The global powder coatings market is expected to grow at a CAGR of 6.75% from 2017 to 2022, reaching $13.49 billion by 2022, according to a recent report from MarketsandMarkets. The rising demand for appliances and lightweight automotive has led to an increase in demand for powder coatings. The rising demand from end-use industries in developed and emerging countries has also driven the growth of the market.
On the basis of end-use industry, the global powder coatings market is segmented into appliances, automotive, general industrial, architectural, furniture, and others. In 2016, the appliances segment occupied the largest market share, in terms of volume, followed by the automotive, general industrial, architectural, furniture, and other end-use industries. The growing demand for new and innovative products and the need for R&D in powder coatings have encouraged companies to adopt organic and inorganic growth strategies to increase their market shares.
On the basis of resin type, the market is segmented into thermoset and thermoplastic. Currently, thermoset is the dominant resin type of powder coatings. The demand for this type is propelled by the rising acceptance of thermoset in various end-use industries around the globe. Thermoset materials are used for the majority of powder coating processes because they can provide a surface layer that is both durable and decorative.
On the basis of region, the market is segmented into Asia-Pacific, Europe, North America, South America, Middle East, and Africa. The Asia-Pacific region is anticipated to witness the highest growth rate in the powder coatings market, in terms of value and volume, over the forecast period. In recent years, the demand for automotive and appliances has increased in this region because of the growing population and rising disposable income, thus driving the powder coatings market in the region. The high demand for powder coatings in various end-use industries in both emerging and developed nations is projected to propel the growth of this market in the future.
However, the growth of the global powder coatings market is restricted by the difficulty in obtaining thin films. It is difficult to manufacture thin finishes using these coatings, as the thickening of the polymer can result in the formation of an uneven texture. Uniform flow and leveling are prerequisites for thin films. Although any powder coating can be formulated for thin film applications, not all these chemistries are suitable for it.
The key players in the global powder coatings market include AkzoNobel N.V. (Netherlands), Asian Paints Limited (India), Axalta Coating Systems (U.S.), Berger Paints India Limited (India), Jotun A/S (Norway), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), and Somar Corporation (Japan), etc.
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