Powder Coatings Market size is poised to cross USD 36 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of powder coatings was USD 17 Billion. The reason behind the growth is due to the increasing demand for consumer electronics. Advancements in technology, increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes has driven the demand for home appliances across the globe.
Powder coatings 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.
The growing environmental concerns are believed to fuel the market growth. Powder coating complies with environmental protection criteria since it is non-toxic, free of VOCs, and generates less product trash.
Growth Drivers
For instance, Global EV sales remained robust as over 10 million new BEVs and PHEVs were supplied in total in 2022.
According to estimates, over USD 9 trillion is spent annually worldwide on construction-related activities by people and businesses.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~7% |
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Base Year Market Size (2023) |
~ USD 17 Billion |
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Forecast Year Market Size (2036) |
~ USD 36 Billion |
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Regional Scope |
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Application (Consumer Goods, Automotive, Architectural, Furniture, Appliances)
The appliances segment in the powder coatings market is estimated to gain a robust revenue share of 25% in the coming years. For instance, powder coatings make up more than 70% of the industrial coatings used in the appliance industry. Moreover, powder coating is a protective coating that can be used to increase the tensile strength of a variety of consumer goods, and is well-known as a high-quality finish for both significant and minor applications in the home appliance market. Besides this, the availability of new colors and finishes in powder coatings for appliances allows increased creative versatility.
Resin (Epoxy, Acrylic, Polyester, Polyurethane)
The epoxy segment is set to garner a notable share of 30% shortly on the account of 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.
Our in-depth analysis of the global market includes the following segments:
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Resin |
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Coating Method |
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Application |
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North American Market Forecast
Powder coatings market in North America is predicted to account for the largest share of 33% by 2036 impelled by the growing production of oil & gas. This may increase the demand for powder coatings in the region as the 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. In the first two months of 2023, U.S. gas production reached a record of over 5,980 billion cubic feet.
European Market Statistics
The Europe powder coatings market is estimated to hold the second largest of 28%, during the forecast timeframe led by 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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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