Powder Coatings Market Share

Global Powder Coating Market Overview

Powder Coating Market Size was valued at USD 14,925.9 million in 2023. The Powder Coating industry is projected to grow to USD 22,929.9 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.73% during the forecast period (2024 - 2032). In 2023. The rising demand for advanced products, the use of high-quality, reliable, and high-performance paints and coatings has increased because of the improved living stands and for the status symbol. People are ready to spend the amount, in the high-quality powder coating because, they want to have luxury and comfortable living. Also, the end users are focusing and promoting the eco-profile of the materials used in paints and coatings. Powder coatings are gaining popularity as binders in the paints and coatings industry, as it is a highly efficient formulation with low VOC emission and cost-effective. Powder coatings offer excellent adhesion and cohesion balance and features characteristics such as flexibility, gloss potential, and toughness. The demand for powder coatings in the interior and exterior coating is increasing owing to its excellent coalescing properties, limited use of solvents, and low formulation cost. The limited need for solvents enables the formulation of low VOC and odourless paints. Moreover, powder coatings offer coating properties such as low-temperature coalescence and mud cracking, without adding to the overall formulation cost of the paint.  

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Powder Coating Market Trends

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  USE OF POWDER COATING IN FURNITURE

  
  

Powder coating is a dry painting processor method, which helps in providing customized finishes to metal furniture. It allows us to choose from a range of colors and textures for every piece they produce, without compromising its features or characteristics. It enhances any metal product with a high finishing. The method of powder coating involves the use of dry, free-flowing, and electrostatically charged resin, which is used for the furniture in even coats, then they are cured in a high-temperature so that it can stay for long period of time and improver the life of the furniture. It starts with cleaning furniture to remove any dirt or grease. The piece is then carefully pre-heated to a specific temperature to assist the powder in adhering to the surface. Next, the powder finish is sprayed onto the furniture using an electrostatic gun. The powder helps in giving the uniform coating. Then, it is cured in a specially designed oven, which helps the powder to gain the shape and become hard, which help in getting the attractive finishing. Compared to other finishing methods, powder coating offers a host of benefits. Liquid paint is less durable, and more resistant to scratches and chipping, while electroplating is often expensive, and may not be suitable for all furniture types. Powder coating, on the other hand, delivers a uniform, clean coverage, with reduced emissions, and minimal material waste. Compared to other finishing methods like painting or varnishing, powder coating offers phenomenal longevity. Plus, the extra tough finish means your furniture items will be less likely to corrode. The powder coating process requires fewer materials than other finishing options. With the right tools, powder coating professionals can minimize overspray and waste. Plus, because most of the process is automated, there are fewer labor costs too. What’s more, because powder coated finishes have a much longer lifespan, there are fewer maintenance and repair costs to consider too. Manufacturers may even be able to charge more for their finished products, thanks to their exceptional lifespan. Excellent durability, UV stability, hardness, abrasion resistance and corrosion resistance combined with higher film thicknesses of powder coatings make them ideal for outdoor furniture and equipment which see rough use outdoors. School furniture such as tables and chairs are easy to powder coat. Doorknobs can be powder coated inside or outside. But also powder coatings for kitchens and bathrooms are very suitable and decorative. Having high film weight, they give good abrasion and chemical resistance, and humidity protection.

RISE IN DEMAND FOR POWDER COATING FOR THE AUTOMOTIVE

Powder coating is used in automobile parts or components It is not applied to door and body panels, but it is making inroads in this area. In addition to their excellent durability and corrosion protection, powder coatings are attractive because they are free of volatile organic compounds (VOCs) and it is possible to recover and reuse nearly all over-sprayed material. Powder coatings are used in automotive applications because it helps in corrosion resistance. Powder coatings are also formulated for use in many applications with different colour and finish requirements, including metallic effects and high- and low-gloss color, and clear finishes. Many different colours can be applied, creating unique special effects in a single coating layer. Shorter cure time often reduces energy consumption and eliminates VOC emissions, which is more sustainable and operator friendly. In addition, many powder coatings are single layer and offer improved productivity over liquids that are used in multilayer coating systems. Up to 95% of the overspray in a powder coating booth can be collected for reuse. Powder coatings are applied via an electrostatic charge and then cured with heat (typically 160-200 °C). Unlike liquid coatings, as powder is applied, it does not get saturated or overdiluted. This yields a smooth surface finish on the part. Polyester, epoxy, urethane, acrylic, and hybrid powder coatings are employed based on the substrate and the specific needs of a given application—abrasion resistance, high-temperature insulation, or corrosion resistance. For instance, polyester powder coatings are available in super-durable formulations that have applications where there is extended exposure to harsh conditions. Additives are used to further boost anti-scratch performance, and stone-chip and chemical resistance.

