Global Powder Coatings Market Poised for Remarkable Growth, Expected to Reach US$ 21 Bn by 2031

The global powder coatings market, valued at over US$ 11.8 billion in 2021, is set to witness a robust CAGR of 6.6% from 2022 to 2031, according to recent industry analysis. With an estimated market value of US$ 21 billion by the end of 2031, the powder coatings sector is experiencing unprecedented growth, driven by various factors such as environmental concerns, technological advancements, and the surge in demand from key industries like automotive, architecture, and appliances.

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Driving Factors
Environmental-Friendly Characteristics Propel High Demand
Rapid industrialization and urbanization have escalated air pollution levels, leading to increased pressure on countries to restrict volatile organic compound (VOC) emissions. The powder coatings market is emerging as a preferred alternative due to its environmentally friendly characteristics. Not only do powder coatings contribute to reduced pollution, but they also eliminate the need for specific transportation, storage, or handling methods, making them a compelling choice for industries looking to comply with stringent regulations.

Automotive Industry Transformation
The automotive industry is experiencing a significant transformation with the adoption of powder coatings. These coatings offer faster production times, lower operating costs, and an extended lifespan for vehicles. The shift from liquid coatings to powder coatings is notable in auto body exteriors, where the latter's abrasion and corrosion resistance make them a preferred choice. As consumers seek durable and aesthetically appealing finishes, the automotive segment is expected to be a highly attractive market for powder coatings.

Thermosets Dominating the Market
The global powder coatings market is segmented into thermoset and thermoplastic, with the thermoset segment holding a substantial 80% share in 2021. This dominance is attributed to the preference for thermoset powder coatings in automotive, appliances, and general industrial products. Within the thermoset category, polyester stands out, offering superior durability and UV resistance. The surge in demand for high-heat resistant powder coatings, particularly in the automotive aftermarket, further contributes to the growth of the thermoset segment.

Electrostatic Spray Coating Method Gaining Traction
The electrostatic spray coating method claims a dominant share of 84% in the global market, particularly in automotive, architecture, and furniture applications. This method's efficiency, cost-effectiveness, and high-quality finished products, owing to minimal spray waste and even paint distribution, position it as a highly attractive segment in the powder coatings market.

Regional Outlook
Asia Pacific led the global powder coatings market in 2021, capturing a substantial 40% share. The region is expected to continue its rapid pace of growth, fueled by a stable economy, rising consumer disposable income, and an improvement in living standards. Europe follows closely with a 31% market share, driven by the implementation of stringent emission regulations, particularly by government bodies such as REACH. North America, with a 17% share, emphasizes environmental concerns and awareness as key factors influencing market dynamics.

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Companies Profiled
Akzo Nobel N.V., Axalta Coating Systems, The Sherwin-Williams Company, PPG Industries, Inc., KAPCI Coatings, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, Berger Paints India Limited, Asian Paints Limited, Kansai Nerolac Paints Limited, SOMAR, BASF SE, RPM International Inc., DuluxGroup Limited, Marpol Private Limited

Market Segmentation
Type
• Thermoset
• Epoxy
• Polyester
• Epoxy Polyester Hybrid
• Acrylic
• Others (including Low Temperature Powder Coatings and Anti-microbial Powder Coatings)

Thermoplastics
• Polyvinyl Chloride (PVC)
• Nylon
• Polyolefin
• Polyvinylidene Fluoride (PVDF)

Coating Method
• Electrostatic Spray
• Fluidized Bed

Application
• General Metals
• Metal Furniture
• Agriculture, Construction, and Earthmoving Equipment (ACE)
• Automotive
• Architecture
• Appliances
• Others

Regions Covered
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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