05.31.24
MarketsandMarkets report, "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spary, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028", estimates the size of the market at $14.7 billion in 2022, growing to $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. The powder coating market is divided into five key regions: Asia Pacific, Europe, North America, Europe, the Middle East & Africa, and South America. China and India, among other countries, are leading the powder coatings market globally.
The demand for high performance fluorine resin-based powder coating is growing because of its exceptional chemical and weather resistance. Fluorine-containing resin coatings have been widely used in a variety of industries to coat the outer surface of components. The resin powder coating is used in the chemical industry on chemical equipment and plant parts.
The thermoset segment is expected to account for the largest share in 2022. Thermoset powder coatings are used in wide range of applications, including 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.
Asia Pacific is expected to register the highest CAGR during the forecast period. The presence of major end-use industries in the region contributes to the region’s dominance. In comparison to other regions, the market in Asia Pacific is expected to witness a high growth rate.
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. The powder coating market is divided into five key regions: Asia Pacific, Europe, North America, Europe, the Middle East & Africa, and South America. China and India, among other countries, are leading the powder coatings market globally.
The demand for high performance fluorine resin-based powder coating is growing because of its exceptional chemical and weather resistance. Fluorine-containing resin coatings have been widely used in a variety of industries to coat the outer surface of components. The resin powder coating is used in the chemical industry on chemical equipment and plant parts.
The thermoset segment is expected to account for the largest share in 2022. Thermoset powder coatings are used in wide range of applications, including 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.
Asia Pacific is expected to register the highest CAGR during the forecast period. The presence of major end-use industries in the region contributes to the region’s dominance. In comparison to other regions, the market in Asia Pacific is expected to witness a high growth rate.
