Powder Coating Market Analysis by Resin (Epoxy, Acrylic, Polyester, and Polyurethane); by Coating Method (Electrostatic Spray, and Fluidized Bed); and by Application (Consumer Goods, Automotive, Architectural, Furniture, and Appliances) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4825 | Published Date: Apr 14, 2023
The global powder coating market size is estimated to reach ~USD 34.32 Billion by the end of 2035 by growing at a CAGR of ~6.9% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of powder coating was ~USD 15.41 Billion. The growth of the market can be attributed to the increasing sales of vehicles, which further boosted the growing demand for electric vehicles. Manufacturers have successfully used powder coating for extending the battery life and boost the performance of the battery. Powder coating provides insulation in the electric vehicle and saves the battery from corrosion. The production of electric vehicles in China reached around 7 million units in 2022, up 97% year on year. Moreover, the EV output in December 2022 was 795,000 units, up 4% month on month and 52% year on year.
In addition to these, factors that are believed to fuel the market growth of powder coating include the rising demand for agriculture equipment and machinery. Powder coating is more flexible than typical wet paint and reduces the possibility of mistakes by requiring only one layer. The tough protective powder coating functions as a shield between your farm equipment and the outdoors. Moreover, it is less prone to weathering than regular wet paint. In India the sale of agriculture equipment in 2020 was around 810,000 units sold. This figure increased by around 4% to nearly 840,000 sales in 2021. Besides this, powder coating is also used in providing a harder finish to the wood and steel than traditional paint. Therefore, it is highly used at the time of construction for providing strength to the architectural structure against abrasion, and reaction with chemicals and temperature.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6.9% |
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Base Year Market Size (2022) |
~ USD 15.41 Billion |
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Forecast Year Market Size (2035) |
~ USD 34.32 Billion |
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Regional Scope |
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Growth Drivers
Growing Constructional Activities – Powder coating protects painted architectural steel elements from heat, cold, and even corrosion. According to the US Census Bureau and the US Department of Housing and Urban Development, 1,524,000 building permits were issued as of February 2023, with 1,45,000 house constructions starting and 1,557,000 house constructions completed.
Rising Production of Vehicles– Many people use powder coating to modify the color of wheels, body panels of the vehicles by applying colored powder to a surface. Global car sales were over 67 million in 2021, and nearly 66 million in 2022. Furthermore, car sales are expected to reach around 70 million by the end of 2023.
Increasing Demand for Consumer Electronics – Powder coating is most commonly used to coat metals, such as household appliances. Coating powders provide insulation and protection to electronic devices. From 2021 onwards, the refrigerator market is expected to recover and reach annual sales of over 236 million units by 2025. Furthermore, approximately 215 million refrigerators are sold globally each year.
Growing Production of Agricultural Equipment – Powder coating functions as a long-lasting protective covering between the farm equipment and the outdoors. Agricultural Machinery was the 383rd most traded product in the world, with a total trade value of around USD 9 billion. Other Agricultural Machinery global exports increased by around 22% between 2020 and 2021, from nearly USD 7 Billion to about USD 9 Billion.
Rising Production of Oil and Gas – Pipelines used in oil and industrial gas exploration and transportation are powder coated on both the exterior and inside to protect them from environmental elements. According to the International Energy Agency, global oil consumption is expected to reach 104.1 mb/d by 2026. This would imply a 4.4 mb/d increase over current levels. Furthermore, ethane, LPG, and naphtha contribute to 70% of the predicted growth in oil product demand through 2026.
Challenges
The global powder coating market is segmented and analyzed for demand and supply by application into consumer goods, automotive, architectural, furniture, and appliances. Out of the five applications of powder coating, the appliances segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the rising demand for home appliances. Powder coatings are increasingly being used to coat appliances. The appliance industry reaps advantages from the use of thermosetting powder coating in applications, the powder coating enhances the appearance of the appliances and it also provides protection against temperature change, harsh water, chemicals, and abrasion. Powder coating is applied to the home appliances, such as vacuum cleaner, washing machine, microwave, juicers, toaster, irons, and others. Every year, around 30 million microwave cookers are marketed worldwide. Moreover, shipments of washing machines and dryers are expected to reach about 170 million units by 2025. Additionally, from 2012 to 2021, the market grew at a steady pace.
