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Thermosetting Powder Coatings Market Overview, Dynamics, Trends, Segmentation, Key Players 2024
Thermosetting powder coatings contain thermosetting polymers as a basic constituent. Thermosetting polymers are petrochemical derivatives and can be cured with heat, through irradiation or chemical reaction. Powder coating is type of coating where free flowing dry powder is used. These do not require any solvent to keep them bound to the applied surface. Thermosetting powder coatings are used for coating of metal surfaces to form attractive and durable finishes. Metal surfaces include automobile parts, household appliances, drum hardware and other metal components in various industries. Major types of thermosetting powder coatings are epoxies, urethane, acrylic and polyesters.
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Global Thermosetting Powder Coatings Market: Drivers and Restraints
Growing demand from automotive industry is expected to drive the thermosetting powder coatings market. Automotive components including interior and external metal parts require coatings to protect them from weathering conditions. Polyesters are major type of powder coatings used in the automotive due to their better outdoor weathering properties. Epoxies are used as functional coatings for interiors where adhesion, impact resistance and corrosion resistance is necessary. Automotive industry is driven by changing lifestyle and rising disposable income in developing countries of Asia Pacific. Further growing demand for thermosetting powder coatings in various industrial component manufacturing is anticipated to boost the market. Polyester and acrylic powder coatings are mainly used for coatings. Acrylic powder coatings are used to enhance the flow and leveling as well as chemical resistance and enhanced stain in polyester hybrid coatings. Hybrid thermosetting powder coatings are used in the manufacture of industrial components to achieve overall enhanced performance as they offer advantages of two or more powder coating at the same time. In addition, environmental regulations are expected to further fuel the thermosetting powder coatings market. Unlike liquid coatings, powder coatings do not need solvents in the application process; hence they are environment-friendly. Environment related agencies such as Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) promote use of powder coatings instead of liquid coatings to reduce environmental hazards.
Volatility in raw materials prices and supply issues are expected to hamper the market growth. Raw materials for thermosetting polymers are crude oil derivatives and are subjected to crude oil price volatility and demand – supply dynamics.
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Global Thermosetting Powder Coatings Market: Regional Outlook
Asia Pacific emerged as the largest market for thermosetting powder coatings market in terms of production and consumption. China was the largest contributor in terms of thermosetting powder coatings production. Developing regions in Asia Pacific are expected to exhibit strong growth in the near future. Europe followed Asia Pacific in terms of consumption of thermosetting powder coatings. North America was the third largest market due to stagnated demand. The demand is expected to increase in the region due to increased availability of low cost of energy suppliers that will reduce the cost of applying powder coatings.
Global thermosetting powder coatings market was fragmented but it is on the verge of consolidation. Manufacturers have shifted their manufacturing bases to China from North America and Europe. Another reason for consolidation is low profitability due to overcapacities and stagnated demand in developed countries. Manufactures are competing based in prices due to intense competition in the market.
Global Thermosetting Powder Coatings Market: Company Overview
Development of new technologies may allow coatings on other materials such as medium density fiberboard using different methods. These developments and product innovation are expected to provide immense opportunities for the players in the market. Key players in thermosetting powder coatings market include Huntsman Corporation, Kemira, Solvay Chemicals, BASF SE, The Dow Chemical Company, Rhodia Chemicals, Akzo Nobel N.V., Dulux Powder Coatings, Lintec, PPG Industries, Tiger Drylac, TCI, Sherwin Williams and Ashland among others.
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