Powder Coatings Market to Witness CAGR of 5.40% by 2031 on Back of Increase Demand for Environmentally Friendly Coatings

WESTFORD, MASSACHUSETTS, UNITED STATES, August 30, 2024 /EINPresswire.com/ -- Powder Coatings Market size was valued at USD 7.40 billion in 2022 and is poised to grow from USD 7.80 billion in 2023 to USD 11.88 billion by 2031, at a CAGR of 5.40% during the forecast period (2024-2031).

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Global market is a dynamic rapidly growing business that plays a major role in various industries including automotive, manufacturing, electronics and machinery. Powder coatings are dry finishing processes in which fine powder particles are electrostatically sprayed then heated to form a layer of durable and protective. Environmental reduction, sustainability increase, and improve cost effectiveness. Furthermore, the ongoing expansion of the automotive and manufacturing industries, especially in emerging markets, has led to demand for powder coatings due to their corrosion and weathering resistance, making them ideal for exterior applications.

A major factor driving the growth of the market is its environmental friendliness, as powder coatings generate volatile organic compounds (VOCs) and hazardous wastes.

In May 2023, PPG Industries, Inc. announced a $44 million investment in five powder coating plants in Latin America and the United States to meet growing demand.

In March 2024, AkzoNobel boosts capacity of powder coating facilities in North America. ExxonMobil is investing about Rs 3 crore to install advanced technology and increase overall production at its 4 powder coating facilities in North America.
In March 2023: "Recent advances enabled the production of thermosensitive substrates". Alesta Eco-Choice, a liquid powder coating technology that AxaltaCoating Systems claims has a lower environmental impact than conventional powder coatings.

Top Player's Company Profiles in Powder Coatings Market

• PPG Industries, Inc. (United States)
• The Sherwin-Williams Company (United States)
• Akzo Nobel N.V. (Netherlands)
• Axalta Coating Systems, LLC (United States)
• Kansai Paint Co. Ltd. (Japan)
• RPM International Inc. (United States)
• Jotun (Norway)
• Asian Paints (India)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Protech Group (United States)
• Tiger Coatings GmbH & Co. KG (Austria)
• Anhui Meijia New Material Co., Ltd. (China)

Eco-Friendly Revolution: Powder Coatings Embrace Sustainability within the Next 4-5 Years

The following are the key Powder Coatings Trends that will shape the growth of the market in the next 5 years

Green Coatings: Environmental Regulations Drive Innovation

Companies are specializing in developing non-volatile or non-risky environmentally friendly compounds (VOCs), enhancing the electricity performance. This changes the market has increasingly attracted environmentally aware purchasers and corporations, stimulating the boom and innovation.

Over the next 4-5 years, increasing environmental regulations and demand for sustainable products will significantly impact the powder coatings market.

Technological Advances: Increased Efficiency and Mass Production

Advances in powder coating technology will provide performance characteristics such as high strength, corrosion resistance and aesthetic options. New materials such as thermosets and thermoplastic coatings offer versatility and are versatile in applications from automotive to construction completed on them. These developments will drive market expansion and open new opportunities in niche applications.

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Segments covered in Powder Coatings Market are as follows:

• Resin type
o Thermoset (Polyester, Hybrid/Epoxy Polyester, Epoxy, Acrylic, Polyurethane), Thermoplastics (Polyvinyl Chloride, Polyvinyl Fluoride)

• End Use Industry
o Appliances, Automotive, Consumer Goods, General Industrial, Architectural, Furniture, Others

• Coating Method
o Electrostatic Spray, Fluidized Bed, Others (Electrostatic Fluidized Bed, Flame Spraying)

Innovative Horizons: Expanding Applications and Market Reach in the Next 10 Years

Sustainable Future: Powder Coatings are Redefining Industry Standards

Powder coatings are likely to play a key role in redefining industry standards for the durability and performance over the next decade. Their low environmental impact, combined with technological advances, will make them desirable for a wide range of applications. These changes will contribute to the broader goals of reducing industrial waste and encouraging environmentally friendly practices.

Growth Through Innovation: Expanding Applications and Identifying Markets

The long-term growth of the powder coatings market will be enhanced by continued product innovation and expansion of application areas. Innovation and technology will enable powder coatings to meet growing industry and consumer demands.

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Coating the Future: Powder Coatings Lead the Way in Innovation

Advances in formulation technology and expanding applications in various industries make continuous powder coating an option to enhance the product performance and environmental compliance. While as the market evolves, new products and regulatory support will drive further adoption, positioning powder coating as a key component in the future of surface finish and protection.

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