Powder Coating Market Size, Share, Growth, Trends | Report 2023-2032
The global powder coating market was surpassed at USD 13.66 billion in 2022 and is expected to hit around USD 28.34 billion by 2032, growing at a CAGR of 7.57% from 2023 to 2032.
Key Pointers
Report Scope of the Powder Coating Market
| Report Coverage | Details |
| Market Size in 2022 | USD 13.66 billion |
| Revenue Forecast by 2032 | USD 28.34 billion |
| Growth rate from 2023 to 2032 | CAGR of 7.57% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Akzo Nobel N.V; The Sherwin-Williams Company; PPG Industries, Inc.; BASF SE; DSM; Valspar; Arkema S.A.; Bayer AG |
The market is expected to witness significant growth over the forecast period primarily owing to the superior properties of powder coatings over conventional paints including high resistance to corrosion and chipping & abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.
Growing purchasing power, high living standard, and rapid urbanization are expected to drive the consumer goods sector, thereby driving product demand for use in applications, such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.
Asia Pacific is estimated to register the fastest CAGR of 8.2%, in terms of revenue, over the forecast period. Increasing demand for consumer goods, such as washing machines and refrigerators, in emerging countries like India, China, Vietnam, the Philippines, and Thailand is expected to boost the regional market growth. Growing demand for automotive in emerging economies of Asia Pacific coupled with favorable FDI norms by the governments is expected to facilitate investments in the region.
North America was the third-largest regional market, in terms of revenue, in 2022. The rapid expansion of the automotive industry in the U.S. and concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings.
Resin Insights
The polyester resin type segment accounted for 28.05% of the volume share in 2022 on account of the beneficial properties of polyester, such as quick-drying, chemical resistance, temperature resistance, abrasion resistance, and surface protection. A surge in product demand in applications including door handles, radiator grills, wheel rims, bumpers, bicycles, and metallic structural components will propel the segment growth over the forecast period.
The demand for epoxy powder coatings on account of their properties including quick-drying, surface protection, and excellent hardness is expected to witness growth. These coatings exhibit properties such as toughness, flexibility, and weather ability and are cheaper as compared to other coatings. Therefore, the demand for these powder coatings is projected to increase over the forecast period.
Epoxy-Polyester (Hybrid) resin types are anticipated to witness the fastest CAGR over the forecast period on account of their properties, such as toughness, flexibility, weather ability, and low cost as compared to other coatings. These products are a mixture of both polyester and epoxy resins and are mainly used for interior applications, such as furniture coatings.
Application Insights
The consumer goods application segment dominated the global market in 2022 accounting for 23.96% of the overall value share. The segment is expected to witness significant growth over the forecast period. Growing purchasing power, high standards of living, and rapid urbanization are expected to drive the consumer goods sector, thereby boosting product demand over the forecast period.
The use of powder coatings is predominant in consumer goods as these coatings do not contain solvents, exhibit higher flexibility than conventional liquid coatings, and comply with environmental regulations. Moreover, the rising demand for domestic appliances in India, China, Vietnam, the Philippines, and Thailand is expected to boost the product demand in the coming years.
Growth in construction industry in China, India, Nigeria, Mexico, and Brazil is expected to boost the demand for windows, doorframes, and building facades over the forecast period. This is expected to augment the demand for powder coatings in aluminum extrusions.
The automotive application segment is expected to witness the fastest growth over the forecast period. Growing automobile production in the U.S., Mexico, Argentina, Brazil, South Africa, Indonesia, and China is expected to boost the product demand for automotive accessories. In addition, growth in demand for automobiles in emerging markets of China, India, Mexico, Brazil, South Africa, and Malaysia is expected to drive automotive sales in these countries.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of 39.92% in 2022. Infrastructure development in China and India is expected to boost the use of powder coating in architectural applications such as aluminum extrusions used in building facades, kitchen windows, doorframes, building facades, and kitchens. However, the key preference given to anodized aluminum extrusion is expected to restrict demand for powder coating in architectural applications in the Asia Pacific over the forecast period.
Expanding automotive industry in the U.S. and rising concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings in North America.
Growth in the automotive industry in the U.S. and rising concerns over VOC emissions from the coating in automobile production is expected to boost the demand for powder coatings in the U.S. In addition, increasing automobile production in Mexico and the shift of manufacturers from the European Union is expected to increase the use of powder coating in the automobile industry of Mexico.
Increasing automotive production in Austria, Germany, Romania, Hungary, and Turkey are expected to boost demand for powder coating in automobiles over the forecast period. In addition, REACH regulations for restricting VOC emission in the coating process have forced automotive manufacturers to utilize powder coatings in place of liquid coating. Reduction of VOC emission is expected to benefit automobile manufacturers in terms of receiving carbon credits.
Powder Coating Market Segmentations:
By Resin
By Application
By Regional
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers