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Powder Coatings Set for Global Surge

Thursday, August 28, 2014

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Buoyed by their regulatory-friendly green profile, powder coatings are in for several years of robust growth worldwide, a new market forecast reports.

The global market for powder coatings is expected to reach $12.48 billion by 2020, with an average Compound Annual Growth Rate (CAGR) of 7.2 percent, according to "Powder Coatings Market Analysis by Application and Segment Forecasts to 2020," from San Francisco-based Grand View Research.

Powder Coating
Gulf-Atlantic Powder Coating LLC

Their resistance to corrosion, chipping, abrasion and chemicals is gaining powder coatings favor in industrial applications worldwide.

"Powder coatings have numerous advantages over conventional liquids such as high-quality finish, higher resistance to corrosion, chipping and abrasion and protection from chemicals, moisture and heat," the report says.

"In addition, powder coatings are solvents free, resulting in negligible emissions of volatile organic compounds (VOC), which in turn makes these products environmental friendly.

This results in organizations such as the [U.S. Environmental Protection Agency] and [the European Union's REACH agency] promoting the use of powder coatings over conventional materials."

Key Applications

Consumer goods are the largest application market for powder coatings, comprising 22.1 percent of total market volume and an estimated consumption of 437.3 kilotons in 2013, Grand View reports.

Automotive and general industries were the key application markets, with combined powder coating sales expected to reach $5.11 billion by 2020, the report said.

Powder Coatings
Creative Commons / 802bikeguy

Consumer goods makes up the largest application market for powder coatings.

Powder coatings have been experiencing rapid growth in the automotive sector, "due to the increased focus of external appearance of high-end cars," the report said. "The growing automotive industry in Asia Pacific, coupled with the increasing spending power of the regions, results in augmented demand for high-end luxury cars."

Automotive is expected to be the fastest-growing application for powder coatings in the years ahead, with an estimated CAGR of 7.7 percent from 2014 to 2020. China, the world's largest automotive producer, is also the largest consumer of powder coatings.

The furniture sector was a relatively small end market for powder coatings in 2013, but is expected to grow by 7.6 percent annually between 2014 and 2020.

Market Highlights

The report included these key findings:

  • The global market for powder coatings was 1,977.1 kilotons in 2013 and is expected to reach 3,202.5 kilo tons by 2020.
Powder Coating
Creative Commons / Euro Quality Coatings

Powder coating is used on aluminum extrusions and other architectural applications.

  • Asia Pacific was the largest regional market for powder coatings in 2013, accounting for 45.8 percent of total market volume and an estimated consumption of more than 900 kilotons. The demand comes largely from manufacturing, especially in India and China, as well as rapidly growing domestic demand in various applications. This region is also expected to witness the fastest growth, with a CAGR of 8.5 percent from 2014 to 2020.
  • Europe and North America were the other key markets for powder coatings. However, they are expected to lose regional market share owing to a manufacturing shift to emerging economies in Asia and Latin America.
  • AkzoNobel, Sherwin Williams, DuPont and PPG are the largest companies in the market, with a combined share of more than 30 percent in 2013. Other key participants include BASF, Valspar, Kansai Paints, Jotun and Nippon Paint.

     

   

Tagged categories: Environmentally friendly; EPA; Government; Green coatings; Market forecasts; Powder coatings; Regulations

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