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(EstateNewsWire.com, May 03, 2024 ) The report "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method ( Electrostatic Spary, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028" The global powder coatings market size is projected to grow from USD 14.7 billion in 2022 to USD 19.9 billion by 2028, at a CAGR of 5.2% during the forecast period.
Browse in-depth TOC on "Powder Coatings Market”
557 - Market Data Tables
67 - Figures
448 - Pages
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The powder coatings market are segmented by resin type: thermoset, and thermoplastic. Thermoset is account the largest market share of powder coatings market. Thermosetting powders are derivative of acrylic, polyester, epoxy, epoxy-polyester hybrid, polyurethane, and other resins. From these resins, several coating systems are derived. Resins used in thermosetting powders can be pulverized into fine particles necessary for spray application and a thin film surface. Most of the technological advancements in recent years have been with thermosetting powders.
Functional thermosetting coatings contain epoxy resins that offer many coat, designs, and production advantages. The preheated part is sprayed or dipped into the powder when these functional coatings are applied by flocking or fluidized bed techniques. These are mostly applied to the coil, wires, and screen mesh by spraying.
The powder coatings market is segmented by coating method into electrostatic spray, fluidized bed. Electrostatic sprayers function by aerosolizing the disinfectant with ambient air and then applying a charge using a positively charged diode tip or electrode within the sprayer nozzle. Droplets with positive charges connect with negatively charged surfaces as the chemical is discharged via the nozzle. Such chemical aerosolization seeks to totally coat surfaces and objects with disinfection.
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Asia Pacific continues to account for the largest share in the powder coatings market due to the growing automotive and appliances industry in the region. The major factor driving the automotive industry is the increasing income levels. Another major factor driving this demand is the fact that an increasing number of Asian nations have per capita GDPs that surpass the "USD5,000 barrier," the threshold for accelerating the sale and ownership of automobiles. EVs, furniture, appliances, automotive, and general industrial applications are the key segments where powder coatings are used. The increasing disposable income and purchasing power in the developing countries of the Asia Pacific and South America are leading to higher consumer spending on automobiles, electrical & electronics, and appliances. Thus, the manufacturers of powder coatings have opportunities to capitalize on the growth of emerging countries, such as China, India, and Brazil, which continue to spend heavily on automotive, furniture, electrical, and other industrial applications.
Powder Coatings Market Key Players
The powder coatings market has various small, medium, and large players. Some of the major market players are Axalta coating systems,llc (US), AkzoNobel N.V. (The Netherlands), The Sherwin-Williams Company (US), PPG Industries, Inc (US), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), among others, have framed their strategies to penetrate and create bases in these emerging markets. Furthermore, companies are concentrating on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured considering to regulations implemented by associations and governments.
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