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Powder Coatings Market Size, Share & Industry Analysis, By Resin (Thermoset (Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, and Others), and Thermoplastic (Polyvinyl chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF))), By Coating Method (Electrostatic Spray, Fluidized Bed, and Others), By Application, and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI102139

 

KEY INDUSTRY INSIGHTS

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The global powder coatings market size was USD 8.98 billion in 2018 and is projected to reach USD 15 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period 2019 to 2026.

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Powder coating is a solvent-free coating and is commonly used to create a hard finish. It is mainly used for the coating of metals, such as drum hardware, household appliances, automobile, aluminum extrusions, bicycle parts, and others. The major benefit of the powder coatings is that it avoids the economic and environmental costs of petroleum solvents which are used in conventional liquid coatings. An increase in consumer per capita spending along with advancement in technology will drive the market during the forecast timeframe.


MARKET TRENDS


Shift from Conventional Liquid Coatings to Powder Coatings to Fuel the Market


Liquid coatings produce hazardous waste in two key areas disposal and retouching. The liquid coatings defect frequently require solvents due to its chemical composition. The solvent used in liquid coatings produce harmful fumes and the used solvents are considered as hazardous waste. Stripped and discarded liquid coatings may also be hazardous waste and should be disposed of properly which can be an expensive and time-consuming process.


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It is considered inert and does not require disposal or handling. Powder coatings are inflammable and are considered safe, though the liquid coating is a solvent-borne coating which is not considered as safe. It is much safer to handle and isn’t hazardous to retouch, in turn improves the coat. The coated powder part can simply wipe or uses compressed air to eliminate the uncured concentrate and re-apply it. Any waste generated using powder coatings can be swept up and handled without special safety equipment, and it can be discarded easily. It provides easy cleanup and produces no harmful waste.


MARKET DRIVERS


Increasing Demand for The Environmental-friendly Powder Coatings


The powder coatings market is expanding rapidly due to a reduction in the use of volatile organic compounds (VOCs). It consists of no VOCs thus reduction of atmospheric pollution, safe storage and handling, and low fire hazard. VOCs are chemicals that vaporize at room temperature and are a leading cause of ground-level air pollution. Nitrogen oxides reaction with VOCs to form smog and can cause nose, throat and eye irritations, headaches, memory impairment, visual disorders, and cancer in humans.


Increasing awareness regarding pollution control among manufacturers is boosting the overall production. Manufacturers usually require to file for permits and follow strict environmental regulations on the amount of solvent and VOCs emitted into the atmosphere. Violation of the regulation by manufacturers regarding VOCs content may result in penalties and fines. Powder coatings offer an alternative that minimizes the amount of air pollution control and are in compliance with regulations and restrictions. In the manufacturing process, there is no use of petroleum solvents and therefore do not release VOCs that are harmful to the environment. The product complies with environmental regulation which is expected to drive the overall market.


Recycling Property of Powder Coating Is Likely to Drive the Market


Application of powder coating is a two-step process in which firstly, the product is splashed with powder with the assistance of an electrostatically charged powder gun. The powder clings to the part and afterward that part is restored inside a powder coating oven. Powder coating oven liquefies the powder so that it is streaming together and locks to the part effectively. The relieving procedure creates a durable bond that lasts and helps protect the metal beneath. Powder coating has 60% of average transfer efficiency, thus 40% of the powder is not able to adhere to the component. The excess sprayed powder on the part can be gathered and reused utilizing a procedure called powder reclamation. Powder reclamation works better when only one or two primary colors are being used for the products, as multiple color changes boost up equipment costs considerably. If the component is sprayed with one or two colors, then it can significantly help to save the powder by reclaiming the powder. The over-sprayed powder can be trapped in the filters or spray booth. The recycled powder can be used again and which makes it more preferable than conventional liquid coatings.


An Infographic Representation of Powder Coatings Market

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MARKET RESTRAINT


Difficulty in Obtaining Thin Films Using Powder Coatings


Powder coatings do not contain any liquid carrier in this way it can deliver thicker coatings than conventional liquid coatings. It is moderately simple to apply thick coatings, texture-free coating, it isn't as simple to apply smooth thin films. As the film thickness is diminished, the film turns out to be increasingly more orange stripped in the surface because of the molecule size and glass transition temperature (Tg) of the powder coatings. Powder coating’s particle size fall in the scope of 30 to 50 μm and a Tg > 40°C. By utilizing powder coatings film fabricate ups of more than 50 μm might be required to acquire an acceptably smooth film. Specialized tasks are there where powder coatings of under 30 µm or with a Tg < 40°C are utilized to produce smooth thin films. Thus producing thin films is difficult to obtain which is anticipated to hamper the powder coatings market share, during the forecast period.


SEGMENTATION


By Resin Analysis


Thermoset Dominated the Global Market in 2018


Based on resin, this market is segmented into thermoplastic and thermoset. The thermoset segment held the major share and is expected to expand at a rapid pace during the forecast period. These are one that melts and flows when the heat is applied and generally require lower curing temperatures than thermoplastics. Thermoset powder coatings are further bifurcated into epoxy-polyester, epoxy, polyester, polyurethane, acrylic, and others. Epoxy polyester sub-segment accounted for the primary share of the thermoset segment. Epoxy polyester has improved resistance to overbake yellowing and improved weather ability than epoxy.


