Powder Coating Market 2024 key players BASF, Axalta, Akzonobel, Nippon paints, Dupont, Sherwin Williams, Jotun, Marpol

The global powder coating market has witnessed tremendous growth in recent years on account of rapid urbanization and industrial development, which has bolstered the automotive, agricultural and commercial manufacturing sectors. Powder coatings are preferred by manufacturers to not only improve the appearance of automobile parts and furniture, but also to protect them against corrosion and extend their lifespan. Unlike conventional liquid coating, powder coatings do not consist of any solvents that emit harmful VOCs while being applied on products, eliminating the costs of expensive waste disposal systems. Automakers are increasingly shifting towards powder coatings for exterior topcoats as well as under-the-hood components where a combination of heat, chemical and weather resistance is required.

Strong automotive production outlook from Mexico, Thailand and Germany is anticipated to drive global powder coating market size during the forecast timeframe. Automotive applications of these products are expected to witness strong growth over 7% up to 2024. Powder coating market size is set to exceed USD 17 billion by 2024; according to a new research report.

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Market is currently driven by China and India accounting for more than 45% of total powder coatings consumption, however Southeast Asian nations also hold great potential. The movement of investment from China to these countries has increased opportunities for paint and coating manufacturers in these regions.

Commercialization of innovative offerings with enhanced functionalities will boost product demand. The industry recently witnessed launch of ultra-reflective products which can enhance the productivity of commercial lighting fittings by 30%. This makes it possible to diminish the number of light sources thus leading to low energy requirement for achieving desirable light output with minimal cost.

Household appliances and consumer goods applications hold upwards of 20% of global powder coating market. AC cabinets, vacuum cleaners, refrigerators, freezer cabinets and microwave cavities are the key applications areas in this segment.

Thermoset will maintain its dominant position in global powder coatings market with CAGR over 6%. Epoxy polyester hybrid resins are anticipated achieve highest gains over 7% by 2024. U.S epoxy polyester hybrid consumption will account for over 220 kilo tons by the end of 2024.

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Germany powder coating market was over 140 kilo tons for 2015, and will witness gains over 6% during the forecast timeframe. The industry is fueled by automotive sector which was worth over USD 427 billion in 2016 and makes around 20% of total revenue.

China polyester based powder coating market is expected to gains over 8% and will account for consumption over 215 kilo tons by 2024. Pure polyester powder coatings are mainly utilized in building hardware?s like steel grills, gates well as in automobile parts.

U.S. architectural & furniture applications consumed over 96.3 kilo tons in 2015 and will grow at CAGR over 4.5% during the forecast timeframe. U.S. will be driven by Industrial and healthcare applications. MEA will be fueled by African countries. As China is on verge of losing its competitive edge because of strong increase in labor wages, manufacturers are keen on shifting their production bases to low cost Asian & African countries leading to increased demand for products and services like powder coatings.

Global powder coating market share is fragmented, as top 4 market players hold no more than 40% of the total supply. Some of the key market participants include Akzonobel, BASF, Axalta, Nippon paints, Dupont, Sherwin Williams and Jotun.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Research methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.2. Data sources
1.2.1. Secondary
1.2.2. Primary

Chapter 2. Executive Summary
2.1. Powder coatings industry 360 degree synopsis, 2013 -2024
2.1.1. Business Trends
2.1.2. Resin Trends
2.1.3. Application Trends
2.1.4. Substrate Trends
2.1.5. Regional Trends

Chapter 3. Powder Coatings Industry Insights
3.1. Industry segmentation
3.2. Industry size & forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Regulatory landscape
3.4.1. U.S.
3.4.2. EU
3.4.3. China
3.5. Technology Landscape
3.6. Pricing Analysis
3.6.1. Cost structure analysis
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls & challenges
3.8. Growth potential analysis
3.9. Functional powder coatings outlook
3.9.1. Anticorrosive powder coatings
3.9.2. Antibacterial/ antimicrobial powder coating

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Outside of scope of this report a huge chunk of aftermarket auto parts are being powder coated to increase heat and corrosion resistance and ensure protection from nicks and stone chips. These characteristics are quite essential, particularly in regions such as Asia where exposure to heat and weather damage is high. According to the estimates by OICA, India and China alone produced nearly 33.8 million vehicles in 2017 and with rising population, improved lifestyle and income trends, the region is expected to contribute enormous revenues to the powder coating market. Manufacturing of two wheeler vehicles is also set to be a critical growth factor, as India is the biggest market with a sale of over 20 million units during the 2017-2018 period, claims the analysis from Autocar Professional. Powder coating systems have subsequently become an integral part of manufacturing aftermarket auto parts like mufflers, wheels, trims, grillers and bumpers.

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