The global powder coating market size is projected to reach over $20.1 billion by 2027, according to Precedence Research.
The global powder coating market size was valued at $ 12.02 billion in 2019 and predicted to register a compound annual growth rate (CAGR) of around 6.1% during the period 2020 to 2027.
Powder coating involves the application of powder coating on metallic surfaces to make sure high-quality finishing. Powder coating has gained traction and becomes one of the most general techniques to finish automotive and other parts on account of its long-lasting, durable finish and smooth texture which is resilient to corrosion. The major driver in the growth of powder coating materials was the quest of an ecologically friendly substitute to solvent-laden paints.
Powder coating is seen as a sustainable preference in plentiful industrial coating uses. The prominent drivers for technology development are the increasing demand for sustainable solutions and meeting customer demands for enhanced performance. With the desire to decrease the environmental effect, businesses uninterruptedly attempt to recover process competencies like good utilization of coating materials and elimination of coatings steps. A decline in baking temperatures enables the application of powders on more substrates that results in no VOCs, lower energy consumption and offers a sustainable substitute to anodizing and liquid coatings.
The demand for powder coatings has augmented substantially due to escalating technological advancements and cumulative requirements from application areas such as automotive, furniture, architectural, agriculture, appliances, earthmoving equipment, construction, general industries among others. Severe environmental rules are also projected to lift the growth of global powder coatings market growth during the forthcoming years. A surge in demand of the product in applications such as radiator grills, door handles, bumpers, wheel rims, metallic structural components and bicycles is expected to reinforce the growth of the market during the near future.
The arrival of powder-on-powder application which comprises the application of topcoat and primer with one cure step has offered novel visions for powder coatings. Further, powder coatings have attained more extensive access to new-fangled applications. Better utilization rate as than liquid forms is amongst the fundamental reasons impacting the complete product application possibility. Infrastructural development is also a crucial factor motivating the product requirement on an international scale. Proficiency and overspray are amongst the vital aspects leading the market economics.
Asia Pacific conquered the powder coatings sector with a maximum market stake in 2019 and is anticipated to show the firmest growth rate throughout the assessment duration. This growth is attributable to an optimistic market outlook in the Asia economies like India China, and Japan. Although Southeast Asian countries such as Malaysia and Thailand offer great openings for local sales, they also bid critical production benefits over other nations. Further, stable economic growth is conveying more investments to this region. Since the previous decade, spending by steel businesses has triggered the expansion of construction, appliances, electronics and automotive sectors in the emerging nations of the Middle East and APAC. As a result growth of these sectors is supporting the demand for powder coatings across these regions.
