The global powder coatings market size is slated to reach USD 18.95 billion by 2028, registering a 6.2% CAGR during the forecast period. The increasing demand for industrial equipment & machineries in the automotive, infrastructure and construction industry will have an excellent impact on the market growth, states Fortune Business Insights, in a report, titled “Powder Coatings Market, 2021-2028.” The market size stood at USD 11.58 billion in 2020 and reached USD 12.46 billion in 2021.
The COVID19 outbreak halted the manufacturing of raw materials used in powder coating production. Asian nations such as India, China, Japan, Singapore, and Thailand are the primary manufacturers of these coatings and suppliers of raw ingredients. The recent coronavirus epidemic in Asia Pacific has disrupted the availability of these basic materials. China, for example, is a major resin provider, supplying one million tons of resin to the global market. The manufacture of paints and coating goods has been slowed due to a lack of raw ingredients.
What does the Report Include?
The report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected period. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. The report also provides comprehensive insights into key strategies adopted by market players such as mergers and acquisitions, partnerships, and product launches to sustain their market foothold over the projected timeframe.
Based on the resin, the market is divided into Thermoset and Thermoplastic.
On the basis of coating method, the market is divided into electrostatic spray, fluidized bed, and others.
Based on the application, the market is classified into agriculture, appliance, architectural, automotive, furniture, agriculture, construction and earthmoving equipment (ACE), general industries, and others. The appliance segment is expected to account for the highest powder coatings market share. These coatings are mostly used in floor cleaners, microwave ovens, freezer liners, dryer drums, racks & cabinets, dishwasher doors & racks, mixers & blenders, etc.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Surging Demand for Eco-friendly Coatings to Boost Market
Manufacturers' increasing awareness of pollution prevention is promoting the manufacturing of these coatings. Manufacturers are often required to get licenses and adhere to stringent environmental laws regarding the quantity of solvent and VOCs released into the atmosphere. Manufacturers that violate the rule regulating VOC content are subject to penalties and fines. These coatings provide an option that reduces air pollution management while still adhering to standards and constraints. These coatings are made without using petroleum solvents and so do not emit VOCs that are detrimental to the environment. The decrease in the usage of volatile organic compounds (VOCs) will drive the powder coatings market growth.