Powder Coatings Market: Epoxy-Polyester (Hybrid) Is Expected To Be The Fastest-Growing Resin Type Segment
Powder Coatings Industry Overview
The global powder coatings market size is expected to reach USD 20.8 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period primarily owing to the superior properties of powder coatings over conventional paints including high resistance to corrosion and chipping & abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.
Growing purchasing power, high living standard, and rapid urbanization are expected to drive the consumer goods sector, thereby driving product demand for use in applications, such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.
Asia Pacific is estimated to register the fastest CAGR of 8.0%, in terms of revenue, over the forecast period. Increasing demand for consumer goods, such as washing machines and refrigerators, in emerging countries like India, China, Vietnam, the Philippines, and Thailand is expected to boost the regional market growth. Growing demand for automotive in emerging economies of Asia Pacific coupled with favorable FDI norms by the governments is expected to facilitate investments in the region.
North America was the third-largest regional market, in terms of revenue, in 2020. The rapid expansion of the automotive industry in the U.S. and concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings.
Powder Coatings Market Segmentation
Grand View Research has segmented the global powder coatings market on the basis of resin, application, and region:
Based on the Resin Insights, the market is segmented into Epoxy, Polyester, Epoxy-polyester (Hybrid), Acrylic, Polyurethane, and Others.
- 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 resinsand are mainly used for interior applications, such as furniture coatings.
Based on the Application Insights, the market is segmented into Consumer Goods, Architectural, Automotive, General Industries, Furniture, and Others.
- 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.
- 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.
Powder Coatings Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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
Order a free sample PDF of the Powder Coatings Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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