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Acrylic Powder Coating Market 2024 to 2033: Trends and Growth Insights
Acrylic Powder Coating Market
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According to The Business Research Company's, The acrylic powder coating market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increasing use in electronics, increasing demand for aesthetic appeal, growth in the construction industry, rising expansion of distribution channels, and growing demand for the cosmetics and beauty industry.
The acrylic powder coating market size is expected to see strong growth in the next few years. It will grow to $1.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to growing adoption in the automotive industry, rising popularity of nail products, increasing industrialization, increasing application in the furniture industry, and environmental regulations favoring powder coatings. Major trends in the forecast period include technological advancements, versatility in applications, functional coatings development, high-temperature applications, and focus on sustainable solutions.
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the acrylic powder coating market going forward. The automotive industry encompasses designing, developing, manufacturing, marketing, and selling motor vehicles, including cars, trucks, motorcycles, and parts and accessories. The automotive industry is rising due to increasing global demand for electric vehicles, advancements in autonomous driving technology, and growing consumer preferences for mobility solutions and smart transportation systems. Acrylic powder coating is used in the automotive industry to provide durable, weather-resistant, and UV-stable finishes that protect vehicle surfaces from corrosion, scratches, and environmental wear while enhancing their appearance. For instance, in September 2024, according to the Office for National Statistics, a UK-based government department, the manufacturing division for motor vehicles increased, rising by $12.8 billion (£9.6 billion) (22.0%) to reach $71 billion (£53.3 billion) in 2023. Therefore, the growing adoption in the automotive industry is driving the acrylic powder coating market.
Major companies operating in the acrylic powder coating market are focused on developing advanced products, such as acrylic coating systems, to provide a smooth, high-gloss finish. Acrylic coating systems are protective layers made from acrylic resins, designed to provide durable, weather-resistant, and UV-stable finishes for various surfaces, enhancing their appearance and protecting them from environmental damage. For instance, in July 2024, Akzo Nobel N.V., a Netherlands-based paints and coatings company, launched the Selva Pro range of 2K polyurethane and acrylic coating systems. The Selva Pro range features three systems, including the Selva Pro Chiaro and Selva Pro Bianco polyurethane systems, alongside the Selva Pro Acrilico acrylic system. Selva Pro Acrilico boasts a smooth formulation that enhances the natural beauty of the wood grain, making it perfect for expressive and high-quality wood types. It offers various finish options, including a pigmented topcoat, a neutral topcoat, a clear topcoat, and a clear 'Naturale' topcoat with a contemporary dead flat finish that reflects the latest design trends. Similar to Selva Pro Bianco, the Acrilico neutral topcoat provides outstanding tinting stability when combined with a neutral base.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BASF SE, Covestro AG, PPG Industries Inc., Evonik Industries AG, Akzo Nobel N.V., Nippon Paint, DIC Corporation, KCC Corporation, Axalta Coating Systems, Asian Paints Limited, Kansai Paint, Jotun AS, Tiger Coatings, IFS Coatings, Anderson Development Company, Tamiras, ABITL Finishing Inc., Hosokawa Alpine AG, Vijay Coat Powder Coatings, Primco Paints
Acrylic Powder Coating Market 2024 Key Insights:
• The acrylic powder coating market size is expected to see strong growth in the next few years. It will grow to $1.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising Automotive Industry Drives Growth Of The Acrylic Powder Coating Market
• Technological Advancements In Acrylic Coating Systems
• Asia-Pacific was the largest region in the acrylic powder coating market in 2023
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