Powder Coatings Market to Exhibit a CAGR of 6.2% from 2021 to 2028; Acquisition of Grupo Orbis by AkzoNobel to Enable Growth

The powered coating market is predicted to reach USD 18.95 billion in 2028 from USD 12.46 billion in 2021. The rising awareness regarding environmental pollution to fuel demand for powder coating, which in turn, will accelerate the powered coating market growth during the forecast period, mentioned in a report, titled “Powder Coatings Market Size, Share & COVID-19 Impact 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 (Appliance, Automotive, Architectural, Furniture, Agriculture, Agriculture, Construction and Earthmoving Equipment (ACE), General Industries, and Others), and Regional Forecast, 2021-2028” the market size stood at USD 11.58 billion in 2020 and is predicted to exhibit a CAGR of 6.2% between 2021-2028.

The manufacture of paints and coating goods has been slowed due to a lack of raw ingredients during the pandemic. All private structures and construction sites, government facilities, and automobile repainting businesses were severely impacted in April 2020. Retailers also canceled big orders for paint and coating materials that had previously been made due to the market stoppage. End-users did not purchase pricey coating technologies such as polyurea and polyurethane from distributors and retailers due to COVID19.

Expansion of PPG's Paint and Coatings Facility in China to Promote Growth

PPG's paint and coatings factory in Jiading, China, completed a US$13 million expansion project in May 2021. PPG's research and development capabilities will be upgraded with eight new production lines and a new coatings technology center for powder coatings. The new lines will produce high-performance industrial coatings, wheel hub coatings, heavy-duty equipment coatings, and other high-quality, high-performance coatings. The plant's yearly capacity will increase by around 8,000 metric tonnes as a result of the expansion.

Recycling Properties of Powder Coating to Incite Development

The increasing awareness regarding environmental pollution among manufacturers and companies is likely to aid the expansion of the market. The increasing concerns regarding the environment will create lucrative business opportunities for the market during the forecast period. Manufacturers are required to file for permits and follow strict environmental regulations on the amount of solvent and VOCs emitted into the atmosphere, which will bode well for the market. It offers environmental benefits and also minimizes the number of potential hazards. Moreover, the continence about the benefits of coatings will also enable speedy growth of the market. For instance, powder coating has 60% of average transfer efficiency, 40% of the powder doesn’t adhere to the component. Besides, the recycling properties of powder coating will fuel demand among manufacturers, which will propel the powder coatings market growth. For instance, Powder reclamation works better when only one or two primary colors are being used for the products, as multiple color changes considerably boost equipment costs. If the component is sprayed with one or two colors, it can significantly help save the powder by reclaiming the powder.

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Focus of Key Players towards Product Enhancement to Boost Market Prospects

The key players in the market are adopting marketing strategies such as merger & acquisition, product development, product expansion to remain at the forefront. The leading companies are also concentrated on introducing novel products, which will support market growth. For instance, in February 2020, the Sherwin-Williams Corporation announced its plan to build a new global headquarters and a research and development facility in Brecksville's Cleveland area.

Notable Development:

• June 2021: AkzoNobel acquired Grupo Orbis to consolidate its position in South and Central America.

The Report Lists the Key Companies Profiled in the Market Report:

• Akzo Nobel N.V. (Amsterdam, Netherlands)


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


• BASF SE (Ludwigshafen, Germany)


• Jotun (Sandefjord, Norway)


• Axalta Coating Systems, LLC (Philadelphia, U.S.)


• The Sherwin-Williams Company (Cleveland, U.S.)


• Asian Paints (Mumbai, India)


• Kansai Nerolac Paints Limited (Mumbai, India)


• TCI Powder (Americus, U.S.)


• Berger Paints India Limited (West Bengal, India)

Further Report Findings:

• Regional Analysis: The market in Asia Pacific stood at USD 6.89 billion in 2020 and is expected to grow rapidly during the forecast period due to the region's booming automotive and electronics industry. The increasing environmental concerns in North America will aid growth in the region.


• Leading Segment: The appliance segment accounted for 21.3% in 2020 and is expected to dominate the powder coatings market share during the forecast period. The segment's growth is attributed to the increasing application of coatings in air conditioners & water heaters, clothes washer tops & lids, dishwasher doors & racks, dryer drums, floor cleaners, freezers liners, racks & cabinets, microwave ovens, mixers & blenders, and others.

This Market is Segmented into: