Powder Coatings Market Forecast to 2027: Innovation & Inspire

April 1, 2022 - PRLog -- The powder coatings market (https://www.akiresearch.com/reports/powder-coatings-market) has gained momentum in the last few years due to environmental concerns and changing buying behavior of consumers. As powder coatings are more durable, anti-corrosion, have low energy consumption, and have other benefits with special coating features, the global powder coatings market is estimated to grow at a CAGR of 6.65% over the forecast period 2022-2027.

The thermoset powder coatings market segment accounted for the largest market share by coating resin type. Various resins are used to manufacture powder coating products for different properties and end-user applications. Polyester resin-type powder coatings account for the highest market share. It provides better weather resistance, good mechanical resistance, greater flexibility and impact resistance, good chemical resistance, etc., which makes it suitable for both indoor and outdoor applications in different end-user industries. The electrostatic spray deposition (ESD) powder coating method dominates the market due to its high powder utilization rate, easy automation, and smooth coating.

Asia-Pacific accounts for the largest market share among the regional market, followed by Europe and North America. During this pandemic, the economy of these regions has suffered from a devastating downturn. Asia-pacific region, mainly China, India, Japan, South Korea, etc., also contributes to higher raw material supply to other regions. However, during this pandemic, the blockage of supply at international routes due to government guidelines to check the spread of coronavirus has also affected the production and pricing of the final product.

Powder coating has various applications in end-user industries like automotive, architectural, home & electrical appliances, furniture, general industrial, and others. The home & electrical appliances segment accounted for the highest market share, followed by general industrial and automotive. The Automotive & furniture segment will witness high growth during the forecast period. Emerging nations like south-east Asian countries will witness higher growth in the Asia-pacific region due to increased income levels, increasing construction activity, higher demand for automotive and appliances.

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Key Players in Powder Coatings

The powder coatings market is mainly fragmented in regions. However, the top 10 players account for about half of the total market. Some of the key global players include Akzo Nobel N. V., PPG Industries, Sherwin Williams, Axalta Coatings, Jotun A/s, Nippon Paints, Kansai Paints, BASF, Asian Paints, Tiger Coatings, Erie Powder Coatings, Berger Paints, RPM International, IGP Pulvertechnik AG, INOX (Unison Hardware, Inc.), Protech Group, etc.

23rd March 2022, AkzoNobel announced the launch of sustainable and high-performance Interpon ACE powder coatings, to serve the high demands in the Agricultural and Construction Equipment (ACE) sector.