The report "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method ( Electrostatic Spary, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028," size is estimated at USD 14.7 billion in 2022 to USD 19.9 billion by 2028, at a CAGR of 5.2%, between 2023 and 2028. The rapid growth of the Automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth. The powder coating market is divided into five key regions:Asia Pacific, Europe,  North America, Europe, the Middle East & Africa, and South America. China and India, among other countries, are leading the powder coatings market globally.

Some of the prominent key players are:

• PPG Industries, Inc. (US)
• The Sherwin-Williams Company (US)
• Akzo Nobel N.V. (Netherlands)
• Axalta Coating Systems, LLC (US)
• Tiger Coatings GmbH & Co. KG (Austria) 
• Jotun A/S (Norway)

Opportunity:

The demand for high-performance fluorine resin based powder coating is growing because of its exceptional chemical and weather resistance. Fluorine containg resin coatings have been widely used in a variety of industries to coat the outer surfaceof components. The resin powder coating is used in the chemical industry on chemical equipment and plant parts. The excellent properties of fluorine containing coating resin, such as solvent resistance, heat resistance, nonstick properties, chemical resistance and electrical insulation are used in reaction tanks, reserviour tanks, the inner lining of pipelines, and processing rollers. There is no alternative that can deliver comparable performance to the other resin. Therefore, fluorine resin offers great potential for growth in the powder coating sector.

Thermoset Segment is Expected to Account for the Largest Share in 2022

Thermoset powder coatings are used in wide range of application includes: automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.

Asia Pacific is Expected to Register the Highest CAGR During the Forecast Period 

The Powder Coatings market has been extensively researched in North America, Europe, Asia Pacific, The Middle East & Africa and South America. Asia Pacific powder coating market was dominated by the region. The presence of major end-use industries in the region contributes to the region’s dominance. In comparison to other regions the market in Asia Pacific  is expected to witness a high growth rate. The demand is attributed to the adoption of EV  and high spending on appliances. Other Asia Pacific countries, such as India, Indonesia, South Korea, Singapore have seen an increase in demand for powder coatings as residential construction activities have inceased. Affordable interest rates, shift toward nuclear families, Rising income levels, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the powder coatings market growth.