Powder Coatings Market worth $20.2 billion by 2029 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 6, 2024 /PRNewswire/ -- The report "Powder Coatings Market by Coating Method (Electrostatic Spray, Fluidized Bed), Resin Type (Thermoset, Thermoplastic), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture) and Region - Global Forecast to 2029", is projected to reach a market size of USD 20.21 billion by 2029 from USD 15.49 billion in 2024, at a CAGR of 5.5%. Asia pacific is the one of the largest markets for powder coatings. The demand for powder coating is increasing in the sectors such as appliances, architectural, furniture, general industrial, automotive. The demand from emerging nations, such as China, India, Mexico, Indonesia, and Brazil are expected to drive the global powder coating market.
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556 – Tables
65 – Figures
438 – Pages
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Thermoset by resin type segment is expected to register the highest CAGR of the powder coating market during the forecasted period.
In the powder coating market, there are two main types of resins: thermosets and thermoplastics. Thermoset resins, which make up a large portion, offer strong protection against shocks and corrosion for automobile parts, industrial equipment, and household appliances. Meanwhile, thermoplastic resin powder coatings have their own advantages, like good solvency, durability against weathering and wear, a good balance of price and performance, and a nice appearance.
Architectural sector, by application segment, holds the second largest share in the overall polyethyleneimine market during the forecast period.
Architectural coatings cover a range of decorative and practical products like paints, stains, lacquers, primers, and cleaners. In the realm of powder coatings, these applications extend to both interior and exterior coatings, commonly used in homes and commercial buildings. They're applied by professionals and DIY enthusiasts to coat aluminum and steel surfaces for various interior and exterior purposes. The rising use of powder coatings in architecture is driven by their strong durability and the availability of a wide range of finishes and colors.
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Asia Pacific region is likely to be the fastest growing powder coating market during the forecast period.
The powder coating market experiences substantial growth in the Asia Pacific region, notably in China, India, and various Southeast Asian countries. This growth is fueled by heightened demand resulting from increasing disposable incomes, particularly in regions such as Indonesia and Brazil, leading to greater consumer product, automobile, and furniture demands.
Factors such as significant population expansions further bolster the expansion of the powder coating market. Additionally, the relocation of manufacturing units from North America and Europe to the Asia Pacific, driven by favorable manufacturing conditions and lower raw material and labor costs, serves as a significant driver for the market's growth in this region.
Key Players
Akzo Nobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), Axalta Coating Systems, LLC (US), and Nippon Paint (Japan), RPM International Inc. are the key players in the global market.
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