The global powder coatings market size was valued at USD 11.6 billion in 2019 and is expected to witness moderate growth in the future. Growing economies of the Asia Pacific and the MEA region have witnessed a strong growth in non-residential sectors including consumer goods, IT, telecom, and retail, resulting in high demand for powder coatings. Growing consumer goods companies in India, China, and Singapore is expected to augment market growth in the near future.
Powder coatings have numerous advantages over other coatings such as lower operating costs, immediate availability, negligible VOC emission, excellent appearance, and uniform thickness. In addition, they are relatively easier to apply in thick layers of coating, which results in a smooth and uniform appearance.
A rise in the production of automobiles and a surge in demand for medical devices is expected to be a major factor leading to the growth of the market in developing nations including India, China, Brazil, and Mexico over the forecast period. Moreover, high adoption of powder coatings in the furniture sector on account of excellent performance, low operational costs, color availability, and custom properties such as anti-corrosion and anti-bacterial functions will stimulate market expansion.
Powder coatings do not contain any solvents, which results in negligible emission of VOC in the atmosphere and reduced risk in combustion during application and storage. In addition, the powder can be easily washed off when it comes in contact with human skin which reduces health hazards for operators.
Raw materials used to manufacture powder coatings include thermoplastic and thermoset resins. Thermoplastic comprises nylon, PVC, polyolefin, ABS, and polycarbonate coatings while thermoset comprises coatings made of epoxy, polyester, polyurethane, and acrylic coatings. Volatility in raw material prices affects the powder coating raw material pricing and acts as a restraint for the use of architectural coatings in construction applications.
Polyester resin type accounted for 31.9% of the volume share in 2019 on account of its beneficial properties such as quick-drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection. A surge in product demand in applications including door handles, radiator grills, wheel rims, bumpers, bicycles, and metallic structural components will propel market growth over the forecast period.
Epoxy-Polyester (Hybrid) resin type is anticipated to witness the fastest growth over the forecast period on account of its properties such as toughness, flexibility, weatherability, and cheap availability as compared to other coatings. This resin type is a mixture of both polyester and epoxy resins and is mainly used for interior applications such as furniture coatings.
The consumer goods application segment dominated the global powder coatings market and accounting for 23.6% of the overall revenue share in 2019, and is expected to witness significant demand over the forecast period. Growing purchasing power, high standard of living, and rapid urbanization are expected to drive demand for powder coatings in consumer goods over the forecast period.
The use of powder coatings is predominant in consumer goods as these coatings do not contain solvents, exhibit higher flexibility than conventional liquid coatings, and comply with environmental regulations. Moreover, the rising demand for domestic appliances in India, China, Vietnam, the Philippines, and Thailand is expected to boost the demand for powder coatings in the coming years.
The automotive application segment is expected to witness the fastest growth over the forecast period. Growing automobile production in the U.S., Mexico, Argentina, Brazil, South Africa, Indonesia, and China is expected to boost the demand for powder coatings in automotive accessories. In addition, growth in demand for automobiles in emerging markets of China, India, Mexico, Brazil, South Africa, and Malaysia is expected to drive automotive sales in these countries.
The Asia Pacific was the largest market, accounting for 39.0% of global powder coatings market revenue in 2019. The positive outlook towards the construction industry of India, China, South Korea, Japan, Malaysia, Vietnam, and Indonesia is intended to promote the usage of powder coatings. Furthermore, favorable government regulations with an objective to generate investments from FDI and public-private partnerships will fuel expansion over the forecast period.
Europe was the second-largest market for global powder coating and held a market share of 28.2%, in terms of volume, in 2019. Surging automobile production in Germany, Hungary, Romania, Austria, and the U.K. with a strong manufacturing base of companies such as Volkswagen AG, Chevrolet, Daimler-Chrysler, Mercedes-Benz, and Dodge is expected to drive product demand. However, demand for powder coating is expected to be hampered on account of the mature market for consumer goods and the European Union financial crisis which has prompted consumers to cut down on their spending on consumer goods.
The market is fragmented in nature. As of 2019, the top industry players held less than 40% of the market share. Manufacturers are investing heavily in research and development activities and rely on technological developments to achieve competitive advantage through product differentiation and low cost. Moreover, manufacturers are focusing to integrate their operations through supply and distribution channels to expand their reach to the individual consumers.
Shortage and fluctuating prices of raw materials are expected to be the major factors restraining market growth, as they result in higher production costs, thereby minimizing the profit. However, high demand for the product owing to its growing use in industries such as automotive, construction, and furniture is anticipated to drive market growth in the future.
Mergers and acquisitions are among the popular strategic initiatives adopted by the key players. Jotun; Akzo Nobel N.V.; PPG Industries, Inc.; The Sherwin-Williams Company; Arkema S.A.; and Axalta Coating Systems are some of the leading players in the market.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Volume in Kilotons, Revenue in USD Million, and CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
U.S., Canada, Mexico, Germany, U.K., France, Italy, Russia & CIS countries, Benelux, Turkey, Spain, Switzerland, Sweden, Poland, Austria, Norway, Denmark, Finland, Portugal, Czech Republic, Slovenia, China, India, Japan, Thailand, Brazil, Argentina, Saudi Arabia, South Africa
Volume & revenue forecast, company share, competitive landscape, growth factors, and trends
15% free customization scope (equivalent to 5 analyst working days)
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This report forecasts volume and revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global powder coatings market report on the basis of resin, application, and region:
Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Russia & CIS countries
Czech Republic (CZ)
Central and South America
Middle East and Africa
b. The global powder coatings market size was estimated at USD 11.6 billion in 2019 and is expected to reach USD 12.3 billion in 2020.
b. The global powder coatings market is expected to grow at a compound annual growth rate of 6.7% from 2019 to 2025 to reach USD 17.2 billion by 2025.
b. Consumer goods application segment dominated the powder coatings market with a share of 23.6% in 2019. This is attributed to the rising product demand from various application such as air conditioner cabinets, refrigerators, vacuum cleaners, microwave oven cavities and others.
b. Some key players operating in the powder coatings market include Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Koninklijke DSM N.V., Bayer AG and Eisenmann.
b. Key factors that are driving the market growth include supportive environmental regulatory, and rising product application in automotive, consumer goods and general industrial sectors.
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Powder coatings are prominently used in the automotive sector and general industrial manufacturing sector. The COVID-19 has resulted in temporary unplanned closing down of the production facilities in these sectors across different countries. The closing of production facilities due to COIVD-19 lockdown has disrupted the supply chain for tier-1, and tier-2 suppliers engaged in the powder coating components such as wheels, coil springs, mirror frames, bumpers, and similar other components. These unplanned closing due to COVID-19 would have a negative impact on the demand for powder coating business over the next year. The updated report will account for COVID-19 as a key market contributor.