Low Temperature Powder Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin (Hybrid, Polyester, Epoxy, and Others); By Substrate; By End-Use; By Region; Segment Forecast, 2023-2032
- Published Date:Dec-2022
- Pages: 119
- Format: PDF
- Report ID: PM2961
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global low temperature powder coatings market was valued at USD 100.24 million in 2022 and is expected to grow at a CAGR of 3.1% during the forecast period.
The increasing prevalence of using low temperature powder coatings on non-metallic surfaces like wood and MDF, glass, plastics, and composites due to their excellent adherence, high durability, lacks runs, and comparatively low VOCs during application is a key factor boosting the market growth. Moreover, rapid growth in the non-residential sectors including consumer goods, IT, telecom, and retail especially in emerging economies like India, China, South Korea, and Africa are likely to influence the global market growth positively in the next coming years.
Know more about this report: Request for sample pages
For instance, in February 2022, AkzoNobel, a leading producer of paints and performance coatings for various industries such as the wood industry, announced the launch of its new range of powder coating solutions named Interpon W. The new product range comes with high sustainability, physical attraction, and a seamless & consistent finish.
A surge in the production of automobiles and a rise in the demand for medical devices in countries like Mexico, Brazil, and China, and the growing adoption of furniture products owing to their wide range of beneficial properties, are stimulating the market growth.
The outbreak of the COVID-19 pandemic has significantly impacted market growth. Due to the rapid emergence of the deadly coronavirus around the world, many countries-imposed lockdowns and stringent regulations, which resulted in temporary shutdowns of manufacturing facilities and high disruptions in the global supply chain. Moreover, most of the construction projects were also on hold, due to which the need for the product declined slightly and had a negative impact on the market growth.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
Increasing interest among various end-user industries in low-cure powder coatings, as it offers a wide range of benefits such as low consumption of energy, one-coat durable finish, better efficiency of coating transfer, and zero-VOC formulas, which is not easily available in other forms of coatings available in the market is the major factor boosting the low temperature powder coatings market growth. Several end-users are rapidly switching to low-cure powder coatings from traditional coating systems, due to this, which can instantly reduce the energy costs to heat the substrate, thereby improving productivity as well.
Furthermore, various developing countries across the globe including Brazil, China, South Korea, and India are enacting several types of legislation to restrict the emissions of VOC to reduce pollution has led to increased demand for low temperature powder coatings and is expected to augment the market growth in the coming years.
Report Segmentation
The market is primarily segmented based on resin, substrate, end-use, and region.
|
By Resin |
By Substrate |
By End-Use |
By Region |
|
|
|
|
Know more about this report: Request for sample pages
The polyester segment accounted for the largest market share in 2022
The polyester resin segment accounted for a significant global market share in 2022 and is likely to grow at a healthy growth rate over the projected period. The growth of the segment market can be attributed to its various beneficial properties such as chemical resistance, quick relying, abrasion resistance, temperature resistance, and better surface protection. Moreover, an extensive rise in the demand for products like door handles, radiator grills, wheel aims, bicycles, and metallic structural components is propelling the growth of the segment market.
Furthermore, the epoxy resin segment is expected to grow fastest during the anticipated period owing to its properties including high flexibility, toughness, low cost as compared to others, and weather ability. In addition, the rising adoption of these products for interior applications such as furniture coatings to provide an attractive look & design is likely to propel the growth of the market at a significant rate of growth.
The non-metallic segment held the largest revenue share in 2022
The non-metallic segment held the highest share of the global market with a significant holding, in 2021. The growth of the market is mainly driven by the rising adoption of low-temperature powder coatings in a variety of non-metallic applications including furniture and plastics due to their ability to provide better resistance, high toughness, and longer lifespan. Moreover, increasing consumer spending capacity along with the rapid rise in population across the globe is fueling the segment market growth.
