DUBLIN — Research and Markets has released a new study of the powder coatings market that projects the industry to grow from $15.7 billion in 2020 to $21.4 billion by 2025. The report expects a compound annual growth rate of 6.3% between 2020 and 2025. The APAC region is the largest consumer of powder coatings due to investments in the automotive, appliances, architectural and furniture industries in the region. High energy consumption during application is projected to restrain the market growth during the forecast period. The report predicts that the automotive segment will be the largest consumer of powder coatings during the forecast period.
Automotive was the fastest-growing industry in 2018. Increasing consumer preference is a key factor driving the global automotive powder coatings market. The powder coatings market in the automotive segment is anticipated to witness healthy growth owing to increased competition among players, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. Powder coatings are used on oil and fuel filters, battery trays, brake pads, shock absorbers, engine-block casings, suspension components, and radiators. Powder coatings are also applied to wheels, grills, bumpers, door handles, roof racks, trailer hitches, and exterior and interior trim.
According to the report, thermoset resin was the fastest growing segment in 2018. These powder coatings are mostly derived from different resins: epoxies, polyesters, acrylics and polyurethanes. They require a lower curing temperature when compared to thermoplastic resins. The most significant development in thermoset powder coatings is the capacity to engineer resin types with different properties used in different applications. Polyesters and acrylics find major use in the automotive and appliance industries despite the more traditional use of epoxy resin powder coatings. Most of thermoset powder coats provide a high level of corrosion, impact and temperature resistance.
The APAC region is projected to be the fastest growing market, in terms of both volume and value, during the forecast period. The region will witness a significant rise owing to growth in the electronics and automotive industries in China, Thailand, India, South Korea and Taiwan. Increasing demand for consumer goods, including washing machines and refrigerators, in India, China, Vietnam, the Philippines and Thailand is expected to boost demand for powder coatings.
In the report, the powder coatings market has been segmented on the basis of resin type (thermoset and thermoplastic), coating method (electrostatic spray and fluidized bed), end-use industry (appliances, automotive, general industrial, architectural and furniture) and region (North America, Europe, APAC, Middle East, Africa, and South America). The end-use industry and type segments are further analyzed for each country in the respective regions.
For more information about the report, Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and Region — Global Forecast to 2025 click here.