The global powder coatings market: Increasing demand
The global powder coatings market is set to grow at a CAGR of 6.75 % by 2023, reaching a size of EUR 12.7 billion. Rising applications in numerous sectors including automotive, general industrial, and architectural will augment the market growth over the forecast period.
The powder is either a thermoplastic or a thermoset polymer and is becoming a popular alternative to solvent-based coating systems. The growing demand for appliances and lightweight automotive has led to an increase in demand for powder coatings. The rising demand for powder coatings from end-use industries in developed and emerging countries has also triggered the growth of this market. In 2017, the market size of the market was EUR 8.57 billion and is projected to reach EUR 12.7 billion by 2023, at a CAGR of 6.75 %, during the forecast period.
Asia Pacific: The fastest-growing region
The Asia-Pacific region is the largest and fastest-growing region of the global powder coatings Market, in terms of volume as well as value. The region is projected to grow from EUR 4.6 billion in 2017 to EUR 7.06 billion by 2023, at a CAGR of 7.38 %, between 2018 and 2023, in terms of value. The growth of the market in the region is mainly attributed to high economic growth rate followed by heavy investment across automotive, appliances, general industrial, architectural, furniture industries.
With a population of around 4.5 billion people in about 35 countries, the region accounts for almost one-third of the global gross domestic product (GDP) measured in terms of purchasing power parity (PPP). In addition, various companies are shifting their production units to the region because of low-cost of production and proximity to emerging markets such as India, Indonesia, and Malaysia. Also, the immigration of global auto manufacturers and increasing activities in the building and construction industry in the region, including few highly cash intensive projects, account for the high revenue growth of the powder coatings market in the region.
Thermoset powder coatings to dominate the market
Powder coatings are divided into two main coating systems, namely thermoplastic and thermoset/thermosetting systems, based on resin type. Thermosetting powder coatings are made of thermosetting resin, curing agent, pigment, filler, and additives. Thermoplastic powder coating is made of thermoplastic resin, pigment, filler, plasticiser, and stabiliser. Thermoset powder coatings is the most preferred powder coatings technology for industrial applications; predominantly using epoxies and polyesters. Epoxies are preferred for their overall physical properties, while polyesters exhibit better outdoor weathering properties. The resin component in the formulation will largely determine the processing and end-use performance properties of powder coatings.
Automotive and appliances dominate the end-use industry segment
Powder coating has revolutionised the finishing industry by providing a superior, durable, environment-friendly finish, particularly for metal products, such as appliances, automotive parts, sporting goods, and other products. Powder coatings provide a more attractive and durable finish than liquid paints can offer. Rising applications in numerous sectors including automotive, general industrial, and architectural will augment the market growth over the forecast period.
The complete article can be found in the December issue of the European Coatings Journal.
