TAGS: Powder Coatings
The market size of powder coatings is projected to grow from USD 15.7 billion in 2020 to USD 21.4 billion by 2025, at a CAGR of 6.3 percent. Powder coating is the most used surface finishing technique. Thermoset powder coatings are the most preferred powder coatings technology for industrial applications; predominantly using epoxies and polyesters.
Epoxies are preferred for their overall physical properties, while polyesters exhibit better outdoor weathering properties. The resin component in the formulation will largely determine the processing and properties of powder coatings.
Thermoset Resin Segment - The Largest Share of the Powder Coatings Market
The thermoset resin accounted for the largest market share in 2018. Thermosetting powder coatings are tougher, have better adhesion to metal substrates, and are more resistant to solvents and chemicals than thermoplastic coatings.
The coating has a different chemical structure from the basic resin. After curing, a thermoset coating remains thermally stable, meaning it cannot be melted back into a liquid from further heating. The newly formed materials are heat stable and will not soften back to a liquid on further exposure to heat. Thermoset powder coating systems offer broad formulation flexibility.
Appliances - Fastest-growing Application Segment
The global appliance market is increasing due to technological advancements, growth in the housing sector, rapid urbanization, rise in per capita income, improved standard of living, change in consumer lifestyle, surge in need for comfort in household chores, and the escalating number of smaller households. Also, the consumer is inclining towards the use of eco-friendly and energy-efficient appliances. As powder coating is zero or low VOC product, these factors will drive the market for the powder coatings.
Powder Coatings Market - Driven by Rising Demand from Emerging Economies
APAC is the leading market for powder coatings. The high growth in the region is fueled by booming economies in China, India, and a few smaller countries such as Indonesia and Taiwan. Thermosetting powder coatings are preferred more than thermoplastic powder coatings because thermosetting coatings are heat-stable and, unlike thermoplastic powders, do not soften back to the liquid phase when re-heated.
In APAC, the immigration of global auto manufacturers and increasing activities in the building & construction industry, including few highly cash-intensive projects, account for the high revenue growth of the powder coatings market in the region.
Source: MarketsandMarkets