Furthermore, the metal segment is expected to expand at a considerable growth rate during the forecast period owing to increasing demand for automobiles like cars and commercial vehicles, especially in developing nations such as India, China, Brazil, and Malaysia along with the increasing number of applications of powder coatings on numerous parts of automobiles. Moreover, several manufacturers across the globe have started coating many other parts of automobiles like radiators, bumpers, engine blocks, shock absorbers, mirror frames, and wheels. Thus, the demand and growth of the market have been increasing rapidly.
The consumer goods segment dominated the global market in 2022
The consumer goods segment dominated the market in 2021 and witnessed significant growth over the anticipated period. Rapid urbanization, growing consumer living standards, and increased purchasing power of people are major factors fueling the growth of the segment market. The use of low temperature power coatings is predominant in various consumer goods as these coatings do not have any type of solvent, easily comply with environmental regulations, and higher flexibility is expected to boost the adoption of these products in the near future.
Moreover, the automotive segment is expected to grow fastest during the projected period, which is accelerated by increasing production of automobiles in the countries like U.S., Mexico, Argentina, Brazil, and China and a rapid surge in the number of sales of commercial vehicles.
The demand in North America is expected to witness significant growth
North America is expected to emerge as the fastest-growing region in the global market throughout the forecast period on account of the rising production of automobiles in Mexico and an extensive rise in the shift towards the use of powder coating in the automobile industry. Moreover, the increasing adoption of powder coatings in various types of interior products including furniture products to enhance the design & look, and strength coupled with the growing consumer focus towards attractive products are propelling the growth of the market
Moreover, the Asia Pacific region dominated the market in 2022 with a significant market share. The growth of the regional market can be attributed to high infrastructure development and a surge in the use of powder coatings in architectural applications like aluminum extrusions used in building facades, kitchen windows, and doorframes. In addition, the high rate of urbanization in emerging countries like India and China is also anticipated to contribute positively to the market growth in the region.
Competitive Insight
Key players include PPG Industries, Sherwin-Williams Company, BASF SE, Arkema, Bayer AG, Valspar, Akzo Nobel, DSM, Axalta Coatings System, Jotun A/S, KAPCI Coatings, Kansai Paint, Nippon Paint, Berger Paints, SOMAR, RPM International, Dulux Group, and Marpol Private.
Recent Developments
In December 2021, Allnex, a leading global supplier of specialty chemicals announced the launch of its new Low-bake Powder Coating Resin for the Agriculture & Construction Equipment industry with excellent blooming resistance. It provides better flexibility and good flow and allows the proper cure for both boiling and blooming water resistance.
In October 2022, Sherwin-Williams announced that the company is investing in a 600,000 sq. ft. Research & Development Center in Brecksville, Ohio. With this new facility, the company will enhance and support its product development, research on coatings, process engineering, and color technology enhancement.
Low Temperature Powder Coatings Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 103.14 million |
|
Revenue forecast in 2032 |
USD 135.63 million |
|
CAGR |
3.1% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Resin, By Substrate, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
PPG Industries Inc., Sherwin-Williams Company, BASF SE, Arkema S.A., Bayer AG, Valspar, Akzo Nobel N.V., DSM, Axalta Coatings System, Jotun A/S, KAPCI Coatings, Kansai Paint Co. Ltd., Nippon Paint, Berger Paints India Limited, SOMAR, RPM International, DuluxGroup Limited, and Marpol Private Limited. |
FAQ's
key companies in low temperature powder coatings market are PPG Industries, Sherwin-Williams Company, BASF SE, Arkema, Bayer AG, Valspar, Akzo Nobel, DSM, Axalta Coatings System, Jotun A/S, KAPCI Coatings, Kansai Paint.
The global low temperature powder coatings market expected to grow at a CAGR of 3.1% during the forecast period.
The low temperature powder coatings market report covering key segments are resin, substrate, end-use, and region.
key driving factors in low temperature powder coatings market are rapid growth in the non-residential sectors and Technological advancement.
The global low temperature powder coatings market size is expected to reach USD 135.63 million by 2032.
