Powder Coatings Market Size, Share & Trends Report

Powder Coatings Market Size, Share & Trends Analysis Report By Resin (Polyester, Epoxy-polyester), By Application (Consumer Goods, Automotive), By Region (APAC, Europe), And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-112-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 203

Report Overview

The global powder coatings market size was valued at USD 11.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.2%. 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.

U.S. powder coatings market size, by resin, 2016 - 2028 (USD Billion)

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.

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 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.

Resin Insights

The polyester resin type segment accounted for 28.11% of the volume share in 2020 on account of 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.

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.

Application Insights

The consumer goods application segment dominated the global market in 2020 accounting for 23.69% of the overall volume 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 the product demand over the forecast period.

Global powder coatings market share, by application, 2020 (%)

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.

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 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.

Regional Insights

Asia Pacific was the largest market in 2020 and accounted for a revenue share of 39.31%. 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 market development over the forecast period.

Europe was the second-largest market, in terms of volume, in 2020. 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 the product demand. However, the regional market may witness sluggish growth in the next few years as it is a mature market for consumer goods and reduced spending on consumer goods due to the European Union financial crisis.

Key Companies & Market Share Insights

The global 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 coatings market include:

  • Akzo Nobel N.V

  • The Sherwin-Williams Company

  • PPG Industries, Inc.

  • BASF SE

  • DSM

  • Valspar

  • Arkema S.A.

  • Bayer AG

Powder Coatings Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 12.8 billion

Revenue forecast in 2028

USD 20.8 billion

Growth rate

CAGR of 7.2% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilo tons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, 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; 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 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

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Segments Covered in the Report

This report forecasts volume and revenue growth at a global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. 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, Kilo Tons; Revenue, USD Million, 2016 - 2028)

    • Epoxy

    • Polyester

    • Epoxy-polyester (Hybrid)

    • Acrylic

    • Polyurethane

    • Others

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)

    • Consumer Goods

    • Architectural

    • Automotive

    • General Industries

    • Furniture

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Russia & CIS countries

      • Benelux

      • Turkey

      • Spain

      • Switzerland

      • Sweden

      • Poland

      • Austria

      • Norway

      • Denmark

      • Finland

      • Portugal

      • Czech Republic (CZ)

      • Slovenia

    • Asia Pacific

      • China

      • India

      • Japan

      • Thailand

    • Central and South America

      • Brazil

      • Argentina

    • Middle East and Africa

      • Saudi Arabia

      • South Africa

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