Metallic Powder Coating Market Size, Share & COVID-19 Impact Analysis, By Resin Type (Epoxy Polyester, Polyester, Epoxy, Polyurethane, and Others), By Process (Bonding, Dry Blending, and Co-Extrusion), By Pigment (Aluminum, Mica, and Others), By Application (Architectural, Automotive, Appliance, Furniture, Leisure Equipment, and Others), and Regional Forecast, 2021-2028

The global metallic powder coating market size was USD 1.75 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with products witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 2.23% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 1.88 billion in 2021 to USD 2.91 billion in 2028 at a CAGR of 6.5% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The growing demand from the architectural and automotive industries is expected to fuel the market growth. Metallic powder coating demand has been increasing as disposable income has grown, resulting in increased demand for household goods and furniture. Metal powder coatings are a type of powder coating that contains metallic pigments and can provide a vibrant and lavish decorative effect on furniture, home appliances, accessories, and automobiles, among other items.

Closures of Various End-user Industries to Constraint Metallic Powder Coating Market Growth

The COVID-19 pandemic has turned out to be the most disruptive factor. Although some coating production units have resumed production in a staggered fashion, the rising number of positive cases and falling demand has led to rising concern among the industry's leading producers of coatings. The epidemic caused a halt in the processing of raw materials used in the manufacture of coatings and has disrupted the entire production and supply chain. Besides, companies face a serious shortage of professional and unskilled labor, with the coatings industry driving a large percentage of its employees back to their hometowns.

While automotive sales have increased, numerous car manufacturers claim that the pandemic-induced global crisis will exacerbate the industry's condition. The downturn in this market and the overall economic recession will continue to have an impact on automotive coatings. Due to the coronavirus-induced shutdown, only 15 commercial vehicles were assembled in the UK in April 2020, down by 99.3% year on year. The 15 CVs were intended for the UK economy, according to the Society of Motor Manufacturers and Traders (SMMT), with no exports in the month. As a result of the current pandemic, demand for powder coatings in the construction, electronics, and white goods sectors has decreased. The extensive closures to prevent the dissemination of COVID-19 are expected to have a detrimental impact on the building industry. Most building supplies are shipped from countries fighting COVID-19, many of which have shut down factories to combat the pandemic.

LATEST TRENDS

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Increasing Demand from Wood Industry to Foster Market Growth

The UV-cured powder is being produced for new product applications. Heat-sensitive substrates, such as medium density fibreboard (MDF), are treated with these finishing materials. UV-cured powder coating is a long-lasting coating that allows for creative design and can be applied to a wide range of substrates. MDF is a common substrate for UV-cured powder coating and is readily available across the timber industry. It is long-lasting, and can be used in a wide range of retail furniture, including point-of-purchase displays & fixtures, work surfaces, healthcare, and office furniture.

The UV-cured powder coating works well on both timber and wood composites as substrates. This coating requires much less heat and has a short processing time. The longer the wood is subjected to sunlight, the more it degrades, resulting in defects like rotting, outgassing, pin holing, grain lift, and fiber popping. The UV metallic powder coatings offer the wood coatings industry a new finishing choice, with solid metal and metallic impact finishes.

DRIVING FACTORS

Growing Demand for Eco-Friendly Product to Propel Market Growth

The metallic powder coating market is projected to grow rapidly due to a decline in the adoption of volatile organic compounds (VOCs). VOCs are compounds that vaporize at room temperature and are a major source of emissions at ground level. VOCs bind with nitrogen oxides to create smog, which can cause inflammation of the eyes, nose, and mouth, headaches, dizziness, vision disturbances, and memory loss in humans, as well as cancer.

Metallic powder coatings are becoming more common as manufacturers become more conscious about emission control. These coatings contain no volatile organic compounds (VOCs), resulting in reduced emissions, safe storing and handling, and low fire hazards. Manufacturers are typically expected to obtain permits and adhere to stringent environmental standards on the amount of solvent, and volatile organic compounds (VOCs) released into the atmosphere.

Manufacturers who violate the law on VOC content are subject to sanctions and fines. These coatings provide an option that reduces the amount of air emission control equipment required while also making it easier to comply with these rules and regulations. These coatings are made without using petroleum solvents, which means they don't emit toxic volatile organic compounds (VOCs). These coatings are compliant with environmental standards, which is likely to create opportunities for the market during the forecast period.

Robust Growth of Aluminum Pigment to Drive Market Growth

Metallic powder coatings offer a wide range of items with a very appealing finish. The addition of aluminum pigments is a special method that can offer a high degree of both application and film efficiency due to the powder's intrinsic particulate shape. The right dosage and form of aluminum pigment create results ranging from a soft metallic patina to a vivid sparkle.

