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MarketsandMarkets’ report, "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method ( Electrostatic Spray, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028," estimates the size of the market at USD $14.7 billion in 2022, growing to USD $19.9 billion by 2028, at a CAGR of 5.2.
The rapid growth of the automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth.
Thermoset powder coatings are used in wide range of application includes automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.
The appliances segment is expected to account for the largest share in 2022. Thermosetting powder coatings are used to coat a variety of products in the appliance industry, including refrigerators, washing machines, dryers, ovens, microwave ovens, and dishwashers. The coatings provide a high-quality finish that resists chipping, scratching, and fading, making them suitable for use in household appliances.
In comparison to other regions, the market in Asia-Pacific is expected to witness a high growth rate. The demand is attributed to the adoption of EV and high spending on appliances. Other Asia-Pacific countries, such as India, Indonesia, South Korea, Singapore have seen an increase in demand for powder coatings as residential construction activities have increased.
The rapid growth of the automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth.
Thermoset powder coatings are used in wide range of application includes automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.
The appliances segment is expected to account for the largest share in 2022. Thermosetting powder coatings are used to coat a variety of products in the appliance industry, including refrigerators, washing machines, dryers, ovens, microwave ovens, and dishwashers. The coatings provide a high-quality finish that resists chipping, scratching, and fading, making them suitable for use in household appliances.
In comparison to other regions, the market in Asia-Pacific is expected to witness a high growth rate. The demand is attributed to the adoption of EV and high spending on appliances. Other Asia-Pacific countries, such as India, Indonesia, South Korea, Singapore have seen an increase in demand for powder coatings as residential construction activities have increased.
