Global Powder Coatings Market Report and Forecast 2024-2032

Global Powder Coatings Market Outlook

The global powder coatings market size reached approximately USD 15.24 billion in 2023. The market is further projected to grow at a CAGR of 5.7% between 2024 and 2032, reaching a value of USD 23.74 billion by 2032.

Key Trends in the Market

Powder coating refers to a finely pulverised polymeric composition that flows and melts at elevated temperatures, producing a smooth coated surface. The coating is used for creating a hard finish and is tougher than conventional paint. They also impart significant resistance to corrosion, chemicals, and abrasions as compared to liquid coatings.

• Bolstering demand for medical devices owing to rising aging population and increasing prevalence of chronic health conditions including diabetes, cancer, arthritis, and heart conditions is aiding the powder coatings market growth. Medical grade powder coatings are antimicrobial and promote a hygienic and sterile environment.

• Increasing environmental awareness and concerns are propelling the demand for powder coatings. This growth in demand can be attributed to cost effective and environment friendly nature of the coatings due to the absence of heavy metals including lead and cadmium, among others.

• The expansion of the automotive sector owing to improvements in supply challenges and rising demands is providing lucrative growth opportunities to the market. Powder coatings are used for changing the colour of body panels and wheels. Due to their ability to provide durable and protective finishes, they are often used for coating radiators, shock absorbers, door handles, engine blocks, and mirror frames, among others.

Global Powder Coatings Market Analysis

On the basis of resin type, the market is segregated into thermostat and thermoplastic. Thermostat is sub-divided by type into epoxy, polyester, epoxy polyester hybrid, and acrylic and thermoplastic into polyvinyl chloride (PVC), nylon, and polyolefin.

Based on coating method, the market is bifurcated into electrostatic spray and fluidized bed. On the basis of end use, the market is classified into appliances, automotive, architectural, furniture, and general industrial, among others.

Based on region, the powder coatings market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• BASF SE 

• Akzo Nobel NV 

• Axalta Coating Systems, LLC 

• IFS Coatings, Inc. 

• PPG Industries, Inc. 

• Arkema S.A. 

• The Sherwin-Williams Company 

• Cardinal Paint and Powder, Inc. 

• IGP Pulvertechnik AG 

• Jotun A/S

• National Paints Factories Co. Ltd. 

• TIGER Coatings GmbH & Co. KG 

• Others

Market Share by End Use

Appliances are expected to account for a significant powder coatings market share. Powder coatings offer unique colours and finishes to the appliances while providing them with resistance against corrosion and ultraviolet radiations and durability. From cooking and cleaning to washing, appliances are used day in, and day out and therefore require extra protection. From industrial to home, powder coatings meet the different requirements of various environments, ensuring the durability of the appliances.

Market Share by Region

The Asia Pacific is anticipated to account for a significant share of the market over the forecast period. This growth can be attributed to the increasing initiatives by various governments in the region to promote the utilisation of eco-friendly coatings such as powder coatings for architectural and general industrial applications. The expansion of the automotive sector along with increasing innovation are also bolstering the powder coatings market demand in the Asia Pacific.

Competitive Landscape

BASF SE, headquartered in Ludwigshafen, Germany, is one of the leading manufacturers of functional solutions and materials, performance products, agricultural solutions, and powder coatings, among others. Their portfolio comprises of various segments including industrial solutions, chemicals, and surface technologies, among others.

Akzo Nobel NV, headquartered in Amsterdam, Netherlands, is known for supplying innovative coatings and paints including powder coatings. Their brand portfolio includes Sikkens, Dulux International, and Interpon. The company is also involved in the production of industrial finishing products and chemicals, among others.

Axalta Coating Systems, LLC, headquartered in Pennsylvania, United States, specialises in the production of powder, industrial, automotive, aviation, mobility, marine, and architectural coatings, among others. The performance coatings offered by the company are used for a wide range of industrial applications including surface preparation.

Other powder coatings market key players include IFS Coatings, Inc., PPG Industries, Inc., Arkema S.A., The Sherwin-Williams Company, Cardinal Paint and Powder, Inc., IGP Pulvertechnik AG, Jotun A/S, National Paints Factories Co. Ltd., and TIGER Coatings GmbH & Co. KG, among others.

Key Highlights of the Report