The global powder coating market size was valued at USD 13.60 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. The emerging economies of Asia Pacific and MEA regions have witnessed strong growth in non-residential sectors including consumer goods, IT, telecom, and retail resulting in growth in product demand. The growing number of consumer goods companies in India, China, and Singapore is expected to augment market development 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 easy to apply in thick layers of coating, which results in a smooth, uniform appearance.
A rise in the production of automobiles and the surge in demand for medical devices are expected to be major factors driving the market growth in developing nations including India, China, Brazil, and Mexico over the forecast period. Moreover, high product adoption in the furniture sector on account of its excellent performance, low operational costs, color availability, and custom properties, such as anti-corrosion and anti-bacterial functions, will stimulate market growth.
Paints & coatings is among the most heavily regulated industries in the world. There are a large number of players operating in the global paints & coatings market across the globe. With technological advancements, various new coating technologies have been introduced. These technologies include waterborne coatings, powder coatings, radiation-curable coatings, and high-solid coatings, among a few others.
Powder coatings do not contain any solvents, which results in negligible emission of VOC into the atmosphere and reduced risk of 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 in product manufacturing 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.
Brazil, Russia, China, India, and South Africa are the fastest-growing economies in the world. The availability of cheap labor coupled with lower infrastructural costs has encouraged an increasing number of manufacturers to expand their operations in this region. This has resulted in more employment opportunities, which in turn has boosted the economy and impacted the income of people here.
Increased disposable income of consumers coupled with the growing population has resulted in an increasing demand for automobiles, furniture, electronics, industrial and household appliances, agricultural equipment, and other products. Powder is being used to coat various surfaces such as engine parts, pipes and fixtures, metal parts used in household appliances, and other products. Thus, the increased demand of finished goods has led to a growing demand for powder coatings in these countries.
Conventionally, powder has been used to coat only certain parts of automotive such as chassis and engine parts. However, more and more automobile manufacturers are coating other parts such as radiators, bumpers, engine blocks, coil springs, shock absorbers, wheels, and mirror frames. Thus, demand for powder coating has been increasing in the automobile industry.
Environmental pressure led to the development of powder coatings in Europe and their usage is driven by various end-use industries. Powder coatings have replaced liquid finishing as coating application technology. Powder coatings have been refined over the years and comprise several technologies and application methods. The concept of applying polymer in powder came into existence in the late 1940s and the early 1950s.
Increasing demand for automobiles such as cars and commercial vehicles in developing countries such as China, India, and Brazil and replacement or spare parts in developed economies such as the U.K. and the U.S. coupled with the increasing application of powder coatings on numerous parts of automobiles is expected to drive the market over the next few years.
Application of thin films around these areas may impair the leveling and film flow. Application of powder coatings inside corners may result in “Faraday’s cage effect” which results in low film thickness in these areas. The “Faraday’s cage effect” occurs as the electrically charged particles are attracted to the nearest point on the surface. Fewer lines of powder reach the deep end of the surface, thus, resulting in the formation of thinner layers in this area of the substrate. In cases, where powder coating cannot be used to cover edges, solvent coatings such as paints are used as substitutes to coat the substrates. This has resulted in limited growth of the market affecting the market adversely.
The polyester resin type segment accounted for 28.0% of the volume share in 2022 on account of the beneficial properties of polyester, 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 the segment growth over the forecast period.
The demand for epoxy powder coatings on account of their properties including quick-drying, surface protection, and excellent hardness is expected to witness growth. These coatings exhibit properties such as toughness, flexibility, and weather ability and are cheaper as compared to other coatings. Therefore, the demand for these powder coatings is projected to increase over the forecast period.
Epoxy-Polyester (Hybrid) resin types are anticipated to witness the fastest CAGR over the forecast period on account of their properties, such as toughness, flexibility, weather ability, and low cost as compared to other coatings. These products are a mixture of both polyester and epoxy resins and are mainly used for interior applications, such as furniture coatings.
The consumer goods application segment dominated the global market in 2022 accounting for 23.9% of the overall value share. The segment is expected to witness significant growth over the forecast period. Growing purchasing power, high standards of living, and rapid urbanization are expected to drive the consumer goods sector, thereby boosting product demand 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 product demand in the coming years.