Thermoplastic powder coatings have high impact & chemical resistance, and are highly recyclable but are generally more expensive, and may soften when reheated. These factors are likely to hamper the growth of thermoplastic powder coatings during the forecast period. The thermoplastic resin is segmented into PVC, polyolefin, nylon, and polyvinyl fluoride (PVF).


By Coating Method Analysis


Electrostatic Spray Method is Likely to Aid Dominance of the Segment


In terms of the coating method, the market is segmented into the fluidized bed, electrostatic spray, and others. The electrostatic spray segment constituted the key share of the global powder coatings market and is projected to expand rapidly during the forecast period. The electrostatic spray is the primary technique used for thermoset powder coatings. The particles are given an electrical charge in the powder coating gun. The increasing demand of the thermoset powder coating for various end-use industries is expected to fuel the demand of the electrostatic spray coating method.


The fluidized bed is a powder coating method which is primarily used for the application of thermoplastic powder. Also, the fluidized bed is used for thermoset powders applications where high film build is required.


By Application Analysis


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Increase in the Appliance Industry Shall Foster Market Growth


The appliance segment accounted for the prime share of the powder coatings market. These are majorly used for the air conditioners & water heaters, clothes washer tops & lids, dishwasher doors & racks, dryer drums, floor cleaners, freezer liners, racks & cabinets, microwave ovens, mixers & blenders, and others. They are usually used for applications such as appliance that requires a combination of appearance and resistance to abrasion, chemicals, and temperature cycling. They improve the esthetic appeal and offer resistance to abrasion, chemicals, and temperature cycling. Appliances require durable finishes to protect against the damages of everyday use thus powder coating is mostly used due to it provides a thick coat. Powder coatings can handle a great deal of temperature cycling without wearing off or flaking, therefore, it is commonly found on the oven, microwave, and refrigerator panels and components.


REGIONAL ANALYSIS


North America Powder Coatings Market Size, 2018 (USD Billion)

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The powder coatings market size in Asia Pacific stood at USD 4.21 billion in 2018.  In the Asia Pacific, the market is expanding at a rapid pace due to the stable economy in the region owing to an increase in disposable income, and improving standards of living in China, Japan, Singapore, Malaysia, and Vietnam. The growth of the automotive and electronics industries in Thailand, China, India, Taiwan, and South Korea is expected to drive the regional market. In North America rise in environmental concerns and growing awareness regarding the harmful effects of solvent-based coatings is expected to fuel the growth in the region. Europe also held a significant share of the global powder coating market owing to the growing automotive industry. In Latin America due to the growing automotive sector, inflation reduction, low lending rates, and economic growth are the key attributed boosting the regional industry growth.


KEY INDUSTRY PLAYERS


Diverse Portfolio and Core Focus of AkzoNobel N.V., to Propel the Company to a Leading Position


The market share is fragmented with the top five major manufactures operating in the market are PPG Industries, Inc., AkzoNobel N.V., BASF SE, DuPont, and Jotun. Key players are focusing on the expansion of their product portfolio to include innovative products.


Other players include Axalta Coating Systems, Kansai Nerolac Paints Limited, The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd. These companies are involved in merger & acquisition, product development, product expansion to expand their company share in the market.


LIST OF KEY COMPANIES PROFILED:



  • AkzoNobel N.V.

  • PPG Industries, Inc.

  • BASF SE

  • Jotun

  • The Sherwin-Williams Company

  • Asian Paints Ltd.

  • Kansai Nerolac Paints Limited

  • TCI Powder

  • Berger Paints India Limited

  • Axalta Coating Systems, LLC

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • October 2019 – AkzoNobel N.V. launched the Interpon Redox range of powder coatings which provides maximum corrosion protection. These coatings can be used with substances such as cable cars, chemical plants, window frames, and wind turbines.

  • May 2018 – AkzoNobel N.V. opened the powder coatings plant in Changzhou, China. This new plant will strengthen the company’s market position in the catering to architectural automotive and general industrial industries.


REPORT COVERAGE


The powder coatings market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, resin types, coating method, and leading applications of the product.


Besides this, the report offers insights into the market growth trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the powder coatings market growth over recent years.


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Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD million)



Segmentation



By Resin



  • Thermoset

    • Epoxy Polyester

    • Polyester

    • Epoxy

    • Polyurethane

    • Acrylic

    • Others



  • Thermoplastic

    • Polyvinyl chloride (PVC)

    • Nylon

    • Polyolefin

    • Polyvinyl Fluoride (PVF)





By Coating Method



  • Electrostatic spray

  • Fluidized Bed

  • Others  



By Application



  • Appliance

  • Automotive

  • Architectural

  • Furniture

  • Agriculture, Construction and Earthmoving Equipment

  • General Industries

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 8.98 billion in 2018 and is projected to reach USD 15 billion by 2026.

Growing at a CAGR of 6.8%, the market will exhibit steady growth in the forecast period (2019-2026).

Thermoset resin type segment is expected to be the leading segment in this market during the forecast period.

Increasing demand for the environmental-friendly powder coatings is fueling the demand for this market.

AkzoNobel N.V. is the leading player in the global market.

Asia Pacific dominated the market share in 2018.

Shift from conventional liquid coatings to powder to fuel the market

Powder Coatings Market Size, Share and Global Industry Trend Forecast till 2026
  • Mar, 2020
  • 2018
  • 2015-2017
  • 120

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