Increasing Awareness of Environmentally Friendly and Economic Alternatives is Estimated to Drive the Global Powder Coatings Market to $15 Billion by 2024

HYDERABAD, India, June 26, 2019 /PRNewswire/ -- Currently, the coatings market is shifting towards use of powder coatings to reduce emissions of volatile organic compounds (VOC). Stringent government regulations regarding VOC content in solvent-based coating is expected to escalate demand for powder coatings, as the market moves from liquid coatings to environmentally-friendly powder coatings due to health and environmental concerns. Powder coatings do not contains VOCs and other toxic compounds such as lead and chromium, which makes them a greener material of choice over other coatings. For instance, in China, liquid coatings are being taxed by the government to restrict or limit their use in various applications to lower VOC emissions. In the U.S., VOC regulations have been imposed on various coatings by the Environmental Protection Agency.

The powder coatings market is expected to reach $15 billion by 2024, growing at a CAGR of 6%. Increasing adoption due to their ecofriendly properties and supportive government regulations; product and technological advancement; enhanced features as compared to other coatings with regard to durability, low or no VOCs, cost efficiency, recyclability; and exponential growth of the APAC region; all these factors are fueling demand for powder coatings.

Innovation is vital to sustain in the market. The powder coatings market is very dynamic in nature and players are continuously focusing on innovations to improve the performance and production process. For instance, Autonomic Materials Inc. introduced a self-healing coating technology which increased corrosion resistance of epoxy powder coatings. The self-healing coating technology is based on a microcapsule with an AMI-developed core-shell structure that can be repaired when the coating is damaged. Such innovations will drive the market in coming years.

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Key Insights on Powder Coatings Market

• Traditional substances such as steel and aluminum continue to be displaced by lightweight products in manufacturing. Consequently, coating technology has progressed to satisfy finishing requirements for these new products. Plastics cover a broad range of materials such as polyurethane, polyvinyl chloride, polyethylene, etc., and each of these materials have distinctive features and require different types of coating technology. This can be easily achieved through new powder coating technology.
• Advanced methods of application are evolving in line with new challenges. For instance, in-mold powder coating process involves spraying the powder coating material onto a heated mold cavity, before the molding cycle begins. During the molding procedure, the layer then chemically bonds to the molding compound. The resulting item has a chip-proof and impact-proof coating.
• There is also growing demand for polyester resin in the powder coatings industry, owing to its quick curing and the low infusion time it takes for processing, leading to a major decrease in production costs.
• A number of variables are giving rise to possibilities for developing new high-performance polyesters at reduced costs. Health concerns about bisphenol-A also open the door to use of polyesters in traditional epoxy applications, such as through coatings that can be used as interior can coatings. New raw materials, such as MPDiol, have also enabled use of inexpensive diacids such as phthalic anhydride and terephthalic acid for manufacture of high performing polyesters which cost lesser and can be produced on a larger scale.
• Growth in the powder coatings market is majorly contributed to by the job-coaters (industrial finishing), general metal finishing architectural, and electronics and electrical appliances segments. Among these, the job-coaters (industrial finishing) application segment is the fastest growing with a CAGR of 7%. The general metal finishing application held the major segment share of 29% in 2018 of the global powder coatings market.
• The Asia Pacific (APAC) region accounted for the largest market share, with revenue of $5 billion, in 2018. In this region, demand for powder coatings has grown tremendously especially in architectural, automotive, and electrical & electronics applications. China and India are major countries offering incredible growth for powder coatings. China is the largest automotive producer with 28 million units of cars and commercial vehicles manufactured in 2018, which accounted for approximately 29% of global automotive production while in the global electrical & electronics industry, China accounted for 52% of the production share in 2018.
• Globally, there is increasing traction in the powder coatings industry to implement green technology. Currently, soybean oil, corn, sugar cane, and cellulose derivatives are being incorporated into polyester resin chemical chains which create bio-based alternatives.

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Powder coating manufacturers have strengthened their position by adopting a number of strategies including mergers & acquisitions, product launches, expansion, and partnerships. After acquisition of BASF's powder coatings businesses in 2016, AkzoNobel acquired the powder coatings business of V. Powdertech Co., Ltd. in 2017, and the acquisition of V. Powdertech Co., Ltd. helps AkzoNobel strengthen its powder coating business in South East Asia. Industry experts estimate the market to see major takeovers or mergers in coming years which will further help in gaining more share in the powder coatings market. AkzoNobel expanded its powder coating plant in Chengdu, Western China in January 2017, to help the company meet growing demand for products as well as for offering a wider range of powder products to customers from the automotive, construction, furniture and IT industries.

Industrial growth in the powder coatings was supported by high rate of construction activity globally. The construction market is expected to demonstrate slow growth in 2019 globally. In Q1 2019, construction spending in the U.S. increased by 3.5% as compared to 4.5% in the same period in 2018. Similar trends are expected in the EU, where the rate of construction activity will slow slightly from a 3.5% growth rate in 2018 to a 2.5% growth rate in 2019. It is projected that the construction industry will continue to grow at elevated levels in China and other Asian nations, although not equal to the development seen in 2018. The building market will continue to grow globally in 2019, but it won't be as powerful as in 2018.

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