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Powder Coatings Market worth $20.2 billion by 2029 - Exclusive Report by MarketsandMarkets™
In the powder coating market, there are two main types of resins: thermosets and thermoplastics. Thermoset resins, which make up a large portion, offer strong protection against shocks and corrosion for automobile parts, industrial equipment, and household appliances. Meanwhile, thermoplastic resin powder coatings have their own advantages, like good solvency, durability against weathering and wear, a good balance of price and performance, and a nice appearance.
Architectural coatings cover a range of decorative and practical products like paints, stains, lacquers, primers, and cleaners. In the realm of powder coatings, these applications extend to both interior and exterior coatings, commonly used in homes and commercial buildings. They're applied by professionals and DIY enthusiasts to coat aluminum and steel surfaces for various interior and exterior purposes. The rising use of powder coatings in architecture is driven by their strong durability and the availability of a wide range of finishes and colors.
The powder coating market experiences substantial growth in the Asia Pacific region, notably in China , India , and various Southeast Asian countries. This growth is fueled by heightened demand resulting from increasing disposable incomes, particularly in regions such as Indonesia and Brazil , leading to greater consumer product, automobile, and furniture demands.
Factors such as significant population expansions further bolster the expansion of the powder coating market. Additionally, the relocation of manufacturing units from North America and Europe to the Asia Pacific , driven by favorable manufacturing conditions and lower raw material and labor costs, serves as a significant driver for the market's growth in this region.
Akzo Nobel N.V. ( Netherlands ), PPG Industries (US), Sherwin-Williams (US), Axalta Coating Systems, LLC (US), and Nippon Paint ( Japan ), RPM International Inc. are the key players in the global market.
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