Market Overview
The Global Powder Coating Market is expected to reach a value of
USD 15.5 billion in 2023, and it is further anticipated to reach a market value of
USD 31.5 billion by 2032 at a
CAGR of 8.2%.
This market refers to the worldwide industry involved in the manufacturing, distribution and application of powder coating in different industries. Powder coating is an extensively used method of applying a protective and decorative finish to various products and surfaces, like metal, wood,
plastic and other materials. The powder coating involves the application of dry powder that is electrostatically charged and then fused with the substrate through a curing process, typically involving heat. The global powder coating market encompasses a wide range of applications across various industries like automotive, construction, appliances, furniture, aerospace and more.
Market Dynamic
Major driving factors that affect and shape the growth of the global powder coating market are its durability, and its ability to face diverse environmental conditions like corrosion and constant moisture. Powder coating is also popular in many major industries like automotive, consumer goods and construction for its ability to provide a wide range of colours, textures and quality finishes. These factors deeply impact the supply and demand, pricing and the overall performance of the global powder coating market.
The rules, regulations and safety standards set by different international organizations and governments have a major impact on the powder coating market as they oversee everything from the manufacturing process to the distribution lineup. That is why the regulations have a twofold effect on the global powder coating market as they can disrupt market dynamics but they can also create new opportunities and new challenges for this market. As the consumer's awareness about the negative impact of traditional liquid paint on the environment and
health is rising, they have started to shift their attention towards powder coating as it is environment-friendly and sustainable.
Research Scope and Analysis
By Resin
In terms of resins that are used in the production of powder coating, Thermoset dominates this market as it holds 53.1% of the market share in 2023 and is expected to show subsequent growth in the upcoming period as well. Thermoset powder coating includes epoxy, polyester and acrylic, which offer exceptional durability to the products they are used on. Once applied to the surface of the product, they form a cross-linked network that is highly resistant to chipping, cracking and fading making the thermoset powder coating ideal for outdoor applications, such as automotive and architectural components. Thermoset coatings like epoxy and acrylic are popular for their excellent resistance to corrosion and chemicals, making them a preferred choice for industries which are highly susceptible to environmental conditions like corrosion and constant moisture. The thermoset resins are used on a wide range of substrates like metals, plastics and wood as they have a versatile nature.
By Coating Method
Based on the coating method, the Electrostatic spray coating method holds a major portion of this market and is anticipated to show subsequent growth in the upcoming period as well. The reason behind the massive popularity of the electrostatic spray coating method is its efficiency and precise application on the substrate. The electrostatic charge applied to the powder particle creates an attraction to the grounded substrate, leading to even coverage on the surface, minimum overspray and reduced material waste and cost. Electrostatic spray coating offers consistent and uniform coating thickness that gives high-quality finishes and provides adequate protection against corrosion and other environmental factors.
Generally, electrostatic spray coatings have high transfer efficiency in, other words, if the powder coating has been done once on the substrate then there is no need for a second layer of coating or touchup as one coat is enough to give a high-quality finish. Overall, the efficiency, precision and versatility of the electrostatic paint make it the prominent choice in the powder coating market.
By Application
In application segment, consumer goods dominate the global powder coating market. Consumer goods hold 32.2% of the market share in 2023 and is expected to foresee subsequent growth in the forthcoming period as well. Consumer goods include a broad variety of products like smart devices, Wearables, electronic appliances, kitchenware, gaming devices and others. Many of these products use powder coating as it offers durability and a high-quality finish. Powder coating provides an extensive catalogue of vibrant colours & textures to consumer goods. The visual appeal of these products plays a crucial role in capturing consumer interest. Moreover, powder coating is also used in the manufacturing of consumer goods like smartphones, wearables and tablets, as it shows high resistance and endurance to chipping, and scratching fading, and makes sure that the product will maintain its appearance over time.
The Powder Coating Market Report is segmented on the basis of the following:
By Resin
- Thermoset
- Polyester
- Epoxy
- Epoxy-Polyester (Hybrid)
- Acrylic
- Polyurethane
- Others
- Thermoplastics
- Polyvinyl Chloride (PVC)
- Nylon
- Polyolefin
- Polyvinyl Fluoride (PVF)
By Coating Method
- Electrostatic Spray
- Fluidized Bed
- Others
By Application
- Consumer Goods
- Architectural
- Furniture
- Automotive
- General Industries
- Others
Regional Analysis
Asia-Pacific dominates the global powder coating market as it hold 41.1% of the market share in 2023 and is expected to show subsequent growth in the upcoming years as well. Asia is the global manufacturing hub with several developed and developing countries like China, India, Japan and South Korea that harbour many major industries. This region has a well-developed ecosystem of many industries like automotive, consumer goods, appliances and construction that drives the demand for powder coating as it is essential in their manufacturing process. This region has experienced rapid economic growth and urbanization in the last few decades leading to increased construction and infrastructure development.
The growth in these sectors also drives the growth in the powder coating. Also, many manufacturers are attracted to this region as it offers lower labour costs, making the manufacturing process more cost-effective. Powder coating is more efficient and reduces material waste. Overall, Asia's dominance in the powder coating market is a result of its robust industrial base, economic growth, consumer demand and higher emphasis on sustainability which collectively make this region a key region in the global powder coating industry.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The Global Powder Coating Market faces tough competition with the presence of major companies, who are using organic and inorganic strategies to expand their market influence. In organic strategies, these companies focus on research and development of power coating as they work to improve its formulations, application techniques, and texture. While in the case of inorganic strategies it involves mergers, collaborations and acquisition of small companies and startups who have good potential to expand their domain and enhance their positions in the global market. These companies often offer a wide range of powder coating products to fulfil the demand of the automotive, construction and consumer goods industries.
This diverse variety of applications of powder coating in various industries gives it a broader consumer base and many prospects to grow in the future. The competitive landscape of the powder coating market is dynamic as it is influenced by the major industry leaders and regional players. The ability to adapt to the changing market demand and consumer preference with the commitment to maintain quality and sustainability are the key factors in gaining a competitive advantage in this sector.
Some of the prominent players in the Global Powder Coating Market are:
- Akzo Nobel N.V.
- PPG Industries Inc.
- BASF SE
- Jotun
- The Sherwin-Williams Company
- DSM
- Valspar Arkema S.A.
- Bayer AG
- TCI Powder
- Berger Paints India Limited
- Nippon Paint Holdings Co. Ltd
- Asian Paints PPG Pvt Limited
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Powder Coating Market:
The COVID-19 pandemic and the subsequent economic recession had significant effects on the global powder coating market. In the initial phase of COVID-19 due to lockdown and transport restrictions, there were major challenges in the global supply chain and production. This led to the delay and unavailability of the raw materials and components that are used in the production of powder coating.
This, in turn, affected the global powder coating market causing temporary shortage of materials and price fluctuations. The pandemic also saw a shift in consumer behaviour as the demand for appliances and consumer goods like smartphones, tablets, laptops and PCs increased during the pandemic. As a result, the demand for powder coating used in the automotive industry was temporarily reduced.
However, in the later phase of the pandemic, this market showed high resilience and adaptability as some sectors were experiencing increased demand as consumer behaviour shifted when they started focusing on sustainable, environment-friendly and efficient.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 15.5 Bn |
| Forecast Value (2032) |
USD 31.5 Bn |
| CAGR (2023-2032) |
8.2% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Resin (Thermoset, Thermoplastics), By Coating
Method (Electrostatic Spray, Fluidized Bed and
Others), By Application (Consumer Goods,
Architectural, Furniture, Automotive, General
Industries and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Akzo Nobel N.V., PPG Industries Inc., BASF SE, Jotun,
The Sherwin-Williams Company, DSM, Valspar
Arkema S.A., Bayer AG, TCI Powder, Berger Paints
India Limited, Nippon Paint Holdings Co. Ltd, Asian
Paints PPG Pvt Limited, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Powder Coating Market is expected to reach a value of USD 15.5 billion in 2023.
Asia-Pacific dominates the global powder coating market as it held 41.1% of the market share in 2023
and is expected to show subsequent growth in the upcoming years as well.
Some of the major key players in the Global Powder Coating Market are Akzo Nobel N.V., PPG Industries
Inc., BASF SE, Jotun, The Sherwin-Williams Company, DSM, Valspar Arkema S.A., Bayer AG, TCI Powder,
Berger Paints India Limited, Nippon Paint Holdings Co. Ltd, Asian Paints PPG Pvt Limited and others.
The market is growing at a CAGR of 8.2 per cent over the forecasted period.