Non-leafing aluminum flakes are scattered uniformly in the powder coating film, resulting in a more sparkling effect. Aluminum pigments that are leafed and the resulting chrome-look surface effect are vulnerable to chemical attack from the atmosphere. These pigments come with a wide range of particle sizes and particle distributions. The powder coatings industry uses the tiniest aluminum flakes, which are around 6 microns in diameter and create a fine grain metallic pattern.

Larger particles have a greater degree of sparkle and, in most cases, less opacity. Powder coating formulators have used particle sizes approaching 100 microns to produce a super sparkle effect. For example, Benda Lutz COMPAL PC, a highly concentrated aluminum formulation for powder coatings, was introduced by Sun Chemical Output Pigments. According to the company, the product is available in a revolutionary pelletized shape. Moreover, it removes dusting to reduce housekeeping, ease machine clean-up, and improve worker visibility.

The demand for a wide range of powders is growing as new manufacturing develops. Aluminum powder, zinc powder, and lead powder are the most popular metallic powders, while copper and zinc powder, nickel and aluminum powder, and stainless steel powder are alloy types of metal powder. Metallic pigments have distinct properties when compared to other pigments. Powdery metallic pigments are made up of metals or alloys with a vivid metallic luster and color, which is why certain metallic pigments, such as copper-zinc powder and aluminum powder, are used as decorative pigments.

RESTRAINING FACTORS

High Cost of Product to Hinder Market Growth

Metallic powders are costlier than solids, especially if the coating is bonded. A transparent topcoat is needed for certain metallic, while a base coat is required for others. And if the metallic requires one of those specifications, it is an additional step in the production phase that adds expense to work. Spraying metallic powders can be more complicated than solid color powders. Essentially, electrostatics influence the orientation of metallic flakes in powder, among other aspects. When there is a broad difference between the base color and the color of the metallic flake, even a slight change in flake direction will change the coating color.

These coatings are widely used on high-end items such as cars, laptops, and high-end appliance components. By adding a shiny effect to their final films, they were able to add more shine and depth to the paint. Metallic powder coatings were originally non-bonded, meaning that a powder base coat was prepared, and then metal flakes were dry-blended into the powder to produce a metallic effect. Metallic flakes and base particles do not stick together. Because of the poor recyclability induced by non-bonding between the two, this approach is straightforward, but the substance is unstable.

SEGMENTATION

By Resin Type Analysis

Epoxy polyester Segment to Generate High Revenue

Based on the resin type, the market is segmented into epoxy polyester, polyester, epoxy, polyurethane, and others.

The epoxy polyester segment held the major share of the market and is likely to maintain this trend during the forecast period. This polyester has the highest hardness, chemical, and corrosion tolerance of any powder. Another advantage is that it is easy to use and comes with a variety of cure schedules.

Polyester is ideal for exterior applications where a superior decorative finish is needed, as they have excellent flow and durability.

Epoxy is durable, corrosion-resistant, flexible, adhesion-resistant, chemical-resistant, and abrasion-resistant. Epoxy is usually used where a durable, long-lasting film is required, and the product won't be exposed to direct sunlight for a prolonged period.

By Process Analysis

Bonding Segment to be Leading Segment

Based on the process, the market is segmented into bonding, dry blending, and co-extrusion.

Glass wool segment held the prime share of the market in 2020. Bonded metallic are simpler to adhere to than unbounded metallic because the spray dispersion is much smoother. As a consequence, the workflow is smoother, and the finish is simpler and more reliable. The aluminum flake is physically bound to the powder coating's outer surface during the bonding process. The bonding process produces good color results, and the over-spray material has a structure that is not substantially different from that of the virgin material.

Dry blending's advantage is that it is a low-cost method of manufacturing these coatings.

By Pigment Analysis

Aluminum Segment Account for Major Share

Based on the pigment, the market is classified into aluminum, mica, and others.

In terms of volume, the aluminum segment held the prime share of the market in 2020. Since higher purity aluminum is used (99.7% or >99.97%), it provides greater tolerance to humidity and the outside climate. Since the base pigments used in coated aluminum are lighter and more sophisticated than those used in uncoated aluminum, even brighter results are achieved in powder coating.

Mica-based impact pigments are a more affordable and long-lasting substitute for aluminum pigments.

By Application Analysis

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Architectural Segment to Hold a Significant Share Due to Stringent Government Regulations

Based on application, the market is segmented into architectural, automotive, appliance, furniture, leisure equipment, and others.

