Powder Coatings Market worth $19.9 billion by 2028 | Key players AkzoNobel N.V., PPG Industries, Inc, RPM International, Asian Paints Limited, Nippon Paint Holding Co. Ltd.

According to recent market research the "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028 ", The global powder coatings market size is projected to grow from USD 14.7 billion in 2022 to USD 19.9 billion by 2028, at a CAGR of 5.2% from 2023 to 2028. The rapid growth of the Automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth. The powder coating market is divided into five key regions: Asia Pacific, Europe, North America, Europe, the Middle East & Africa, and South America. China and India, among other countries, are leading the powder coatings market globally.

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Thermoset powder coatings are used in wide range of application includes: automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.

Thermosetting powder coatings are used to coat a variety of products in the appliance industry, including refrigerators, washing machines, dryers, ovens, microwave ovens, and dishwashers. The coatings provide a high-quality finish that resists chipping, scratching, and fading, making them suitable for use in household appliances. The global appliances market is expanding due to technological advancements, housing sector growth, rapid urbanization, improved standard of living, rise in per capita income, an increasing number of smaller households, and change in consumer lifestyle. Consumers are increasingly inclined to use eco-friendly and energy efficient appliances. These factors are positively influencing the powder coating market.

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The Powder Coatings market has been extensively researched in North America, Europe, Asia Pacific, The Middle East & Africa, and South America. Asia Pacific powder coating market was dominated by the region. The presence of major end-use industries in the region contributes to the region's dominance. In comparison to other regions the market in Asia Pacific is expected to witness a high growth rate. The demand is attributed to the adoption of EV and high spending on appliances. Other Asia Pacific countries, such as India, Indonesia, South Korea, Singapore have seen an increase in demand for powder coatings as residential construction activities have increased. Affordable interest rates, shift toward nuclear families, Rising income levels, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the powder coatings market growth.

Major players operating in the powder coatings include AkzoNobel N.V. (The Netherlands), PPG Industries, Inc (US), The Sherwin-Williams Company (US), Axalta coatings System,LLC (US), RPM International (US), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), and others.

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PPG Industries, Inc: PPG Industries operates in the manufacturing, distribution, and sale of coatings, paints, and specialty materials. Founded in 1883 and headquartered in Pittsburgh, Pennsylvania, PPG has a presence in more than 70 countries worldwide and employs approximately 45,000 people. The company operates through three primary business segments: Performance Coatings, Industrial Coatings, and Architectural Coatings. The Performance Coatings segment provides coatings for various end-use markets, including automotive refinish and aerospace, industrial coatings, and protective and marine coatings. The Industrial Coatings segment provides coatings and finishes for containers, appliances, and transportation equipment, among other applications. The Architectural Coatings segment offers a range of products for the residential and commercial building markets. The products in this segment include paints, stains, and varnishes, as well as other decorative and protective coatings. PPG also operates a Glass segment that produces flat and fabricated glass products for the commercial and residential construction markets.

In October 2021, Through the COMEX brand, PPG launched Comex VINIMEX TOTAL antiviral and antimicrobial paint. This product reduces 99.9% of bacteria and viruses responsible for the most common gastrointestinal and respiratory illnesses, including Influenza A H1N1 and the COVID-19 virus, SARS-CoV-2.

Akzo Nobel N.V: Akzo Nobel N.V is a global leader in the production of decorative paints, performance coatings, and specialty chemicals. Akzo Nobel operates in three main business segments: Decorative Paints, Performance Coatings, and Specialty Chemicals. The Decorative Paints segment provides a wide range of interior and exterior paints for both residential and commercial use. The Performance Coatings segment provides coatings and finishes for the aerospace, automotive, and marine industries, as well as for the oil and gas, power generation, and construction markets. The Specialty Chemicals segment produces chemicals used in products ranging from plastics and construction materials to personal care items and pharmaceuticals. Akzo Nobel operates in more than 150 countries and has manufacturing and research and development facilities in locations around the world.

In June 2019, AkzoNobel introduced its first Low-E products-a coarse texture range of products. A complete range of smooth finishes in Interpon 610 has been added to the Low-E portfolio. Designed for a wide range of customers, including industrial manufacturers of steel constructions, street and garden furniture, and agricultural and construction equipment, a total of 50 smooth products, such as gloss, satin, and matt finishes, fall in this range.

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