Powder Coatings Industry is expected to register 5.9% CAGR between 2023 and 2032 propelled by rising investments in the construction sector.
Selbyville, Delaware, Dec. 06, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Powder Coatings Market was estimated at USD 13.5 bn in 2022 and is expected to surpass a valuation of $25.5 bn by 2032, progressing at a CAGR of 5.9% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Rising demand for aerospace & marine coatings will complement the industry outlook. Powder coatings are extensively used to prevent corrosion of boat fixtures and marine equipment, due to prolonged exposure to saltwater. Marine equipment such as steering wheels, antenna mounts, bow rails, and pedestal chair mounts are made up of aluminum and stainless steel, which can be easily degraded upon contact with atmospheric factors. The high use of metal components increases the need for powder coatings to ensure a superior and long-lasting finish. Similarly, powder coatings also have automobile applications. Nearly 25% of the automotive coating needs come from wheels, whereas 40% come from underhood components.
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High popularity of biodegradable fusion-bonded epoxy resins
Global powder coatings market from fusion-bonded epoxy resins is estimated to surpass USD 850 million by 2032. Fusion-bonded epoxy (FBE) thermoset coatings are biodegradable & eco-friendly solutions used to protect steel pipes from the impact of harmful chemicals and other external factors. They are applied to maintain the integrity of piping connections, industrial pipes, and concrete reinforcing bars. FBE-coated pipes can easily withstand dry conditions and temperatures as high as 85°C. FBE offers exceptional adhesion to steel and ensures long-term resistance to corrosion.
Key reasons for Powder Coatings Market growth:
Increasing construction spending.
Increasing demand in the automotive, aerospace and marine industry.
Focus on VOC emissions reduction.
Strong outlook in the furniture industry.
Lower application cost as compared to liquid coatings.
Widespread demand across agricultural & construction applications
In terms of revenue share, powder coating market from agricultural/construction equipment application is poised to reach over USD 1.2 billion by 2032. Equipment deployed in agricultural and construction spaces is coated with powder coatings to ensure long-term protection of equipment from different chemical and atmospheric elements. These coatings also enable color retention and corrosion resistance. Manufacturers of agriculture and construction equipment are increasingly adopting powder-coating processes owing to the vast range of economic, environmental, and production benefits. For instance, these coatings allow the utilization of powder overspray, reduce volatile organic compounds (VOCs), and improve finish quality.
Growing use of non-metallic coatings in home appliances for insulation
In terms of volume, global powder coatings market share from non-metal substrates is expected to reach over 400 kilotons by 2032. Nonmetallic substrate encompasses objects and materials made of ceramics, plastic, medium-density fiberboard, wood, and glass. Non-metallic coatings are mainly used in decorative coating applications, along with architectural structures and home appliances. The increasing use of non-metallic coatings in electronics can be attributed to their chemical and physical properties. Low thermal and electrical conductivity make these coatings ideal insulators in electronics.
Surging automotive production across European countries
Europe powder coatings market is projected to exhibit over 5.5% CAGR between 2023-2032. Rapidly surging automotive production and increasing consumer demand for high-performance wheels will offer lucrative business prospects to powder coating manufacturers. In recent years, the European government has implemented stringent emission standards and norms such as the Registration, Evaluation, Authorization, & Restriction of Chemicals (REACH). Meanwhile, EU countries such as France, Germany, the UK, Russia, Spain, and Italy have reported significant growth in the automotive sector, thus accelerating the demand for powder coatings for vehicle and vehicle parts.
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Strategic developments to boost powder coatings industry expansion
Jotun Powder Coatings, Kansai Paints, AkzoNobel N.V., Dupont Coating & Color Technologies Group, Asian Paints, BASF, Protech Oxyplast Powder Coating, PPG Industries, RPM International, The Valspar Corporation, Vogel Paint Inc., Dulux Powder & Industrial Coating, Somar Corporation, Marpol, Axalta Coating System, Nippon Paint Co. Ltd., Cloverdale Paint Inc., Hentez Coating Inc., The Sherwin-Williams Company, and Evonik Industries are some of the leading companies in the global powder coatings market. These participants are implementing strategic expansion plans to gain a competitive advantage.
Partial chapters of report table of contents (TOC):
Chapter 5 Global Powder Coatings Market, By Resin
5.1 Key resin trends
5.4 Fusion bonded epoxy
Chapter 6 By Application
6.1 Key application trends
6.4 Agricultural/construction equipment
6.6 Oil & gas
6.8 General metal
6.9 Automotive & transportation components
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