The global powder coatings market is expected to reach US$ 15 Billion by 2031, growing at 6% CAGR between 2021-2031. The market is anticipated to grow as a result of superior characteristics of powder coatings over conventional paints, such as their durability, cost-effectiveness, superior finishing, and high resistance to corrosion and chipping and abrasion.
Powder coatings are widely used in the consumer goods industry, and any fluctuation in consumer goods industry massively impacts demand for powder coatings. During the assessment period (2021-2031), the consumer goods industry is likely to grow at a steady pace, which in turn, will augur well for growth in powder coatings market.
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Concerns pertaining to environmental conservation are also likely to boost demand for powder coatings, as these are less harmful than other coatings. Powder coatings have above 50% of efficiency in binding themselves to the product. A low binding ratio ensures that pollutants are not emitted to the environment. Due to their eco-friendly nature, end-users are using powder coatings in their manufacturing process, thereby, providing a boost to their demand.
On the back of this, the demand in power coatings market is anticipated to rise by 1.2x in value over the upcoming decade. With robust development of building & construction industry in developing economies such as India and China, application of epoxy-based coatings is predicted to surge at a rapid pace.
Regionally, East Asia is expected to witness healthy growth, followed by North America. As Japan has significant share of raw material suppliers, demand in the country is expected to gain traction over the forecast period. As per Fact.MR, sales in Japan are slated to grow at 4.7% CAGR between 2021 and 2031.
Key Takeaways
- Europe is considered to be the leading market for powder coatings, accounting for over 30% share.
- Demand for powder coatings in China and India is likely to increase during the assessment period on account of high industrial activity.
- By resin type, epoxy-based powder coatings are likely to remain the preferred choice among end-users.
- Based on application, consumer goods is likely to maintain its position as the leading demand generator, with a share of 23% in the market.
- Demand for powder coatings from the furniture industry is likely to grow at 8% CAGR during the assessment period.
Growth Drivers:
- Demand for powder coatings from consumer goods industry is expected to boost growth during the assessment period.
- Powder coatings are less hazardous than other coatings due to their low binding ratio. This characteristic is likely to fuel sales during the forecast period.
- Use of powder coatings in furniture and architectural projects is likely to provide an impetus to the market.
Competitive Landscape:
Increasing annual production and partnering with prominent distributors is a key strategy of powder coatings companies. The market has a presence of large number of players, with many smaller players offering powder coatings at low prices.
Therefore, offering high-quality products and educating end-users about the pitfalls of using low-quality products is likely to be the strategy among key players to gain competitive edge.
For instance,
- Sherwin-Williams Corporation announced in 2020 that it will be building its global R&D center in Cleveland, U.S.
- In 2019, Akzo Nobel announced addition of three production lines in China through an investment of US$ 3.3 Million.
Key Questions Covered in the Powder Coatings Market Report:
- What is the projected value of the powder coatings market in 2021?
- At what rate will the global powder coatings market grow until 2031?
- Which are the factors hampering the growth in the powder coatings market?
- Which region is expected to lead in the global powder coatings market during 2021-2031?
- Which are the factors driving the powder coatings market during the forecast period?
- What is the expected market value of powder coatings during the forecast period?
Key Companies Profiled by Fact.MR
- LLC
- Jotun A/S
- PPG Industries
- Axalta Coating Systems
- Akzo Nobel N.V.
- The Sherwin-Williams Company
More Valuable Insights on Powder Coatings Market
In the latest study, Fact.MR offers a detailed study on global powder coatings market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of powder coatings with unbiased analysis across below segments:
By Resin Type:
- Epoxy Powder Coatings
- Polyester Powder Coatings
- Epoxy-Polyester (Hybrid) Powder Coatings
- Acrylic Powder Coatings
- Polyurethane Powder Coatings
- Epoxy Polyester Powder Coatings
By Application:
- Consumer Goods
- Architectural
- Automotive
- General Industries
- Furniture
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
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