Updated: Sep 22
Paints & coatings are not only used to show the beauty, but also to protect the surface of the substrate where it applies. In the last decade, the demand for powder coatings have increased at a faster rate due to its very low VOC emission or no VOC emission property and it favours the environmental norms and sustainable development. In addition, it is economical in use, storage and not flammable unlike traditional solvent based coatings. Even the powder coatings which are over-sprayed can also be recycled and reused. Over time, the coating manufacturers have improved the powder coating products for both architectural and industrial usage. The new curing processes and improved properties of powder coatings have helped end-user industries by saving cost and high performance. The powder coatings are mainly used in the industries like buildings & construction industry, automotive industry, steel & pipe industry, machinery equipment, home appliances, furniture/wood, etc.
As the pandemic of Covid19 began, the paints & coatings’ products demand also decreased over the time as the covid19 also affected the end-user industries. Buildings and construction industry, and automotive industry were among the highest impact whose businesses got affected much at the global scale. Coatings manufacturers also followed the respective government guidelines to face the challenge of covid19 and to sustain their business operations. According to some research studies, the corona viruses can remain viable or infectious on metals, glasses, wood, fabrics and plastic surfaces for several hours to days, irrespective of the surface looking dirty or clean. Such infected surface can easily cause the spread of the corona virus to humans if they touch those virus active surfaces. Some of the coating manufacturers have innovated and improved their coating products which can act as an anti-virus (anti-microbial) coating solutions for different surfaces and protect the human from spreading microbial diseases. For example, Axalta Coatings supplied its Alesta AM powder coatings 7000 pounds for bed frames at a temporary hospital at McCormick Place in Chicago in May 2020, where Covid19 patients were treated. On 11th Sep, 2020, Nippon Paint Malaysia also launched VirusGuard paint as anti-viral and anti-bacterial paint with Silver ion technology and was tested in a lab to be 99.9% effective to human corona virus and also it inhibits the growth of HFMD, H1N1, Escherichia coli and Staphylococcus aureus, etc.
The powder coatings market has gained momentum in the last few years due to environmental concerns and changing buying behaviour of consumers. As powder coatings are more durable, anti-corrosion, low energy consumption, and have other benefits with special coating features, its market is estimated to grow at CAGR of 6.09% over the forecast period 2020-2025.
By coating type, the thermoset powder coatings market segment accounted the largest market share. For different properties and end-user applications various resins are used to manufacture powder coating products. Polyester resin type powder coatings accounts the highest market share as it provides better weather resistance, good mechanical resistance, including greater flexibility and impact resistance, and good chemical resistance, etc. which makes it suitable for both indoor and outdoor applications in different end-user industries. The electrostatic spray deposition (ESD) powder coating method dominates the market due to its high powder utilization rate, easy automation, and smooth coating.
Among the regional market, Asia-Pacific accounts the largest market share, followed by Europe and North America. During this pandemic, the economy of these regions has suffered with devastating downturn. Asia-pacific region mainly China, India, Japan, South Korea, etc. also contributes to higher raw material supply to other regions, however, during this pandemic, the blockage of supply at international route due to government guidelines to check the spread of corona virus, has also affected the production and pricing of the final product.
Powder coating has various applications in end-user industries like automotive, architectural, home & electrical appliances, furniture, general industrial, and others. Home & electrical appliances segment accounted the highest market share, followed by general industrial and automotive. Automotive & furniture segment will witness the high growth during the forecast period. The emerging nations like south-east Asian countries will witness the higher growth in the Asia-pacific region due to increased income level, increasing construction activity, higher demand for automotive and appliances.
Powder coatings market is mainly fragmented in regions, however top 10 players account about half of the total market. Some of the key global players include Akzo Nobel N. V., PPG Industries, Sherwin Williams, Axalta Coatings, Jotun A/s, Nippon Paints, Kansai Paints, BASF, Asian Paints, Tiger Coatings, Erie Powder Coatings, Berger Paints, RPM international, IGP Pulvertechnik AG, INOX (Unison Hardware, Inc.) etc. The top players’ key strategies in the powder coatings market include mergers & acquisition activities, new innovative product development, sustainable development to inspire and motivate the society, marketing strategies with better consumer interactions, providing sales & technical support and feedback to retain clients, etc. Earlier on 2nd Sep 2020, AkzoNobel has announced the completion of the acquisition of Stahl Performance Powder Coatings and its range of products. This acquisition has given new market opportunities in temperature sensitive substrate coatings (MDF, plywood, thermoplastics, composites) for AkzoNobel as the company now has access to the both UV and thermally curing powders and the ultra-low cure (80-100°C) domain.
Earlier in April 2020, INOX has developed a antimicrobial powder coating MicroArmor™ which is infused with silver-ion technology for hardware coatings to inhibit the growth and reproduction of harmful microbes up to 99.9% effective. MicroArmor™ is approved by the Environmental Protection Agency (EPA), and also certified by the Japanese Industrial Standard (JIS) Z 2801 method.
Powder Coatings Market Report key highlights:
Segmented by Resin Type, End-User Type, Coating Method Type, and Geography
Base Year: 2019, Estimated Year: 2020, Forecast: 2021-25 (Y-o-Y)
Historical Years: 2014-2018
Market Share for 2019 & 2020 (est.)
Regions: 5 (NA, SA, EU, APAC, MEA)
Country: 18 Major Countries + Rest of Countries in Each Region
Company Profiles: 15+ Major Companies