The global powder coatings market size is slated to reach USD 18.95 billion by 2028, registering a 6.2% CAGR during the forecast period. The increasing demand for industrial equipment & machineries in the automotive, infrastructure and construction industry will have an excellent impact on the market growth, states Fortune Business Insights,

COVID-19 Impact:

The COVID19 outbreak halted the manufacturing of raw materials used in powder coating production. Asian nations such as India, China, Japan, Singapore, and Thailand are the primary manufacturers of these coatings and suppliers of raw ingredients. The recent coronavirus epidemic in Asia Pacific has disrupted the availability of these basic materials. China, for example, is a major resin provider, supplying one million tons of resin to the global market. The manufacture of paints and coating goods has been slowed due to a lack of raw ingredients.

The powder coatings market is a segment of the coatings industry that involves the application of dry powder to surfaces, which is then cured into a protective and decorative layer. Here's an overview of the powder coatings market:

1. Market Size and Growth: The powder coatings market has been experiencing significant growth globally due to various factors such as increased demand from end-use industries like automotive, appliances, furniture, architecture, and general industrial applications. The market size varies by region, with significant growth seen in regions like Asia-Pacific, Europe, and North America.

2. Demand Drivers: Several factors are driving the demand for powder coatings. These include increasing awareness about environmental regulations and the need for coatings with low volatile organic compound (VOC) content. Powder coatings are also known for their durability, resistance to corrosion, chemicals, and abrasion, which make them suitable for various applications.

3. Technological Advancements: Advances in powder coating technologies have led to improved performance characteristics, such as enhanced appearance, better adhesion, faster curing times, and increased efficiency in application processes. These advancements have expanded the applicability of powder coatings across different industries.

4. End-Use Industries: The powder coatings market serves a wide range of industries, including automotive, appliances (such as refrigerators, washing machines), furniture, architecture (including building facades), and general industrial applications (such as agricultural and construction equipment). Each industry has specific requirements and performance standards for coatings.

5. Powder Types: Powder coatings come in various types, including thermoset powders (such as epoxy, polyester, polyurethane) and thermoplastic powders (such as polyvinyl chloride, nylon). Each type has its unique properties, making them suitable for different applications and environmental conditions.

6. Market Players: The powder coatings market is competitive, with several multinational companies and regional players offering a wide range of products and services. Key players in the market include AkzoNobel N.V., PPG Industries Inc., Sherwin-Williams Company, Axalta Coating Systems, and Jotun Group, among others.

7. Regulatory Landscape: Environmental regulations, particularly regarding VOC emissions and hazardous substances, significantly impact the powder coatings market. Manufacturers are increasingly focusing on developing environmentally friendly formulations that comply with regulatory standards while maintaining high-performance characteristics.

8. Market Challenges: Despite its growth potential, the powder coatings market faces challenges such as fluctuating raw material prices, competition from alternative coating technologies, and the complexity of application processes. Additionally, the COVID-19 pandemic has disrupted supply chains and slowed down construction and manufacturing activities, affecting market growth.

9. Future Outlook: The powder coatings market is expected to continue growing, driven by increasing demand from emerging economies, ongoing technological advancements, and the shift towards environmentally friendly coatings. However, market players will need to adapt to changing regulations, consumer preferences, and industry trends to maintain their competitive edge.

Browse Summary:

https://www.fortunebusinessinsights.com/powder-coatings-market-102139