Growth in construction industry in China, India, Nigeria, Mexico, and Brazil is expected to boost the demand for windows, doorframes, and building facades over the forecast period. This is expected to augment the demand for powder coatings in aluminum extrusions.
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 product demand for 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.
Asia Pacific dominated the market and accounted for the largest revenue share of 39.9% in 2022. Infrastructure development in China and India is expected to boost the use of powder coating in architectural applications such as aluminum extrusions used in building facades, kitchen windows, doorframes, building facades, and kitchens. However, the key preference given to anodized aluminum extrusion is expected to restrict demand for powder coating in architectural applications in the Asia Pacific over the forecast period.
Expanding automotive industry in the U.S. and rising concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings in North America.
Growth in the automotive industry in the U.S. and rising concerns over VOC emissions from the coating in automobile production is expected to boost the demand for powder coatings in the U.S. In addition, increasing automobile production in Mexico and the shift of manufacturers from the European Union is expected to increase the use of powder coating in the automobile industry of Mexico.
Increasing automotive production in Austria, Germany, Romania, Hungary, and Turkey are expected to boost demand for powder coating in automobiles over the forecast period. In addition, REACH regulations for restricting VOC emission in the coating process have forced automotive manufacturers to utilize powder coatings in place of liquid coating. Reduction of VOC emission is expected to benefit automobile manufacturers in terms of receiving carbon credits.
The global powder coatings market is fragmented as the top industry players collectively accounted for 40% of the overall share. Manufacturers invest heavily in research & development activities and rely on technological developments to achieve competitive advantage through product differentiation and low cost. Moreover, manufacturers are focusing on integrating their operations through supply and distribution channels to expand their reach to individual consumers.
Fluctuating prices, as well as shortage, 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. Some prominent players in the global powder coating market include:
Akzo Nobel N.V
The Sherwin-Williams Company
PPG Industries, Inc.
BASF SE
DSM
Valspar
Arkema S.A.
Bayer AG
Report Attribute |
Details |
Market size value in 2023 |
USD 14.53 billion |
Revenue forecast in 2030 |
USD 24.27 billion |
Growth rate |
CAGR of 7.5% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Volume in kilotons, revenue in USD million, and CAGR from 2023 to 2030 |
Report coverage |
Volume & revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Resin, application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
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 (CZ); Slovenia; China; India; Japan; South Korea; Australia; Thailand; Brazil; Argentina; Saudi Arabia; South Africa |
Key companies profiled |
Akzo Nobel N.V; The Sherwin-Williams Company; PPG Industries, Inc.; BASF SE; DSM; Valspar; Arkema S.A.; Bayer AG |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global powder coating market report based on resin, application, and region:
Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Epoxy
Polyester
Epoxy-Polyester (Hybrid)
Acrylic
Polyurethane
Other Resins
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Architectural
Furniture
Automotive
Consumer Goods
General Industries
Other Application
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia & CIS countries
Benelux
Turkey
Spain
Switzerland
Sweden
Poland
Austria
Norway
Denmark
Finland
Portugal
Czech Republic (CZ)
Slovenia
Asia Pacific
China
India
Japan
South Korea
Australia
Thailand
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
South Africa
b. The global powder coating market size was estimated at USD 13.6 billion in 2022 and is expected to reach USD 14.53 billion in 2023.
b. The global powder coating market is expected to grow at a compound annual growth rate of 7.5% from 2023 to 2030 to reach USD 24.27 billion by 2030.
b. The consumer goods application segment dominated the powder coating market with a share of 23.9% in 2022. This is attributed to the rising product demand from various applications such as air conditioner cabinets, refrigerators, vacuum cleaners, microwave oven cavities, and others.
b. Some key players operating in the powder coating 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 powder coating market growth include supportive environmental regulatory, and rising product applications in automotive, consumer goods, and general industrial sectors.
b. The polyester resin type segment accounted for 28.0% of the volume share in the powder coatings market in 2022 on account of beneficial properties of polyester, such as quick-drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection.
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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.