Powder Coating Market Segment Insights

Powder Coating by Substrate Insights

The Powder Coating Market segmentation, based on product has been segmented as Metal and Non-Metal. The Metal segment dominated the market with a revenue share of 93.73% in 2023 and expected to grow at CAGR of 7.82% in the forecast period. Powder coatings are used to coat a variety of materials, including different metals and non-metals. The most common material is metal; however, powder coating is also used to coat wood, plastic, glass, and composites. Metals, without proper finishing, can tarnish and corrode when exposed to water, air, or chemicals. Unfinished parts fabricated from metal are eroded by salts, weakened by ultraviolet light, and rusted by rain. Hence, powder coatings are crucial to make products maintenance-free for regular use, without need for occasional repainting. Powder-coated surfaces can be simply washed with regular detergent and water.

Powder Coating by Resin Type Insights

In 2023, The thermoset segment is the dominant resin type segment, with a share of 93.50% in 2023 and a market value of USD 13,975.4 million. Powder coatings are based on different polymer resin systems, combined with curatives, pigments, flow modifiers, leveling agents, and other additives. The two major types of resins used in powder coatings are thermosets and thermoplastics. The thermoset segment is expected to be the larger and faster-growing segment, at a CAGR of 7.76% during the review period.

Powder Coating by Coating Method Insights

In 2023, The coating method to be selected for powder coating is dependent on various factors, such as nature and size of the parts to be coated, available processing surface and volume, and variety of colors used and number of color changes. For the study, the global powder coatings market has been segmented by coating method into electrostatic spray coating, fluidized bed coating, electrostatic fluidized bed process, and flame spraying. Among these segments, the electrostatic spray coating segment accounted for the largest market share of 56.10% in 2023.

Powder Coating by Application Insights

In 2023, the marine segment held the market revenue share of 40.24% and this segment is expected to grow at a CAGR of 8.55% in the forecast period 2024-2032. Powder coatings are widely used in a variety of end-use applications in electronics, automotive, building & construction, and different manufacturing industries owing to the various benefits offered. They possess excellent resistance to abrasion and corrosion, as compared to liquid coatings. Moreover, the quality of powder coatings lasts for years, remaining bright and vivid, with less fading over the period. It comes in a variety of colors and finishes and can be used as per the application.  Furthermore, powder coatings emit negligible amounts of toxic compounds, and up to 98 percent of the overspray released is collected for re-use, making it a highly eco-friendly and economical process. These benefits, especially the cost-effectiveness, have made powder coating a go-to finishing technique for various applications across a several industries.

Powder Coating Key Market Players & Competitive Insights

The Powder Coating Market is characterized by a highly competitive landscape, driven by factors such as technological advancements, product innovation, strategic partnerships, and mergers and acquisitions. This dynamic environment has led to intense competition among key players vying for market share and striving to differentiate themselves in terms of product offerings, quality, pricing, and customer service. The market is dominated by several major players such as BASF SE, Sherwin-Williams, Covestro AG, PPG Industries , and Nippon Paint Holdings Co. Ltd., among others. These companies have established strong footholds in the market through their extensive product portfolios, global presence, and robust distribution networks. They continuously invest in research and development to introduce innovative powder coating solutions that cater to diverse industry needs.

Technological advancements play a crucial role in shaping the competitive landscape of the powder coating market. Companies are focusing on developing eco-friendly and sustainable powder coating formulations that comply with stringent environmental regulations. Additionally, advancements in application techniques, such as electrostatic spray deposition and fluidized bed coating, have enhanced the efficiency and quality of powder coating processes, giving companies a competitive edge. Strategic partnerships and collaborations are common strategies employed by key players to expand their market reach and enhance their product offerings. By partnering with raw material suppliers, equipment manufacturers, and end-users, companies can access new technologies, markets, and resources, enabling them to stay ahead of the competition. Collaborations also facilitate knowledge sharing and foster innovation within the industry.