The global powder coating market is also segmented and analyzed for demand and supply by resin into epoxy, acrylic, polyester, and polyurethane. Amongst these four segments, the epoxy segment is expected to garner a significant share in the year 2035. The growth of the segment is attributed to the versatility of the epoxy resin. Epoxy resin is an adaptable compound that may be utilized for a wide range of tasks. It is robust and long-lasting, making it an excellent choice for a variety of applications. The epoxy allows for the application of a thin, homogeneous coating directly onto the metal, even in very small crevices and cavities, resulting in a consistent texture. Additionally, epoxy resins' function is to give excellent adherence to metal and resistance to corrosive chemicals. Epoxies are more resistant to heat and chemicals than most glues and can bond to wood, metal, glass, stone, and some plastics. Epoxy resin has various applications in the construction and automobile industry. Epoxy resins are commonly used in construction projects for coatings, flooring, concrete restoration, crack repair, and as tile joint material.
Our in-depth analysis of the global powder coating market includes the following segments:
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By Resin |
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By Coating Method |
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By Application |
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The market share of powder coating in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~33% by the end of 2035. The growth of the market can be attributed majorly to the rising production and demand for vehicles. In March 2023, new car sales in the United States totaled around 1 million units, an increase of around 19% from February 2023 and an increase of nearly 9% from March 2022. Furthermore, the rising demand for electronic home appliances is also expected to boost the market growth in the region. Every year, 40-50 million vacuums are sold in the United States, with upright vacuums accounting for the vast majority. Moreover, in 2018, it was predicted that around 14 million houses in the United States have robotic vacuum cleaners.
The European powder coating market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the rising production of agricultural machinery and equipment. The European Agricultural Machinery Industry supports the development and promotes the use of technology in one of Europe's most ancient, diverse, and core businesses farming. Many farmers worldwide rely on agricultural machinery made in Europe, with tractors, green space equipment, harvesting equipment, and soil working equipment making for the majority of the bloc's exports. With a net balance of more than USD 4 billion in 2018, Europe accounted for 54% of worldwide agricultural machinery imports and 64% of global agricultural machinery exports. On the other hand, the market growth in Europe is also attributed to the rising demand for housing.
Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising construction of housing units. There is a considerable demand for housing in the country, and residential launches have been relatively high in recent years. Over 328 thousand housing units were launched in the Indian residential market in 2022. In addition to this, in 2021, the total number of new housing starts in Japan was around 870,000 units, which is approximately 7% increase over 2020. Moreover, in Japan, construction work on approximately 404 thousand detached residences began in 2022. Besides this, the rising demand for automobiles is also expected to boost market growth in the region.
PPG announced the launch of PPG CORAFLON Platinum, powder coatings. It is the latest product for architectural metal. This innovative technology has excellent transfer efficiency, increased gloss ranges, and improved corrosion performance on aluminum. Moreover, it gives a myriad of choices of colors, bonded metallics, and glosses for metal construction.
AkzoNobel announced the acquisition completion of Stahl Performance Powder Coatings and its all the ranges. It comprises both UV and thermally curing powders, allowing the company to enter the ultra-low cure (80-100°C) domain.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing demand for agricultural machinery, rising construction activities, and growing demand for automobiles are the major factors driving the market growth.
Ans: The market size of powder coating is anticipated to attain a CAGR of ~6.9% over the forecast period, i.e., 2023 – 2035.
Ans: Fluctuating prices of raw materials, and strict policies against the production of powder coatings are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Axalta Coating Systems, The Sherwin-Williams Company, Arkema Group, Valspar Corporation, Eastman Chemical Company, PPG Industries, Inc., Akzo Nobel N.V., Evonik Industries AG, Nippon Paint Holdings Co., Ltd., and Jotun A/S
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by resin, coating method, application, and by region.
Ans: The appliances segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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