04.06.23
MarketsandMarkets’ report "Powder Coatings Market by Resin Type (Thermoset and Thermoplastic), Coating Method (Electrostatic Spary, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), & Region - Global Forecast to 2028", estimates the size of the market at US$14.7 billion in 2022 to US$19.9 billion by 2028, at a CAGR of 5.2%, between 2023 and 2028.
The rapid growth of the automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth.
The thermoset segment is expected to account for the largest share in 2022. Thermoset powder coatings are used in wide range of application including automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.
Appliances segment is expected to account for the largest share in 2022. Thermosetting powder coatings are used to coat a variety of products in the appliance industry, including refrigerators, washing machines, dryers, ovens, microwave ovens, and dishwashers. The coatings provide a high-quality finish that resists chipping, scratching, and fading, making them suitable for use in household appliances.
The rapid growth of the automotive EV sector, growing urbanization, increasing disposable income, and increasing gross domestic product (GDP) drive the powder coatings market. Technological advancements in end-use industries such as automotive, appliances, and general industrial also support growth.
The thermoset segment is expected to account for the largest share in 2022. Thermoset powder coatings are used in wide range of application including automotive, appliances, and general industrial products. Powder coatings provide high quality, durable finish, improved efficiencies, and simplified environmental compliance. Powder coating manufacturers find opportunities in the market as it is more environment-friendly than solvent-based coating. As governments sanction more restrictive VOC and HAPs regulations, more customers are likely to turn to powder coating.
Appliances segment is expected to account for the largest share in 2022. Thermosetting powder coatings are used to coat a variety of products in the appliance industry, including refrigerators, washing machines, dryers, ovens, microwave ovens, and dishwashers. The coatings provide a high-quality finish that resists chipping, scratching, and fading, making them suitable for use in household appliances.