category-wise Analysis
Why Do Epoxy Resin Powder Coatings Hold Majority Share in the Market?
Powder coatings manufactured from epoxy resins are garnering increasing traction owing to enhanced protection that this type of powder coating offers against repeated mechanical stress, weather, and wear & tear associated with typical product lifecycles.
Epoxy resin-based powder coatings hold over 30% of the market share, followed by polyester resins that account for more than 1/4 of the market.
Surging preference for high-quality finish and durability of coatings in products will create remunerative growth opportunities for acrylic and resin-based powder coating. Demand for acrylic resin-based powder coatings is expected to expand at a stellar CAGR of more than 6% through 2031.
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Competitive Landscape
Leading powder coatings market players are investing in research & development of new more efficient powder coatings. Top manufacturers of powder coatings are introducing innovative products and leveraging automation technologies to forge strategic partnerships with demanding clients.
Leading companies in this powder coatings market are also focusing on expanding their production capacities to strengthen their market position. Top powder coating product manufacturers are also investing in collaborative projects to survive competition in the market.
Some of the key developments are:
- In March 2019, PPG launched PPG ENVIROCRON extreme protection edge coatings, which uses a patent-pending, advanced powder coatings technology that delivers exceptional edge corrosion protection in one coat. Specially formulated to cover sharp edges created during metal fabrication, this innovative technology provides coverage that surpasses standard one-coat and two-coat powder systems.
- In July 2019, Akzo Nobel announced plans to add three new production lines at its Changzhou powder coatings plant in China—the company’s largest facility of its kind in the world. The US$ 3.3 Mn investment will support additional supplies of acrylic powder coatings, metallic powder coatings, and powder primers for the automotive sector, strengthening Akzo Nobel’s ability to deliver more locally produced premium products.
Key Segments Covered in Powder Coatings Industry Research
By Resin
- Epoxy
- Polyester
- Epoxy-Polyester (Hybrid)
- Acrylic
- Polyurethane
- Epoxy Polyester
By Application
- Consumer Goods
- Architectural
- Automotive
- General Industries
- Furniture
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