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date:2021.08.13 word size

The Powder Coatings Market is Segmented by Resin Type (Acrylic, Epoxy, Polyester, Polyurethane, Epoxy-Polyester, and Other Resin Types), End-user Industry (Architecture and Decorative, Automotive, Industrial, and Other End-user Industries), and Geography (Asia Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Powder Coatings in revenue (USD million) for the above segments.

Market Overview


The global powder coatings market was valued at USD 10,632.17 million in 2020 and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026).

The automotive and architectural industries are some of the major industries for the powder coatings market. COVID-19 has badly impacted the building and construction industries as many projects were halted due to labor shortages and lockdown regulations. The automotive industry also faced a decline in severe production in 2020, thus, decreasing the demand and consumption of powder coatings in the automotive industry. According to OICA (Organisation Internationale des Constructeurs d'Automobiles), a total of 77.62 million vehicles were produced in 2020, which is lower by 16% over 2019. In 2020, 55.8 million passenger cars and 21.78 million commercial vehicles were produced across the world.


· Over the medium term, the major factors driving the market studied are strict regulation against VOC emissions and favorable government initiatives promoting the usage of powder coatings.

· On the flip side, the slowdown in automotive production and the impact of the COVID-19 outbreak are expected to hinder the growth of the market studied.

·The growing investments in the infrastructure and construction industry in emerging economies in the Asia-Pacific region are likely to provide opportunities for the market studied during the forecast period.

· Asia Pacific dominated the market, globally, with the largest consumption from countries, such as China, South Korea, and India.


Key Market Trends

Growing Demand from Architectural and Decorative Segment

· One of the fastest-growing markets for powder coatings is the architectural and building market, primarily due to the durability provided by powder coatings. With the wide variety of colors and finishes available in powder coatings, more construction companies are turning to powder coatings to provide long-term exterior finishes for outdoor venues and public work projects.

· In the North American market, the explosion of green construction practices and globalization have further increased the awareness regarding powder coatings as a viable option to coat architectural aluminum.

· Moreover, the expansion of polyester resin technology, namely stable, low-gloss formulas, provided architectural market opportunities that promoted the growth of powder coatings.

l Due to the global impact of COVID-19, there is a reassessment in the construction plans, mostly in the residential and commercial sectors, to help the continuation of healthy habits, thereby, leading to an opportunity for the demand for powder coatings in the architectural and decorative industries.

Asia Pacific to Dominate the Market

· The Asia Pacific region dominated the global market share, owing to the growing income levels, and increasing migration in search of jobs is driving the construction activities and demand for industrial goods. Thus, this is driving the demand for the powder coatings market in the region.

· Growth in the construction industry in the countries, such as India, Indonesia, Malaysia, and Thailand, is fueled by the growing service industry in the region, leading to an increase in migration, growing population, and shortage of residential houses in the region.

· The Indian government has allocated USD 63 billion for the infrastructure sector in 2019-2020, and it is planning to spend USD 1.4 trillion over the next five years. Furthermore, the construction industry in India has received a major boost by the investment of USD 1.4 billion through private equity and venture capital investments during October 2019.

· Furthermore, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are expected to be completed by 2023. The growing infrastructure investment and building of complex structures are expected to drive the market for powder coatings. Additionally, the country has the largest building market in the world, making up 20% of all construction investment, globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.

· Moreover, the Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a huge slowdown in 2019, wherein the production and sales declined. A similar trend continued in 2020, with the production witnessing a 2% decrease from 2019 with a production of 25.2 million total vehicles. Thus, the demand for powder coatings is expected to remain weak in the automotive sector.

· However, the Chinese government has been consistently trying to increase the sales of electric vehicles through incentives and mandates for automakers, developers of autonomous vehicle technologies, and ride-hailing service companies, which, in turn, is expected to increase the demand for powder coatings in the country, during the forecast period.

· In April 2020, the Ministry of Finance of China had issued a notice of promoting financial subsidies for new electric vehicles. It stated that new EVs purchased between January 1, 2021, and December 31, 2022, will be exempted from vehicle purchase tax.

· Hence, with such trends mentioned above and the growth of the above-mentioned end-user industries, the demand for powder coatings is estimated to grow substantially in the region during the forecast period.

Competitive Landscape


The powder coatings market is a partly fragmented market, with only a few international players holding a considerable share, coupled with the presence of several local players in individual countries. Some of these major players include Akzo Nobel NV, Axalta Coating Systems LLC, The Sherwin-Williams Company, PPG Industries Inc., and Jotun, among others.

Note: This report is abstracted from POWDER COATINGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026) on Mordor Intelligence