The global powder coatings market size was valued at USD 10.58 billion in 2020 and is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the growing number of consumer goods companies globally.
Powder coating is a form of dry coating, which is applied as a free-flowing powder. It is regarded as a clean, safe, long-lasting, and powerful alternative to liquid-based coatings with superior performance qualities. It has a high recyclable content, better durability, and abrasion resistance. This type of coating is available in a wide range of colors and textures and is widely used in the industrial, architectural, automotive, and other fields.
The COVID-19 outbreak has brought negative impact on the powder coatings market due to emergency restrictions and lockdowns by respective regulatory bodies across countries, which resulted in disruption in demand and supply chain globally. The market is expected to recover soon as gradual lifting of emergency lockdown by governments across the globe.
Market Trends, Drivers, Restraints, and Opportunities
- Wide application of the coatings in the healthcare sector and rising demand for medical devices globally are expected to boost the market in the coming years.
- Growing need for powder coatings in various end-use industries including automotive and industrial sectors is a key factor driving the market.
- Higher energy consumption associated with the use of coatings is anticipated to hinder the market expansion during the projected period.
- Slowdown in automotive production presents a major challenge due to the COVID pandemic. This is anticipated to hamper the market growth in the projected period.
- Increasing investments in the infrastructure and construction industry is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global powder coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Powder Coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-users (Industrial, Automotive, Architecture & Decorative, and Others) and Resin Types (Polyurethane, Polyester, Acrylic, Epoxy, Epoxy-Polyester, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Jotun; PPG Industries, Inc.; The Sherwin-Williams Company; Axalta Coating Systems, Ltd.; and Akzo Nobel N.V.
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Market Segment Insights
Architecture & decorative segment to grow at a rapid pace
Based on end-users, the global powder coatings market is divided into industrial, automotive, architecture & decorative, and others. The architecture & decorative segment is expected to grow at a rapid pace during the forecast period owing to the durability provided by powder coatings. However, the industrial segment is anticipated to hold a key share of the market in the coming years due to its wide application across the sector.
Polyester segment to expand at a considerable CAGR
On the basis of resin types, the market is segregated into polyurethane, polyester, acrylic, epoxy, epoxy-polyester, and others. The polyester segment is projected to expand at a considerable CAGR during the forecast period attributed to its advantageous properties such as temperature resistance, chemical resistance, abrasion resistance, quick-drying, and surface protection. On the other hand, the epoxy-polyester segment is anticipated to account for a major market share during the forecast period due to certain advantages such as weather ability, flexibility, toughness, and low cost as compared to other coatings.
Asia Pacific to constitute a key market share
In terms of regions, the global powder coatings market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to favorable government regulations with an objective to generate investments across the region. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period attributed to the surging automobile production in the region.
Segments
Segments Covered in the Report
The global powder coatings market has been segmented on the basis of
End-users
- Industrial
- Automotive
- Architecture & Decorative
- Others
Resin Types
- Polyurethane
- Polyester
- Acrylic
- Epoxy
- Epoxy-Polyester
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global powder coatings market are Jotun; PPG Industries, Inc.; The Sherwin-Williams Company; Axalta Coating Systems, Ltd.; and Akzo Nobel N.V. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
For instance, in March 2020, PPG Industries, Inc. acquired a maker of heat-sensitive substrates and powder coatings for light industrial applications, Alpha Coating Technologies, LLC. In February 2020, Akzo Nobel N.V. absorbed Stahl Performance Powder Coatings along with its line of products targeting heat-sensitive applications. The UV and thermally curing powders included in the transaction would allow the company to expand its reach into the ultra-low cure sector.
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