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Powder Coatings Market Analysis | 2023-2028
Powder Coatings Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The powder coatings market was estimated at USD 14.6 billion in 2022 and is likely to grow at a CAGR of 5.2% during 2023-2028 to reach USD 19.9 billion in 2028.
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Powder coating is a type of dry finishing process used to apply a protective or decorative layer of color to a wide range of metal and non-metal surfaces. Unlike traditional liquid paint, which is applied as a wet, liquid solution and then dries, powder coating involves the application of a dry, finely ground powder. This powder is typically composed of a mixture of finely ground pigment particles and resin (often a type of thermosetting polymer).
The adoption and growth of powder coatings in various industries are driven by several key factors. First and foremost, the durability and protective qualities of powder coatings make them a preferred choice for many applications. They provide excellent resistance to corrosion, abrasion, and weathering, extending the lifespan of coated products and reducing maintenance costs.
Environmental considerations are another significant driver. Powder coatings are environmentally friendly because they produce minimal volatile organic compounds (VOCs) and hazardous waste compared to traditional liquid paints.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Resin-Type Analysis |
Thermoset and Thermoplastic |
Thermoset resin is anticipated to remain the bigger demand generator in the years to come. |
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Coating Methods Analysis |
Electrostatic Spray Coating, Fluidized Bed Coating, and Others |
Electrostatic spray coating is anticipated to remain the dominant coating method in the years to come. |
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End-Use Industry |
Appliances, Automotive, General Industrial, Architectural, Furniture and Others |
Automotive is anticipated to remain the dominant in the market over the years. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and The Rest of the World |
Asia-Pacific is expected to remain the largest market over the next five years. |
"The thermoset resin segment accounted for the largest market share."
The powder coatings market is segmented into thermoset and thermoplastic. Thermoset resin is expected to remain the largest and fastest-growing resin in the market during the forecast period due to its excellent durability, making it ideal for applications that require resistance to harsh environmental conditions, such as UV exposure, chemicals, abrasion, and corrosion. This durability ensures long-lasting protection and aesthetic appeal. Thermoset powder coatings can be applied to a broad spectrum of substrates, including metals, plastics, and wood. This versatility makes them suitable for various industries, from automotive and architecture to appliances and industrial equipment.
"The electrostatic spray coating segment accounted for the largest market share."
The market is segmented into electrostatic spray coating, fluidized bed coating, and others. Electrostatic spray coating dominates in the forecasted period due to its exceptional efficiency, versatility, and cost-effectiveness. It ensures even, high-quality coatings by utilizing an electrostatic charge to attract powder particles to grounded substrates, resulting in excellent adhesion and minimal waste. This method's adaptability to various surfaces, reduced environmental impact, and ability to automate production processes make it the preferred choice for a wide range of applications.
"The automotive segment accounted for the largest market share."
The market is segmented into appliances, automotive, general industrial, architectural, furniture, and others. Automotive is expected to remain dominant in the market during the forecast period due to stringent quality and performance requirements, durability, and aesthetic demands within the automotive industry. Powder coatings offer exceptional corrosion resistance, chip protection, and long-lasting finishes, making them ideal for automotive components, such as wheels, chassis, and engine parts. Additionally, the environmental advantages, including lower VOC emissions and reduced waste, align with the automotive sector's sustainability goals. Powder coatings also allow for a wide range of colors and finishes, enabling automakers to achieve diverse aesthetic preferences and meet market demands.
"Asia-Pacific accounted for the largest market share."
Asia-Pacific is expected to remain the largest market for powder coatings during the forecast period. The region's rapid industrialization and urbanization have led to increased demand for powder coatings in the construction, automotive, and electronics industries. Simultaneously, the availability of raw materials, particularly in countries like China and India, has facilitated local production. Furthermore, rising environmental awareness and regulatory pressures have driven the adoption of eco-friendly powder coatings, aligning with the region's sustainability goals.
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The following are the key players in the powder coatings market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s powder coatings market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our powder coatings market report from the industry stakeholders, we have tried to further accentuate our research scope to the powder coatings market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The powder coatings market is segmented into the following categories:
By Resin Type
By Coating Methods Type
By End-Use Industry Type
By Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
Powder coating is a type of dry finishing process used to apply a protective or decorative layer of color to a wide range of metal and non-metal surfaces. Unlike traditional liquid paint, which is applied as a wet, liquid solution and then dries, powder coating involves the application of a dry, finely ground powder. This powder is typically composed of a mixture of finely ground pigment particles and resin (often a type of thermosetting polymer).
The powder coatings market was estimated at USD 14.6 billion in 2022.
The forecasted value of the powder coatings market is expected to be USD 19.9 billion in 2028.
The powder coatings market is likely to grow at a CAGR of 5.2% during 2023-2028.
The Sherwin-Williams Company, PPG Industries, Inc., AkzoNobel N.V., Jotun A/s, and Asian Paints Limited are the leading players in the market.
Asia-Pacific is estimated to remain dominant in the market in the foreseeable future due to cost-effective manufacturing, a large skilled workforce, and favorable government policies that have attracted multinational powder coating manufacturers to set up operations in the region.
The automotive segment dominates the end-user category in the market primarily due to stringent quality and performance requirements, durability, and aesthetic demands within the automotive industry. Powder coatings offer exceptional corrosion resistance, chip protection, and long-lasting finishes, making them ideal for automotive components, such as wheels, chassis, and engine parts.
The growth of the powder coatings market is driven by increasing awareness of the benefits of powder coatings coupled with growing consumer demand for durable, attractive, and sustainable products, which has led many industries to adopt this coating method.
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