BASE SE: BASF invests more and more in research and development to bring new and innovative products to the market. The company has a strong track record of innovation, and this is a key factor in its success. BASF is expanding its presence in emerging markets such as Asia and Latin America. These markets are growing rapidly, and they offer BASF significant opportunities for growth. BASF is strengthening its portfolio by investing in new products and businesses. This is helping the company to diversify its revenue base and reduce its reliance on any one product or market. Also, BASF is committed to significant carbon reduction and has set ambitious targets for 2030 and 2050.

Sherwin-Williams: Sherwin-Williams is commitment to innovation, research and development has allowed it to stay ahead of the competition and continuously improve its products and services. The company technical organization developed Tie-Coat, a unique solution for recoating parts. Tie-Coat is 2-K polyurethane which eliminates the need to scuff sand during the recoat and repair process. Tie-Coat is formulated to adhere to topcoats that have aged past than their acceptable recoat windows. Instead of scuff sanding the part, apply Tie-Coat and the repair coat wet-on-wet to save time and lower your total applied costs. Sherwin-Williams also focuses on industry innovation in its development of new anti-corrosive coatings. These coating are designed to protect equipment and structures in harsh environments, and their development demonstrates the company’s commitment to providing innovative solutions to its customers. Sherwin-Williams has established partnerships with other companies and organizations to expand its knowledge and capabilities in various areas. 

Key Companies in the Powder Coating Market includes.

• PPG Industries, Inc.


• Nippon Paint Holdings Co. Ltd.


• The Sherwin-Williams Company


• Akzo Nobel N. V.


• Asian Paints PPG Pvt. Limited


• Axalta Coating Systems Ltd.


• Covestro AG


• TCI Powder


• BASF SE


• BERGER Paints India Limited


• Others

Powder Coating Industry Developments

January 2024: Nippon Paint Holdings Co., Ltd. announced the completion of the acquisition and payment for 75 percent of the share capital of Alina Group LLP through the consolidated subsidiary Nippon Paint Holdings SG Pte. Ltd. Alina Group is a Kazakhstan-based manufacturer and seller of dry-mix mortars, paint and coatings, etc.

November 2023: Covestro unveiled five cutting-edge, low-carbon polyurethane coating solutions as part of its STATUSNEXT series of events, coinciding with the ChinaCoat 2023 trade fair held in Shanghai from November 14 to 17. These innovative solutions were designed to cater to a range of sectors, including transportation, construction, printing and packaging, and industrial coatings.

June 2022: PPG completed its Acquisition of Tikkurila, a Leading Nordic Paint and Coatings Company. Together with the shares it previously acquired, PPG currently controlled 97.1% of Tikkurila’s issued and outstanding shares. The remaining 2.9% shall be acquired through a squeeze out process.

Powder Coating Market Segmentation

Powder Coating Substrate Outlook

• Metal


• Non-Metal

Powder Coating Resin Type Outlook

• Thermoset
  
  
  
  • Epoxy Polyester Hybrid
  
  
  • Polyester
  
  
  • Epoxy
  
  
  • Polyurethane
  
  
  • Acrylic
  
  
  • Others
  
  
  
  


• Thermoplastic
  
  
  
  • Polyvinyl Chloride
  
  
  • Nylon
  
  
  • Polyolefin
  
  
  • Polyvinyl Fluoride
  
  
  
  

Powder Coating Method Outlook

• Electrostatic Spray Coating


• Fluidized Bed Coating


• Electrostatic Fluidized Bed Process


• Flame Spraying

Powder Coating Application Outlook

• Consumer Goods & Appliances


• Automotive & Transportation


• Architecture & Furniture


• Construction Equipment


• Others

Powder Coating Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Denmark
  
  
  • Norway
  
  
  • Sweden
  
  
  • Finland
  
  
  • Iceland
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Bangladesh
  
  
  • Australia & New Zealand
  
  
  • Indonesia
  
  
  • Singapore
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Chile
  
  
  • Rest of South America
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • Qatar
  
  
  • UAE
  
  
  • Oman
  
  
  • Bahrain
  
  
  • Kuwait
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa