Powder coating is a type of coatings based on polymer resin systems. Powder coating is combined with pigments, leveling agents, flow modifiers, curatives, and other additives. It is made without organic solvents & thus, does not release volatile organic compounds or VOCs in the atmosphere during application. It is used in various automobile applications such as mufflers, door handles, primers, bumpers, engine parts, shock absorbers, windshield wipers and other parts. The key benefits are included improved efficiency, impact resistance, durability, Ultra Violet (UV) ray protection, cost-effectiveness and moisture & chemical resistance.
According to study, “World Powder Coating Market Research Report 2024(Covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world powder coating market are The Sherwin-Williams Company, RPM International Inc. (TCI Powder Coatings), Protech Powder Coatings Inc., ShawCor Ltd., United Coatings Industries, Sak Coat, PPG Industries Inc., Masco, Akzonobel (RohmandHaas) N.V, Axalta/Dupont Coating Systems LLC, Midwest Industrial Coatings (MICI), TIGER Drylac, The Valspar Corporation, Trimite Powders, Nortek Powder Coating, Erie Powder Coatings, Berger Paints India Limited, IFS Coatings, 3M, American Powder Coatings, Allnex, Alpha Coating Technologies, Prismatic Powders, Asian Paints PPG Pvt Limited, Vogel Paint, Hentzen Coatings, Forrest Technical Coatings, Spraylat Corp., Marpol Private Limited, Durolac Paints, Inc., Whitford Corp., BASF SE, Cardinal Paint, Jotun A/S, Maharani Paints Pvt. Ltd., Somar Corporation, Kansai Paint Company Limited, Titan Paints & Chemicals Ltd., Tulip Paints, Rapid Engineering Co. Pvt. Ltd., IGP Pulvertechnik AG, Nippon Paint Holdings Co. Ltd., National Paints Factories Co. Ltd.
Based on product type, powder coating market is segmented into thermoset powder coating and thermoplastic powder coating. Based on resin type, market is segmented into polyester, acrylic, epoxy, epoxy-polyester hybrid, Polyvinyl chloride (PVC), polyolefin, nylon and Polyvinylidene Fluoride (PVDF). Based on substrate, market is segmented into metallic and non-metallic. Based on coating methods, market is segmented into electrostatic spray coating, electrostatic fluidized bed process, fluidized bed coating, and flame spraying. In addition, based on application, market is segmented into automotive & transportation, appliances, architecture & furniture, construction equipment, consumer goods, and others.
The powder coating market is driven by high product quality as compared to liquid coatings, followed by environmental compliance, growth in various end-use industries, stringent government regulations, increase in demand for domestic appliances including freezer cabinet, washing machine & microwave oven and rise in technological advancements. However, high initial investment, certain problems associated with the product for instance difficulty to produce thin film coatings, and lack of suitability on glass & fiberboard substrate may impact the market. Moreover, increase in use of powder coating in automotive industry, fluorine resin powder coating, emerge in applications in shipbuilding & pipeline industries and emergence of new application methods are key opportunities for market.
Based on geography, China country holds major share in powder coating market owing to rise in electrical & electronics industry with improved spending on consumer electronics, expand in automotive & construction industries in developing countries and growth in digitalization in the country. The EU and USA are expected to witness higher growth rate due to rise in demand for VOC free coatings in automotive industry because of increase in regulations by the regulatory agencies to reduce VOC emissions over the forecast period.
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Ankur Gupta, Head Marketing & Communications