New York , Nov. 20, 2023 (GLOBE NEWSWIRE) — The global powder coatings market size is expected to expand at 7% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 36 billion by the end of 2036, up from a revenue of USD 17 billion in the year 2023. The reason behind the growth is due to the increasing demand for consumer electronics. Advancements in technology, increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes has driven the demand for home appliances across the globe. Powder coatings is most commonly used to coat metals, such as household appliances.
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Coating powders provide insulation and protection to electronic devices. From 2021 onwards, the refrigerator market is expected to recover and reach annual sales of over 236 million units by 2025. Furthermore, approximately 215 million refrigerators are sold globally each year. The growing environmental concerns are believed to fuel the market growth. Powder coating complies with environmental protection criteria since it is non-toxic, free of VOCs, and generates less product trash. One of the primary drivers of the powder coatings market is its eco-friendly nature. Powder coatings contain no volatile organic compounds (VOCs) and produce minimal hazardous waste. This makes them a more sustainable and environmentally friendly alternative to traditional liquid coatings, which often contain harmful solvents and emit pollutants.
Powder Coatings Market: Key Takeaways
- Market in North America to propel highest growth
- The appliances segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Sales of Electric Vehicles across the Globe to Boost Market Growth
The global automotive landscape is undergoing a remarkable transformation as the sales of electric vehicles (EVs) surge to unprecedented heights. With the pressing need to address climate change, reduce emissions, and enhance energy efficiency, EVs have gained remarkable popularity worldwide. In 2021, the global sales of electric vehicles reached a staggering 4.2 million units, marking a substantial 114% increase compared to the previous year, as reported by the International Energy Agency (IEA). This remarkable growth is propelled by several key factors. First, heightened environmental awareness and stringent emission regulations have prompted consumers and governments alike to embrace electric vehicles. Governments around the world are offering incentives, subsidies, and tax breaks to encourage the adoption of EVs. Moreover, as automakers invest heavily in research and development, the range and performance of electric vehicles have improved significantly. The availability of diverse models, rapid charging infrastructure, and declining battery costs have bolstered consumer confidence in electric mobility. Additionally, the COVID-19 pandemic has accelerated the transition towards EVs, with consumers reevaluating their transportation choices. Automakers like Tesla, Nissan, and Volkswagen have reported record-breaking sales of electric vehicles.
Powder Coatings Industry: Regional Overview
The global powder coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Automotive and Transportation Industry to Drive the Market Growth in North America Region
The powder coatings market in North America region is estimated to garner the largest revenue by the end of 2036. Environmental consciousness and the need to reduce the environmental footprint are pivotal factors driving the adoption of powder coatings. Regulations restricting VOC emissions have led to increased demand for eco-friendly powder coatings, which emit negligible VOCs, making them a sustainable choice. Companies are shifting towards powder coatings to comply with these regulations, thus driving market growth. The North American environmental protection agencies have imposed stringent regulations on volatile organic compounds (VOCs) in coatings, contributing to a size of over USD 2 billion. The growing emphasis on sustainable construction practices and LEED (Leadership in Energy and Environmental Design) certifications has bolstered the demand for powder coatings in architectural applications. Powder coatings offer durability, longevity, and environmental benefits, aligning with the green building trend. As construction projects embrace sustainability, the powder coatings market in North America reaps the benefits. Powder coatings are widely used in the automotive industry due to their durability, corrosion resistance, and aesthetic appeal. The expansion of the automotive and transportation sector, coupled with the need for eco-friendly coating solutions, is driving the demand for powder coatings in the region.
Growing Environmental Regulations and Sustainability Initiatives to Propel the Growth in the Europe Region
The Europe powder coatings market is estimated to garner the highest CAGR by the end of 2036. Europe’s unwavering commitment to environmental sustainability has played a pivotal role in the growth of the market. These coatings, known for their low VOC emissions, align seamlessly with stringent EU regulations, thereby witnessing increased adoption across various sectors. Sustainability initiatives and investments underscore Europe’s dedication to eco-friendly and long-lasting coating solutions, driving the market’s expansion. The European Union (EU) has imposed strict regulations on volatile organic compounds (VOCs) in coatings, with over USD 18 billion invested in sustainability initiatives in 2020. Europe’s penchant for green construction practices has led to an upsurge in the demand for powder coatings in architectural applications. Powder coatings offer durability, resistance to weathering, and an environmentally friendly profile, making them an ideal choice for LEED-certified construction projects. The incorporation of green building principles into urban development fuels the demand for powder coatings, thereby contributing to market growth.
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Powder Coatings Segmentation by Application
- Consumer Goods
Amongst these segments, the appliances segment is anticipated to hold the largest share over the forecast period. The ongoing trend of urbanization and busy modern lifestyles have elevated the demand for appliances that simplify household chores and enhance convenience. Consumers, particularly in urban areas, seek time-saving and energy-efficient appliances to meet their evolving needs, driving the growth of this segment. The global urban population is expected to reach 6.5 billion by 2050, with an increasing preference for convenient and time-saving appliances. Rapid technological advancements have given rise to a new era of smart appliances. These appliances are equipped with connectivity features, artificial intelligence, and automation, offering users enhanced control, energy efficiency, and convenience. The surging popularity of smart appliances in homes and a growing awareness of energy conservation are pivotal drivers of market growth. Consumers are increasingly conscious of the need to reduce energy consumption and greenhouse gas emissions. Energy-efficient appliances not only save on utility bills but also contribute to sustainability efforts. This awareness is propelling the adoption of energy-efficient appliances, supporting the growth of this segment.
Powder Coatings Segmentation by Resin
Amongst these segments, the powder coatings market epoxy segment is anticipated to hold a significant share over the forecast period. The construction sector is a prime consumer of epoxy-based materials, owing to their exceptional bonding, strength, and durability. Epoxy resins are widely used in infrastructure projects, such as bridges, buildings, and flooring systems. As urbanization and infrastructure development continue to surge, the demand for epoxy-based construction materials remains robust, driving the growth of this segment. Epoxy-based composites are employed to reduce vehicle weight and enhance fuel efficiency. With the automotive industry’s growing emphasis on light weighting, epoxy composites are increasingly utilized in the manufacturing of lightweight vehicle components. This trend is not only reducing fuel consumption but also contributing to the growth of the epoxy segment. The global automotive composites sales are expected to reach USD 17 billion by the year 2026. Epoxy resins play a pivotal role in the electronics industry, particularly in the encapsulation and protection of delicate electronic components. With the constant drive for miniaturization and the development of advanced circuitry, the demand for high-performance epoxy materials continues to increase, bolstering the growth of the epoxy segment.
Powder Coatings Segmentation by Coating Method
- Electrostatic Spray
- Fluidized Bed
Few of the well-known market leaders in the global powder coatings market that are profiled by Research Nester are The Sherwin-Williams Company, Arkema Group, Valspar Championship, Eastman Chemical Company, PPG Industries, Inc., Akzo Nobel N.V., Evonik Industries AG, Nippon Paint Holdings Co., Ltd., Jotun A/S., and other key market players.
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Recent Development in the Powder Coatings Market
- PPG Industries, Inc. announced the launch of PPG CORAFLON Platinum, powder coatings. It is the latest product for architectural metal. This innovative technology has excellent transfer efficiency, increased gloss ranges, and improved corrosion performance on aluminum. Moreover, it gives a myriad of choices of colors, bonded metallics, and glosses for metal construction.
- AkzoNobel announced the acquisition completion of Stahl Performance Powder Coatings and it’s all the ranges. It comprises both UV and thermally curing powders, allowing the company to enter the ultra-low cure (80-100°C) domain.
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