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Overview of Global Powder Coatings Market
Powder coatings are 100% solid coatings, which comprise a homogeneous blend of polymers, pigments, and additives produced in the form of fine powder. These are solvent-free coatings and provide durable as well as attractive finishes. The powder is applied with the help of a spray gun, which imparts an electrical charge on powder particles and directs them toward the object to be coated. The object is then subjected to heat, which causes the powder to melt, flow out, and form a tough, coherent film.
Powder coatings are used to provide protective and decorative finishes. They are available in a wide range of colors and textures. Technological advancements have resulted in excellent performance properties.
High Demand for Powder Coatings Due to Environment-friendly Characteristics
Rapid industrialization and urbanization has led to an increase in air pollution. Air pollutants such as volatile organic compounds (VOCs), particulate matter (PM), carbon monoxide (CO), and others, cause serious health hazards to agriculture and climate. Domestic and international regulatory organizations are pressurizing several developing and developed countries to enact legislations to restrict VOC emissions in order to reduce pollution.
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Rules and regulations govern the evaluation, storage, handling, and transportation of specific chemicals, as well as their emissions, effluents, and other pollutants. The violation of such regulations is likely to result in legal obligations as well as severe penalties and losses. Thus, the demand for less harmful alternatives has increased. This is driving the powder coatings market.
Permits, testing, and record keeping have significantly reduced due to the low level of VOC released by powder coatings. Furthermore, powder coatings do not necessitate any specific transportation, storage, or handling methods. This is augmenting the powder coatings market.
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Rise in Demand for Powder Coatings in Dynamic Automotive Industry
Powder coatings are transforming the automotive industry through faster production times and lower operating costs. They also provide irresistible value proposition for consumers. Conversion from conventional liquid coatings to powder coatings for auto body exteriors is taking place at a rapid pace. Powder coatings are used in automotive applications due to their abrasion and corrosion resistance. Powder coatings resist acid rain, ultraviolet rays of the sun, and road and weather damage. This helps cars retain their “showroom look” much longer, thus improving their resale value. There exists immense potential for high-heat resistant powder coatings on aftermarket mufflers, which protect against nicks, and prolong the life of the muffler.
Powder coatings are also applied to wheels, bumpers, door handles, roof racks, and exterior and interior trims. Primer powder coatings are now being used in some luxury cars to promote adhesion and resist corrosion. They are also used on the leading edge of sheet metals and rocker panels to protect against chipping. Thus, automotive is expected to be a highly attractive segment of the powder coatings market in terms of volume and growth rate during the forecast period.
Thermosets to Witness Surge in Demand Due to Excellent Temperature and Corrosion Resistance Properties
Based on type, the global powder coatings market has been segmented into thermoset and thermoplastic. The thermoset segment accounted for major share of 80% in 2021, owing to the preference of thermoset powder coatings in automotive, appliances, and general industrial products. Thermosets are preferred due to their excellent temperature and corrosion resistance properties. The thermoset segment has been further sub-segmented into epoxy, polyester, epoxy polyester hybrid, acrylic, and others. Low-temperature powder coatings and anti-microbial powder coatings are also prominent sub-segments of the thermoset segment.
The polyester sub-segment constitutes key share of the thermoset segment, as polyester has superior durability and high resistance to UV light, primarily in buildings, agriculture machinery, and garden and leisure equipment. Epoxy polyester hybrid is another type of powder coating. The sub-segment is projected to grow at a rapid pace during the forecast period due to the superior weatherability of epoxy polyester hybrid vis-à-vis epoxy powder coatings.
Rise in Adoption of Electrostatic Spray Coating Method to Reduce Spray Waste
The electrostatic spray segment held key share of 84% of the global market in 2021, owing to the preference of electrostatic spray for powder coatings in automotive, architecture, and furniture applications. Electrostatic spray is primarily used for thermoset powder coatings. Electrostatic spray requires the usage of a spray gun to apply an electrostatic charge to powder particles, which are attracted to the grounded part. The substrate is then subjected to heat, which causes the powder to melt, flow out, and form a tough, coherent film.
The electrostatic spray coating method is efficient due to the static electric charge created, which results in minimum spray waste. It is a cost effective method due to overspray reduction. Electrostatic sprayed finished product is of good quality due to the even distribution of paint. Thus, electrostatic spray is expected to be a highly attractive segment of the powder coatings market in terms of volume and growth rate during the forecast period.
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Analysis of Key Players in Global Powder Coatings Market
Leading producers of powder coatings across the globe include Akzo Nobel N.V., PPG Industries, Axalta Coating Systems, The Sherwin-Williams Company, and BASF SE. The market was highly competitive in 2021, owing to the presence of various small- and medium-scale manufacturers. Asia Pacific is the major region in the global powder coatings market due to the presence of many small- and medium-sized manufacturers and China being the key exporter of powder coatings across the globe.
Each of these players has been profiled in the powder coatings market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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