The market for powder coatings is expected to grow from USD 15.4 billion in 2024 to USD 20.2 billion in 2029 at a compound annual growth rate of 5.5%, according to 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.” One of the biggest markets for powder coatings is Asia Pacific. Powder coating is becoming more and more in demand in industries including appliances, furniture, architecture, general industrial, and automotive. The demand for powder coating is anticipated to be driven by growing markets like China, India, Mexico, Indonesia, and Brazil.
Important Market Participants
The major participants in the worldwide market include RPM International Inc., Nippon Paint (Japan), PPG Industries (US), Sherwin-Williams (US), Axalta Coating Systems, LLC (US), and Akzo Nobel N.V. (Netherlands).
The powder coating market’s thermoset by resin type segment is anticipated to grow at the fastest rate.
Thermosets and thermoplastics are the two primary resin types used in the powder coating industry. The majority of them are thermoset resins, which provide robust corrosion and stress resistance for vehicle components, business machinery, and home appliances. In the meanwhile, thermoplastic resin powder coatings provide their own benefits, such as strong weather resistance, high solvency, a reasonable price-to performance ratio, and a pleasing look.
Demand for powder coatings is being driven by industry expansion across a range of sectors.
Limitations: Difficulties in obtaining thin powder coating layers
Possibility: The automobile sector is increasingly using powder coatings.
Environmental concerns facing the powder coating business provide a challenge.
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