Interior and exterior metallic powder for decorative applications include facade columns, metal constructions, railings, and window and door frames. These coatings are mainly applied by color experts and do-it-yourselfers in residential and industrial buildings. These coatings are primarily used by building contractors to provide long-term exterior finishes for outdoor venues and public works programs due to the wide range of colors and finishes available.

These coatings are widely used as a basecoat and finish on several vehicle parts in the automotive industry.

These coatings are widely used for appliances that require a combination of appearance and abrasion, chemical, and temperature cycling resistance. Additionally, they are commonly used on appliances because they increase esthetic appeal while also providing resistance to abrasion, toxins, and temperature cycling.

REGIONAL INSIGHTS

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Asia Pacific stood at USD 0.90 billion in 2020 and is anticipated to showcase considerable global metallic powder coating market growth in the forthcoming years. This is owing to a stable economy, rising disposable income, and rising living standards in countries like China, Japan, Singapore, Malaysia, and Vietnam. The market is projected to be driven by the growth of the electronics and automotive industries in emerging economies such as China, Thailand, India, South Korea, and Taiwan. China, Japan, India, Indonesia, Malaysia, and the Philippines, among other APAC developing countries, are focused on developing new residential and commercial structures. The market is powered by developments in civil construction and high demand for effective paints.

These coatings are expected to gain popularity in North America as environmental issues and understanding the adverse effects of solvent-based coatings hold prime importance. The key factor driving the market in the region is due to superior properties such as longevity, excellent finishing, high resistance to chipping, corrosion, and abrasion. The expansion of manufacturing capability by major automobile firms in the U.S. is expected to fuel demand for the market.

In Europe, demand is expected to be driven by the rising car production in Germany, Hungary, Romania, Austria, and the UK, where companies like Volkswagen AG, Chevrolet, Daimler-Chrysler, Mercedes-Benz, and Dodge have a large manufacturing base. These coatings are a well-known finishing method in the vehicle part industry. Toughness and chip resistance are two advantages of these coatings that are likely to boost their adoption in the region.

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In Latin America and the Middle East & Africa, the market is expected to expand at steady growth due to the presence of several manufacturers.  In these regions, demand is majorly met through import.

KEY INDUSTRY PLAYERS

Key Companies to Conduct Research and Development Activities to Increase Market Presence

Companies have used various tactics to expand their market share, including mergers & acquisitions, investment & growth, and product development. Manufacturers heavily invest in R&D and rely on technological advancements to achieve competitive advantage through product differentiation and low costs. Furthermore, producers concentrate on integrating their activities across supply and distribution networks to target individual customers. Some of the key players operating in the global market are AkzoNobel Powder Coatings, Axalta Coating Systems, Jotun, PPG Industries, Inc., Sun Chemical, and TCI Powder.

LIST OF KEY COMPANIES PROFILED:

• Sun Chemical (New Jersey, U.S.)


• TCI Powder (Georgia, U.S.)


• PPG Industries, Inc.  (Pennsylvania, U.S.)


• AkzoNobel Powder Coatings (Amsterdam, Netherlands)


• Axalta Coating Systems (Pennsylvania, U.S.)


• TIGER Coatings GmbH & Co. KG (Wels, Austria)


• Berger Paints India Limited (West Bengal, India)


• SILBERLINE MANUFACTURING CO., INC. (Pennsylvania, U.S.)


• CTC Powder Coating (Heybridge, UK)


• AVL Metal Powders nv (Belgium, Europe)


• Carl Schlenk AG (Roth, Germany)


• Crescent Bronze Powder Co. (Wisconsin, U.S.)


• Jotun (Sandefjord, Norway)


• Other Key Players

KEY INDUSTRY DEVELOPMENTS:

• In February 2020, PPG signed a deal to acquire Alpha Coating Technologies, LLC, a powder coatings producer for light industrial applications and heat-sensitive substrates. Subject to customary closing conditions, the deal is scheduled to conclude in the first quarter of 2020. The financial details were kept under wraps.


• In October 2020, AkzoNobel had taken their revolutionary ultra-durable powder coating, which can be sprayed to a metal surface and bent without breaking, and pushed it even further, expanding the range and allowing architects to envision even more incredible designs. Interpon Flex was the first to market with a system that combined the weather ability of super-durable coatings with the mechanical performance benefits of a regular durable system.


• In June 2020, Berger Paints India has made its Antimicrobial Powder Coatings available for use in the medical field to help limit the transmission of illness. They've partnered with a number of hospital furniture manufacturers and are presently distributing the product in Odisha, Telangana, Kerala, and Andhra Pradesh.

REPORT COVERAGE

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The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, and products. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.

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