Powder coatings possess significant durability and superior properties such as resistance to scratching, corrosion, abrasion, and chemicals. Powder coatings overspray can be reused leading to maximum utilization and cost cutting. There are no solvents in powder coatings, and therefore they offer maximum compliance with the increasing environment regulations, leading to their increasing acceptance over liquid coatings. The global powder coatings market is estimated to reach $12,332 million by 2022, with a CAGR of 5.4% from 2016 to 2022.
Growing adoption, coupled with government support, is the key driving factor of the market during the forecast period. In addition, technological advancements and growth in application industries, such as appliances, automotive, furniture, and medical, supplement the world market for powder coatings. However, difficulty in applying thin coats may impede the growth, owing to the emergence of any cost alternative product into the market.
Based on the type of powder coatings, the market is segmented into thermoset and thermoplastic. Thermoset polymers are further segmented into resin type, namely epoxy, epoxy polyester hybrid, and acrylic. Thermoplastic is further divided into polyvinyl chloride (PVC), polyurethane, nylon, polyolefin, and polyvinylidene fluoride (PVDF). Technological developments in production processes are likely to lower the cost of production, resulting in reduction in prices for powder coatings. In the year 2015, the thermoset segment occupied more than half of the market share in terms of volume. Based on application, the market is segmented into architectural; appliances; automotive; furniture; agriculture, construction, and earthmoving equipment (ACE); general industrial; and others. Based on the coating method, the market is classified into electrostatic spray and fluidized bed technique.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. In the year 2015, Asia-Pacific occupied the largest share in the global powder coatings market, with China and India as major countries contributing to the growth. Increasing population and rising adoption of solvent-free and volatile organic compound (VOC) free coatings are significant factors leading to the growth of the market in the Asia-Pacific region.
Companies adopt agreement, product launch, expansion, mergers, and agreements to gain a competitive advantage in this market. For example, in 2015, AkzoNobel established a sixth powder coating manufacturing plant in the Middle East to increase the capacity for Interpon and Resicoat products. This helped it to expand its geographical outreach and distribute its products in the Middle East market. The key players profiled in the report include BASF SE, AkzoNobel N.V., Kansai Nerolac Paints Limited, Axalta Coating Systems, PPG Industries, Berger Paints, IFS Coatings, Tiger Coatings, The Valspar Corporation, and Sherwin Williams.
KEY MARKET BENEFITS:
POWDER COATINGS MARKET SEGMENTS:
Market by Resin Type
Market by Coating Method
Market by Application
Market by Geography
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