The global Powder Coatings market size is estimated to be USD 11.6 billion in 2020 and is projected to reach USD 14.9 billion by 2025, at a CAGR of 5.2% between 2020 and 2025. Strong growth can be witnessed in the powder coatings market in the APAC region, especially in China, India, and South-East Asian countries. The increasing use of Powder Coatings in the appliance and automotive industry is projected to create new opportunities for the market players.
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Technological advancements in powder coating materials, their unique applications, and advanced curing methods have enhanced the use of powder coating in heat-sensitive substrates. Medium-density fiberboard (MDF), a combination panel bonding between particles of wood and synthetic resin, is one of the most important advancements in powder coatings used in heat-sensitive substrate applications.
APAC is expected to be the largest and fastest-growing market for Powder Coatings. The rising disposable income in the developing countries of APAC is driving the powder coatings market. The demand for powder coating has increased in countries such as India, Indonesia, Malaysia, and Vietnam because of the growing automotive, furniture, appliances, industrial, and agriculture sectors. Countries such as India, China, and Indonesia are investing heavily in various end-use industries, which is likely to influence the growth of the powder coatings market in these countries.
The appliance industry is expected to lead the overall Powder Coatings market, in terms of both value and volume, between 2020 and 2025. The global appliances market is increasing due to the technological advancements, growth in the housing sector, rapid urbanization, rise in per capita income, improved standard of living, change in consumer lifestyle, and the escalating number of smaller households.
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Continuous developments in the market, including new product launches, contracts & agreements, joint ventures, and acquisitions, are expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of powder coatings by manufacturers for different applications. The advancement in technology is expected to increase the penetration of powder coatings in various end-use industries.
The key players operating in the market are PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), and Jotun A/S (Norway) and others.
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