Epoxy Powder Coatings Market Report 2024-2033 - Size, Growth, Trends & Key Player Analysis

"The Business Research Company recently released a comprehensive report on the Global Epoxy Powder Coatings Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The epoxy powder coatings market size has grown steadily in recent years. It will grow from $4.02 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to growth in automotive production globally, increasing urbanization and infrastructure development, increasing use of epoxy powder coatings in electrical and electronic products, growing capability of applying thinner and more uniform coatings, and growing demand in the construction industry.

The epoxy powder coatings market size is expected to see steady growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to rising demand from electric vehicles (EV) manufacturers, increasing environmental concerns and stringent regulatory standards, increasing focus on corrosion protection, increasing use of epoxy powder coatings in aerospace and defense sectors, and growing demand for sustainable coating solutions. Major trends in the forecast period include the adoption of automated and artificial intelligence (AI)-driven systems, advancements in production techniques, development of novel formulations and applications, advanced coating solutions, and emerging research and development (R&D) on coatings to prevent pipeline clogging.

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Market Drivers and Trends:

The increasing production of electric vehicles is expected to propel the growth of the epoxy powder coatings market going forward. An electric vehicle (EV) is a vehicle that utilizes one or more electric motors to provide propulsion. A combination of increasing consumer demand, supportive government policies, and technological advancements fuels the proliferation of electric vehicles. Epoxy powder coating is used in electric vehicles to provide excellent corrosion resistance, durability, and electrical insulation, essential for protecting components and enhancing the vehicle's longevity. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization, over 10 million electric vehicles were sold globally in 2022, with projections indicating a 35% increase in 2023, bringing the total to 14 million. Therefore, increasing production of electric vehicles is driving the growth of the epoxy powder coatings market.

Major companies operating in the epoxy powder coatings market are focusing on developing innovative products, such as zinc epoxy powder primers, to offer excellent corrosion resistance. Zinc epoxy powder primer is a protective coating composed of zinc particles and epoxy resin, applied to metal surfaces to provide corrosion resistance and enhance adhesion for subsequent layers of paint or coatings. For instance, in August 2024, PPG Industries Inc., a US-based paint and coating manufacturing company, launched the PPG PRIMERON Optimal zinc epoxy powder primer. The PRIMERON Optimal zinc epoxy powder primer features an advanced zinc formulation that provides superior transfer efficiency, offering 85% efficiency compared to standard zinc-rich primers and meets ISO C5 standards (ISO 12944 Corrosion Category C5 - Very High Corrosivity) for corrosion protection in high humidity and harsh environments. Its significantly lower specific gravity (2.0 vs. 3.6) makes it lighter and easier to apply, requiring about half the product of traditional primers, leading to cost savings and enhanced sustainability. The PRIMERON Optimal primer is solvent-free, eliminating the release of volatile organic compounds (VOCs).

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Major Key Players of the Market:

BASF SE, Henkel AG & Co. KGaA, Sherwin-Williams Company, PPG Industries Inc., Evonik Industries AG, Akzo Nobel N.V., Nippon Paint Holdings Co. Ltd., RPM International Inc., Wacker Chemie AG, Axalta Coating Systems Ltd., Asian Paints PPG Pvt. Ltd., Jotun A/S, Allnex Group, Berger Paints India Ltd., Kansai Nerolac Paints, Teknos Group, Beckers Group, Tnemec Company Inc., Cardinal Paint and Powder, Solvay S.A., Crest Coatings Inc., Hempel A/S

Epoxy Powder Coatings Market 2024 Key Insights:

• The epoxy powder coatings market size is expected to see steady growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• The Impact Of Electric Vehicle Production On The Epoxy Powder Coatings Market
• Technological Advancements In Epoxy Powder Coatings
• Asia-Pacific was the largest region in the epoxy powder coatings market in 2023

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