The Automotive Sector's Continued Influence on the Powder Coatings Market

Powder Coatings Industry Overview

The global Powder Coatings Market, with an estimated size of USD 10.39 billion in 2023, is projected to experience a CAGR of 5.8% between 2024 and 2030. These coatings are utilized in a wide array of end-user industries, including chemicals, architecture, and automotive. Notably, architectural coatings play a crucial role in protecting and enhancing the surfaces of both residential and commercial buildings. These specialized formulations offer numerous advantages, including resistance to weathering, UV radiation, and mildew growth. The architectural segment encompasses a diverse range of products like paints, varnishes, stains, and sealants, serving various needs in building construction and upkeep.

Detailed Segmentation:

• Application Insights

Consumer goods dominated the market with a revenue share of 24.1% in 2023. Powder coatings have found widespread application in various consumer goods due to their versatility, durability, and environmentally friendly properties. One of the significant areas where they are extensively used is in household appliances. Refrigerators, washing machines, ovens, and other kitchen appliances are coated with these layers to provide a smooth and visually appealing finish. Moreover, they offer excellent protection against scratches, corrosion, and wear, ensuring the longevity and aesthetic appeal of these consumer goods.

• Resin Insights

Polyester dominated the market with a revenue share of 26.4% in 2023. Polyester coatings find application as reinforced linings, thus effectively safeguarding trenches, foundations, and concrete floors from the corrosive effects of pickling acids. In addition, polyester powder protective products are well-suited for coating complex shapes and are highly effective in extreme environments such as coastal buildings and chlorine-rich surroundings. These are gaining popularity due to their VOC-free composition and low wastage, further contributing to their significant market share.

• Regional Insights

The powder coatings market in the U.S. is estimated to grow at a significant CAGR from 2024 to 2030. The Affordable Healthcare Act (reform law enacted in March 2010 by the U.S. Department of Health & Human Services) incentivizes the construction of a larger number of hospitals and healthcare units, which, in turn, is expected to boost the country's demand over the forecast period.

Asia Pacific powder coatings market dominated globally in 2023 with a revenue share of 37.7%. The demand for powder coatings in Asia Pacific is driven by several factors, such as the rapid industrialization and urbanization in countries like China, India, and Southeast Asia. This has increased the need for protective and decorative equipment in various industries. Automotive, construction, and industrial goods industries have been mainly instrumental in driving the demand due to their durability, versatility, and environmental benefits.

Gather more insights about the market drivers, restraints, and growth of the Powder Coatings Market

Key Companies & Market Share Insights

The competitive landscape of the global powder coatings industry is characterized by intense competition among a host of different players, technological advancements, and strategic initiatives aimed at maintaining industry leadership and driving innovation. Some major firms, such as Akzo Nobel N.V., The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd., are prominent players in the industry, with established brand identities and considerable market penetration. These companies have a strong presence in the overall global coatings industry, leveraging their brand reputation to maintain market share and drive growth.

Some of the key players operating in the market include

• BASF SE is a leading player in the market, offering a wide range of products in segments such as petrochemicals, intermediates, performance materials, monomers, dispersion and resins, performance chemicals, catalysts, coatings, care chemicals, nutrition and health, and agricultural solutions.
• The Sherwin-Williams Company is a major player in the industry. The company caters to the demand from industrial, retail, commercial, and professional sectors. It offers powder coating solutions under its portfolio's performance coatings product segment.

Key Powder Coatings Companies:

The following are the leading companies in the powder coatings market. These companies collectively hold the largest market share and dictate industry trends.

• Akzo Nobel N.V.
• The Sherwin-Williams Company
• PPG Industries, Inc.
• BASF SE
• Arkema
• JOTUN
• Nippon Paint Holdings Co., Ltd.
• RPM International, Inc.

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Recent Developments

• In July 2023, BASF SE entered a partnership with Zhejiang Guanghua Technology Co., Ltd. (KHUA), which states that BASF SE will supply KHUA with Neopentyl Glycol (NPG). KHUA manufactures polyester resins used for powder coatings. The partnership is expected to help meet the growing demand from China and other Asia Pacific countries.
• In May 2023, PPG Industries, Inc. announced an investment of USD 44 million in five powder coating manufacturing facilities in Latin America and the U.S. The project is in line with the company’s strategic initiative to increase powder coating production and strengthen its product portfolio to cater to growing demand.